All I see is a bird with the big red “NO” symbol around it...

Mik, sort your hotlink protection out! ;)

I think this one is close...
http://www.myfonts.com/fonts/ef/rounded-stencil/

the lowercase “e” and “t” are quite different.

custom design?

Check out Chrisafulli - it’s not a match but has a similar feel.

http://www.myfonts.com/fonts/t26/crisafulli/

It’s hard to tell from the angle of the photo, but it’s possible that the specimen font might also be a slightly extended style, so the counters may not be truly circular.

It could also have to do with the spray paint and the thickness of the stencil.