Update: Meeting challenges, making progress
Mixed market conditions and FX movements provided a challenging backdrop to FY15 trading, but Low & Bonar delivered the expected progress. Improving profitability from core operations in FY16 is likely to come mainly from well-flagged internal initiatives, in our view. We have trimmed estimates modestly, including a lower JV contribution. The P/E rating is sub-10x from FY17 and suggests that translating strategic change into faster earnings growth would be a catalyst for outperformance.Low & Bonar manufactures and supplies performance materials commonly referred to as technical textiles. Co.'s business units are: Building and Industrial, which supplies technical textile solutions for applications in air and water filtration, building and roofing; Civil Engineering, which supplies woven and non-woven geotextiles and construction fibers used in infrastructure projects, including road and rail building, land reclamation and coastal defense; Coated Technical Textiles, which supplies a range of technical coated fabrics; and Interiors and Transportation, which supplies technical fabrics used in transportation, interior carpeting, resilient tiles and decorative products.
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