Update: Identifying the upside
Avon Rubber enters Q4 in a strong position, with several recent contracts supporting full-year forecasts and highlighting ongoing growth. We are taking the opportunity to initiate FY16 forecasts, calling for 5% EPS growth after 12% and 8% in FY14e and FY15e respectively. We have also identified and quantified the potential organic upside from opportunities the group is pursuing. In total, we estimate a potential contribution of £16m additional operating profit within five years, equivalent to 113% of FY13 operating profit. While not currently included in our forecasts, we feel Avon’s track record provides comfort that some of this upside could materialise.Avon Rubber is a technology group focusing on respiratory protection systems and milking point solutions through its two businesses, Avon Protection and milkrite , InterPuls. Avon Protection is a provider in Chemical, Biological, Radiological and Nuclear respiratory protection systems for the world's Military, Law Enforcement and Fire markets. milkrite , InterPuls provides milking point solutions to customers across the world.
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