Summary
Avery Dennison has significantly improved its operations over the past several years.
Pre-tax income margins have nearly doubled since 2011; future expansion is still possible.
Earnings per share will likely post double-digit growth over the next two years; easy route to share price growth without multiple expansion.
This might not be a case of “buy right now”, but it is assuredly a case of “buy when the price is right”, which isn’t too far off.