The trading update released with the AGM indicates that growth in Avon Protection is continuing to offset challenging conditions for milkrite | Interpuls in dairy markets. As a result, management’s expectations for the full year are maintained and our group estimates are unchanged. The shares trade on a modest FY20 P/E premium to defence peers, which we feel is warranted by higher margins and growth in cash flow and EPS.
31 Jan 2019
Avon Rubber - Protection of growth
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Avon Rubber - Protection of growth
Avon Protection PLC (AVON:LON) | 1,179 -47.2 (-0.3%) | Mkt Cap: 356.7m
- Published:
31 Jan 2019 -
Author:
Andy Chambers -
Pages:
2
The trading update released with the AGM indicates that growth in Avon Protection is continuing to offset challenging conditions for milkrite | Interpuls in dairy markets. As a result, management’s expectations for the full year are maintained and our group estimates are unchanged. The shares trade on a modest FY20 P/E premium to defence peers, which we feel is warranted by higher margins and growth in cash flow and EPS.