Shares in Rolls-Royce (LSE: RR) have fallen by 1% today even though the company has released generally positive news. It has agreed to purchase the remaining 53.1% stake in ITP, a Spanish aerospace firm, for €720m. Completion is expected in early 2017 and it will add to Rolls-Royce’s aerospace capacity, with ITP’s facilities, services and products set to generate additional opportunities for profitable growth.

Clearly, Rolls-Royce is at the beginning of a fresh strategy under a relatively new management team. Although past performance has been poor and Rolls-Royce is expected to report a fall in earnings of 58% in the current year, it remains a high quality company with sound finances and a bright future. In fact, earnings growth is expected as soon as next year and with Rolls-Royce trading on a price-to-earnings growth (PEG) ratio of just 0.7, there’s clear upside potential on offer.

Furthermore, Rolls-Royce remains a very realistic bid opportunity – especially since sterling has weakened. Therefore, buying it right now could be a very sound move, with 30% gains on the horizon.

Sterling boost

Also reporting today was plastic products company RPC (LSE: RPC). It continues to deliver strong financial performance, with sales and profit up on the same quarter of last year and operating profit ahead of management’s expectations. With RPC generating around 75% of its revenue from outside of the UK, weaker sterling is likely to cause a boost in earnings in the short run. As such, it would be of little surprise for RPC’s share price to move higher after its 2% gain so far today.

Looking ahead, RPC is forecast to record a rise in its bottom line of 25% this year, followed by further growth of 12% next year. This puts it on a forward price-to-earnings (P/E) ratio of just 13.3, which indicates that it offers excellent value for money and also that 30% gains are on the cards.

And with RPC having a dividend covered 2.7 times by profit, it seems likely to raise shareholder payouts at a rapid rate over the medium-to-long term. This indicates that while it may not be an income star right now thanks to its yield being just 2.5%, it has the potential to become one in future.

Big screen growth

Meanwhile, shares in Everyman Media Group (LSE: EMAN) have fallen by around 3% today after it released a trading statement in line with expectations. Looking ahead, it expects a significant increase in financial performance year-on-year due to new sites coming on-stream.

The cinema chain has exchanged contracts on venues in Horsham, Durham and Wokingham, with a one-screen temporary venue set to open at King’s Cross in London prior to its full opening in late 2017. In addition, Everyman has recently opened sites in Bristol, Esher, Gerrards Cross and Barnet, all of which are trading well.

Everyman is expected to return to profitability this year and then increase earnings by 220% next year. This puts it on a PEG ratio of only 0.1, which indicates that now could be a good time to buy it. Certainly, the effects of Brexit on the UK cinema industry could be significant due to a trip to the cinema being a consumer discretionary item. But with a wide margin of safety, Everyman seems to be a worthy purchase for the long haul, with 30% upside relatively likely.

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Peter Stephens has no position in any shares mentioned. The Motley Fool UK has recommended RPC Group. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.