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Aveva is a quality asset, but one where trading is under pressure".
"We view Aveva as a top quality asset in the sector, with a highly regarded management team," he added.
"Not cheap, but not outrageous for a relatively high quality asset with strong top-line growth, current profitability and margin expansion potential," he wrote.
David Jeary at Investec said the £1bn profit was "unlikely to be a springboard to greater things in the current difficult consumer environment", but added that the group "remains one of the increasingly small handful of retailers with substantial and quality asset backing".
"He's a very quality asset and he probably can make the difference that he's talking about.
That's why he's going to be such a quality player and a quality asset for Chelsea.
Similar(48)
Their higher quality assets, being mortgage related, also made them vulnerable to a housing downturn.
The top quality assets have to account for at least 45 percent of the liquid asset pool.
The counterparty's obligation is fully collateralized with high quality assets, guaranteeing the transaction's performance.
"This type of investor is looking for the better quality assets that provide long-term returns".
He added: "The portfolio comprises well-located, high quality assets, heavily weighted towards London, including a number of trophy assets.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com