Avon Rubber (AVON)

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Avon Rubber AVON Logo

Engaged in the design, test and manufacturing specialist products.

15-Nov-2017 – 1065p – £348.1m – PER 16.2

Final Results For The 12 Months To End September 2017 – Seems in-line with/slightly ahead of expectations – In CC, Revenue up 4.5%, adjusted Operating Profit up 16.1% and adjusted EPS up10%, the Dividend is up 30% and there’s Cash of £24.7m (up £2m).

Quite like the look of this although it’s probably fairly priced here.

1-Feb-2018 – 1255p – £392.4m – PER 17.7

AGM Statement – A positive start and the 4 months to end January 2018 are in-line with the Board’s expectations. Could be headwind from FX and a tailwind from the new US tax reform but still seems, the net effect will be, year end expectations will be achieved.

Still like this but still think, possibly wrongly again, that it’s fairly priced here.

2-May-2018 – 1360p – £421.9m – PER 18.8

Unaudited Interim Results For The 6 Months To End March 2018 – Orders up 5.0% and £10.6m ahead of Revenue, Closing order book of £40.6m provides excellent visibility going into the second half of 2018, Revenue up 5.9% at £77.7m and Adjusted Operating Profit up 18.9% at £11.6m, Adjusted EPS of 32.8p (up 33.7%). The Interim Dividend is up 30% to 5.34p. Confident of meeting FY expectations.

This looks good and I always keep saying I think it’s fairly priced. Perhaps I should consider paying up! If I don’t, to keep an eye on it, I will put it on my Watchlist, 1200p.

14-Sep-2018 – 1390p – £431.2m – PER 19.0

Trading Update Ahead Of Year Ending September 2018 Close – H2 has continued to be strong, FY Adjusted PBT to be in-line with the Board’s expectations. Order book stronggoing into next year.

Not a huge amount in this update to be fair. Again I will comment, I always keep saying I think it’s fairly priced (and all it’s done is gone up in price) – But I really do think it’s fairly priced so I am going to take it off my Watchlist (it was on there with me waiting for a pullback (Doh!)) and go Neutral for now.

14-Nov-2018 – 1300p – £403.3m – PER 17.2

Unaudited Preliminary Results For The 12 Months To End September 2018 – Revenue up 8.7% (CC) to £165.5 with EPS down slightly (-1% or so). The Dividend though is up 30% (Net Cash bring up from £24.7m to £46.5m).

I am Neutral and remain of the view that this is fairly priced around the 1200p – 1400p mark.

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