2025-05-20-Jefferies-雅芳科技（AVON）_初步观点雅芳-_2025年上半年中期业绩领先；2026财年利润率目标确定_7页_110kb
报告摘要
- Rating and Price Target: Avon Technologies (AVON LN) is rated BUY with a price target of 1,745p (12% upside from current 1,564p). Conclusion: Strong positive outlook for growth and margin improvements.
- Financial Performance (1H25): Sales of $149m up 17% year-on-year (CC basis); EBITA of $17.5m up 48% yoy with margins at 11.8% (+240bps). Order intake down 10% yoy cc, but order book strong (+24% yoy to $247m). Adjusted EPS up 76% yoy.
- Divisional Results: Team Wendy (+22% sales, +7% order book, EBITA margin +310bps); Avon Protection (+12% sales, +69% order book, EBITA margin +240bps). Both driven by defence orders (US DoD, NATO).
- Outlook: FY25 guidance unchanged with >10% sales growth and >12% EBITA margins. FY26F target: 14-16% EBITA margin (potential early achievement). Risks: US tariffs, DOGE-related issues may impact.
- Valuation: SOTP price target 1,745p equates to EV/EBITA of 14.1x in FY26F, higher than UK Industrials average but lower than quality industrials. Leverage improved to 0.7x.
- Company Description: Provider of life-critical personal protection systems (respiratory & head protection), with 79% sales from North America as of FY22.
- Risks: Potential delays in protection orders, unsuccessful restructuring, FX fluctuations, acquisition integration issues, currency risks.
- Key Developments: Highlighted $17.6m NG-IHPS order for US DoD. Analyst certifications ensure recommendations are based on personal views.
展开完整摘要
试读结束，高清完整版pdf/doc/ppt,请点下载
