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Companies >
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Avon Rubber p.l.c. >
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Avon Rubber - More Protection enhances EPS

  • 03 Jan 2020

Avon Rubber - More Protection enhances EPS


Avon Rubber p.l.c. (AVON:LON) | 3,142 -3299.6 (-3.2%) | Mkt Cap: 974.9m


  • Edison
    • Andy Chambers

    • 4 pages

Aerospace image



 
Aerospace image



Having gained CFIUS approval on 20 December 2019, Avon has completed the $91m acquisition of 3M’s ballistic protection assets announced in August. We update our forecasts for the acquisition, consolidated from 2 January 2020. Our FY20 EPS estimate is enhanced by 5% and, allowing for the full $5m annual benefit of cost synergies, FY21e EPS increase by 20%. The resultant FY21e P/E rating of 18.1x represents a 20% premium to UK defence peers, which we feel is justified by the high returns, strong cash generation and consistent execution of the growth strategy.


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Avon Rubber - More Protection enhances EPS


Avon Rubber p.l.c. (AVON:LON) | 3,142 -3299.6 (-3.2%) | Mkt Cap: 974.9m


  • Published: 03 Jan 2020
  • Author: Andy Chambers
  • Pages: 4
  • Edison


Having gained CFIUS approval on 20 December 2019, Avon has completed the $91m acquisition of 3M’s ballistic protection assets announced in August. We update our forecasts for the acquisition, consolidated from 2 January 2020. Our FY20 EPS estimate is enhanced by 5% and, allowing for the full $5m annual benefit of cost synergies, FY21e EPS increase by 20%. The resultant FY21e P/E rating of 18.1x represents a 20% premium to UK defence peers, which we feel is justified by the high returns, strong cash generation and consistent execution of the growth strategy.



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