Avon Technologies - Edison Group

Overview
Price performance
Financials
Research
Thematics

Avon Technologies designs, develops and manufactures personal protection products for military and first responder markets, with a focus on respiratory mask systems and helmets. Its main customers include national security agencies, such as the US Department of Defense (DoD), and c 70% of sales come from the US.

Latest Insights

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Industrials |
QuickView

22.11.24

Avon Technologies — Record order book driving confident outlook

Industrials |
QuickView

12.02.24

Avon Protection — Unmasking its growth potential

Industrials |
Outlook

20.01.22

Avon Protection — Refocused Protection set to resume growth

Industrials |
Update

19.11.21

Avon Protection — Sentiment needs restoring to access value

Sector

Industrials

Key Management

Bruce Thompson

Chairman
Jos Sclater

CEO
Rich Cashin

CFO

Balance Sheet

Forecast net debt (US$m)

27.1

Forecast gearing ratio (%)

13

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	14.1	11.9	87.1
Relative	16.5	14.1	71.3
52 week high/low	1396.0p/750.0p

Financials

Avon Technologies’ FY24 results show the continued momentum seen throughout the year, with revenue growth of 12.2% y-o-y ($275m), adjusted operating profit growth of 53.4% y-o-y ($31.6m) and a record closing order book value of $225m, up 64.3% y-o-y. Return on invested capital (ROIC) grew 500bp y-o-y to 13.7%. Given Avon’s record order pipeline, disciplined capital allocation and strong cash generation, management expects the company to achieve both its medium-term operating margin (14–16%) and ROIC (>17%) targets a year ahead of schedule in FY26.

Y/E Sep	Revenue (US$m)	EBITDA (US$m)	PBT (US$m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2020A	213.6	49.0	36.1	97.4	18.6	73.0
2021A	248.3	37.6	18.9	60.3	30.1	N/A
2022E	278.4	55.1	33.2	85.1	21.3	11.2
2023E	313.2	68.4	45.4	116.3	15.6	9.5

Research

Update

03.12.20

Avon Rubber — Focused on growth in critical personal protection

Update

10.09.20

Avon Rubber — Reinvesting milk money in head protection

Update

Avon Rubber — Body Armor ramp up deferred to FY22

Flash note

19.08.20

Avon Rubber — Multi-year mask system agreement for NATO

Update

03.07.20

Avon Rubber — Cream rises to the top

Update

20.05.20

Avon Rubber — Strong growth in resilient markets

Update

27.03.20

Avon Rubber — Further backlog development

Flash note

02.03.20

Avon Rubber — Multi-year body armour contract award

Flash note

31.01.20

Avon Rubber — Good progress in Q120

Update

03.01.20

Avon Rubber — More Protection enhances EPS

Update

20.11.19

Avon Rubber — Transformational year builds momentum

Update

16.09.19

Avon Rubber — Encouraging H219 momentum

Update

09.08.19

Avon Rubber — Purchase of 3M’s ballistic protection business

Update

02.05.19

Avon Rubber — Orders support H2 momentum into FY20

Flash note

25.04.19

Avon Rubber — Mask system export order secured

Flash note

26.03.19

Avon Rubber — Another successful mask campaign

Flash note

31.01.19

Avon Rubber — Protection of growth

Flash note

07.01.19

Avon Rubber — M69 aircrew mask systems success

Update

14.11.18

Avon Rubber — Continuing to deliver

Update

14.09.18

Avon Rubber — Delivering growth

Flash note

17.07.18

Avon Rubber — More M50s

research

12.06.18

Avivagen — Antibiotic-free alternative for animal feed

Outlook

02.05.18

Avon Rubber — Momentum builds behind new strategy

Flash note

03.04.18

Avon Rubber — Strategy continues to take shape

Update

15.03.18

Avon Rubber — Equipped for growth

Flash note

Industrials

21.02.18

aap Implantate — Preliminary FY17 sales in line with guidance

Update

15.02.18

Avon Rubber — Winning ways

Update

01.02.18

Avon Rubber — Strong start to the year

Flash note

29.01.18

Avon Rubber — Positive order progression

Update

15.11.17

Avon Rubber — A new chapter with a bright future

Update

15.09.17

Avon Rubber — Hitting the numbers

Update

24.05.17

Avon Rubber — New CEO marches on

Flash note

10.05.17

Avon Rubber — The management jigsaw is complete

Flash note

15.02.17

Avon Rubber — Update 15 February 2017

Flash note

03.02.17

Avon Rubber — Update 3 February 2017

Outlook

18.11.16

Avon Rubber — Update 18 November 2016

Flash note

18.10.16

Avon Rubber — Update 18 October 2016

Flash note

12.09.16

Avon Rubber — Update 12 September 2016

Update

06.05.16

Avon Rubber — Update 6 May 2016

Update

27.01.16

Avon Rubber — Update 26 January 2016

Outlook

18.11.15

Avon Rubber — Update 17 November 2015

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