Update: Accelerating momentum
A second consecutive quarter of strong operating momentum, especially in the Fabrics and Uniforms segments, gives us confidence that FY operating guidance will at least be met, if not exceeded. However, increases in interest costs and tax mean that while the shape of our forecast has changed, our earnings forecasts are maintained. With the acceleration in operating performance and assurance that the new factory will come on stream in Q215, at 2.6x 2015 P/E the valuation looks attractive.
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