Avon’s share price weakened following the interims, largely reflecting concerns around slower order intake at both Avon Protection and Team Wendy. Pipeline momentum is expected to improve into the year-end, with margin expansion driven by manufacturing efficiencies. We make modest upgrades to our FY26E–FY28E estimates and increase our target price to 1,900p (from 1,850p). Core businesses are performing well, with cash conversion expected to recover to ~100%. Strategically, management appears inc ....