Update: Stronger Q2 and improving outlook
A strong acceleration in performance in Q214 relative to Q114 signals the end of three consecutive quarters of decline for Firstextile, and makes full-year guidance look increasingly manageable. With the new factory scheduled to come on stream in Q215 and a more positive outlook in the Uniforms segment, having won shortlisted supplier status with China Mobile, the medium- to long-term outlook is also starting to look more certain. At 2.7x 2015 P/E and 1.6x EV/EBITDA the stock is inexpensive.
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