Share Name Share Symbol Market Type Share ISIN Share Description
Carillion Plc LSE:CLLN London Ordinary Share GB0007365546 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50p -0.23% 216.90p 216.80p 217.00p 219.50p 214.50p 217.40p 541,969.00 11:53:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 4,586.9 155.1 30.9 7.0 933.22

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21/2/201711:44Carillion - Charts & News3,737.00

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Carillion Daily Update: Carillion Plc is listed in the Construction & Materials sector of the London Stock Exchange with ticker CLLN. The last closing price for Carillion was 217.40p.
Carillion Plc has a 4 week average price of 220.25p and a 12 week average price of 232.54p.
The 1 year high share price is 309.60p while the 1 year low share price is currently 195.90p.
There are currently 430,254,629 shares in issue and the average daily traded volume is 3,284,732 shares. The market capitalisation of Carillion Plc is £931,931,526.41.
kcsham: Few could argue that leading integrated support services firm Carillion (LSE: CLLN) has underperformed over the last few years, with earnings in decline and the share price now lingering around eight-year lows. Value investors will no doubt be circling, but I on the other hand can see even greater attractions for income seekers.£1.5bn contract winAt the start of this month, the Wolverhampton-based firm announced that its Carillion telent joint venture had been awarded a three-year contract extension (extendable to five years) to its framework agreement with BT's Openreach division. It has a potential value of up to £1.5bn. The 60:40 joint venture between Carillion and telecoms group telent will provide a wide range of services including the maintenance, extension and repair of the telephone and data network in the North East, Midlands & Wales, South West, and London & North Home Counties regions.The initial three-year extension period runs until the end of 2021 and builds on an existing eight-year relationship between Openreach and Carillion telent, during which time the latter has been Openreach's main delivery partner for the management, maintenance and upgrading of its broadband network. The new agreement could generate up to £900m of revenue over the three years, of which Carillion's 60% share would equate to £540m. The total value of the contract could increase to £1.5bn if the optional two-year extension is invoked.World Trade CentreThe news follows another joint venture win for the firm last month, when the Dubai World Trade Centre awarded a £160m contract to deliver Phase 1A6 of the One Central development in the heart of the city's Central Business District. It seems as though Carillion has started the year on a good footing, winning major contracts with prestigious clients, both at home and abroad.It could of course be argued that winning major international contracts such as these is just business as usual for a £1bn multinational facilities management and construction services company like this, and that's true. But with annual revenues set to break the £5bn threshold in 2017 and pre-tax profits likely to exceed £180m, the shares look undervalued at just 6.6 times forecast earnings.Furthermore, the depressed share price has boosted the already-healthy shareholder payouts which continue to rise with each passing year, and now boast a monster 8.3% yield. With dividend cover at almost two times forecast earnings, there's also plenty of room for future growth.Juicy dividendAnother FTSE 250 firm that likes to reward is shareholders handsomely is Inmarsat (LSE: ISAT). The satellite communication services provider has increased its shareholder payouts without fail since it was first listed on the London Stock Exchange in 2005.The company has struggled to grow its earnings in recent years and the share price has tumbled as a result, earlier this month sinking below 600p for the first time in four years. Inmarsat's shares are trading at a 33% discount to a year ago, boosting the prospective dividend yield to a juicy 6.6%.
candid investor: Hi Jaf1948...well as an investor I would want to and be entitled to know what their strategy for paying off the debt was . Why wouldn't they want to tell us ? It isn't exactly a an example take a look at Laird...their share price halved because of their problems with one of their divisions...they acknowledged them and said that they were working on a strategy...they have now said they are looking at possibility of selling it...share price is rising again...I then exited Laird after the rise and am now backing Carillion but would like to see some action on their part otherwise the share price will fall further.
candid investor: Hello all. I am new to this site but have just made a substantial investment in these shares and I am a qualified accountant so know what to look for in a company's Balance sheet. The problems Carillion has that trouble me are as follows: 1. Short term cash only sufficient to cover excess of short term creditors over debtors so residual liquidity is debt of approx £600k on top of net pension deficit of £300k. Not very healthy with such low margins on long term contracts 2. Dividend payments amount to only c £85 million per annum so would take over 10 years of nil dividends to pay off this debt... 3. No company strategy of how and when off this debt doesn't inspire confidence in the company's long term prospects which is why the shorters are out in force. But.... Looking back over past Balance Sheets it is no different now to the past several years when share prices were in excess of £4.00 per share but the company has muddled through with increasing dividends because cash flow is sufficient to pay interest on the debt and make extra contributions to pension fund. So I am gambling on them continuing to do so until sentiment changes and the share price goes up and I will then exit the share before the inevitable the meantime I will bank the dividends because all things equal and in all probability the company will continue to make an increase in the final dividend pay out in June to ...and I am guessing..12.7 pence per share. What I am saying is that at some point the company will need to act ...maybe a rights issue on the back of another takeover but for now happy to buy in now and sell when it bounces back up to £3 which I think it will within the next 12 months.
kiwihope: Hi pogue, No, the level of shorting seems high, certainly compared to Kier and Interserve who have virtually none. But these things are not linear. They are all to do with investors perceptions of risk, animal spirits and the like, and you can get the camel-straw-back affect where a small change in input can cause a much larger change in output. I am really uncertain about Carillion. Part of me looks at it and thinks, these are the golden opportunities you wait for when unjustified doom and gloom presents bargains. But another part says, are the concerns justified? Comparing Carillion with Kier shows up financial differences but not as much as you would expect by the difference in share price. They seem pretty similar companies. Bothe have sales of £4-4.5bn (CLLN a little higher). CLLN has a bit higher margins giving £235m underlying operating profit (KIE is £150M). And yet CLLN has an EV of only £1.1bn vs £1.5B for KIE. So on that basis you can buy CLLN for 27% less but get 57% more profit. KIE has less debt - it's hard to be sure but roughly KIE pays about £25m in finance costs pa. and CLLN pays about £52m. The difference is 2x but, CLLN makes a bit more profit. But I think it's pretty clear that CLLN has significantly more net debt that KIE. The pension deficit is also hard to weigh up as it depends upon bond yields and CLLN and KIE have different year ends. But looking at what they pay into their pension funds, CLLN pays about 2x what KIE does. I don't know if I'm comparing apples with apples but on the face of it CLLN has a deficit of about £300m while KIE's is only £75m or so. I'm a bit confused but what we can say again, is that CLLN has a significantly larger pension deficit. So here's the choice. Ignoring the shorters (because they can't make CLLN go out of business), if you believe CLLN's debt and pension deficit is manageable, then at the present market cap, the shares are a bargain.
kiwihope: This is getting a bit silly. Don't blame the shorters for the low share price. It's like all those stupid theories I hear about evil market-makers conspiring to drive down the share price. There is a very good reason Carillion has been targeted. It has high debt, large pension deficit, low margins and static profits. You don't need to look for anything else. It's obvious that the dividend yield is an attraction and supporting the price. But if things go wrong over the next few years that may have to be cut. Then what will be supporting the price? The shorting started when the convertible bond was issued. There may be a hedging effect in this (bond long, shares short) but no too much. From what I read the market was surprised Carillion issued the bond so near its year end - apparently this is unusual. Whether it is or isn't it attracted attention. But make no mistake. If Carillion had lower debt, a smaller pension deficit, was not in the low margin construction/service sector, it would not be shorted like it is. The shorters see an opportunity to make money by shorting a vulnerable company. End of story.
red_shed2000: I've been investing in stocks for approx 5 years and would like to think I have a pretty decent handle on the market and it's dynamics but one thing I hope someone can explain to me...... I understand how shorting can depress a share price, the constant selling obviously depresses the price as it happens, HOWEVER, what I can't understand is how a heavily shorted share such as Carillon can have its share price depressed on a longer time scale even though, relatively speaking, there have been no additional shorts. You can only sell the shares once, so there is in effect only one "hit", after that it's a level market again so unless the shorts are consistently adding then although they may be responsible for the original depression in share price, I don't see how they can be responsible for long term depression. Give or take, the short position in Carillion has been 20% for a while so that damage is done, anything else is market dynamics i.e supply/demand. Can someone tell me where I'm wrong? Thanks and good luck!
poacher45: At the beginning of December UBS which had a price target of 230p buys a load of shares at a higher price than 230p. The share price was 256p the day before the update. We are nearly all agreed the update was good. Not so for UBS it immediately sells all its shares and cuts the target price to 195p. Deutsche bank joins in and they succeed in making everybody think this must have been a terrible update and the price sinks to 230p. They have put doubts in peoples minds and in my opinion manipulated the share price for there own ends. Once again I must state this is only my opinion.
kcsham: RC - I won't say I know the bond price of Carillion inside out. However, I am sure the link below will give you a pretty good idea about it. worked in the construction and design profession for my whole working life and seldom invested in a construction company. Two members of my family had been working for Carillion for a year or two. So, I know Carillion is running by a competent management team. I am attracted to the pretty solid development of the company in the past years, the recent depressed share price (thanks to the shorters). and steadily growing high yield. I jumped in twice recently to buy 2 lots of Carillion shares at a similar price of around 231.2 (I did not wait for the support line price of 220 as most people believe). I am a investor and not a trader, I generally hold good shares for few months to few years and often have a reasonable returns for my investment.I don't believe Carillion's share price will shoot up overnight but I believe it will recover shortly in the next few months or a year. One day the shorters will get what they deserved and leave. It is all IMHO.
lab305: How to Prevent your Shares Holdings from being Shorted Q.: Why does short selling reduce share prices? Share A: To short-sell a share speculators have to borrow the shares in the first place. Once they have done this they need to sell them in the market, and if this is done en-masse it can push the share price of a company down in the short term as there are more sellers than buyers in the market. Hedge funds specialising in short selling may also cause panic in the market by selling lots of shares in a company as other shareholders become worried about the share price plunge. Some companies will blame short sellers for dramatic declines in their stock price. The practice is so controversial that bans on short selling are not unknown and during the last credit crisis in 2008, traders were not allowed to short-sell certain banks and financial institutions. Most borrowers and lenders of shares are institutions, brokers, etc. Mere mortals can borrow indirectly by using Spread Bets or Contracts for Difference. If you go short, you are effectively borrowing shares to sell for money; if you go long, you are effectively borrowing money to buy shares. Depending on the balance between shorts and longs, the company offering these products may choose to cover the risk by borrowing real shares to sell or by investing money to buy real shares. Q.: What can you do to prevent your shares holdings from being shorted? A: Now what can the average personal investor do to stop their own shares being shorted, as believe me your own broker, if approached, WILL sell your own shares that they hold on your behalf as a nominee account. There are two things you can do, the first is to certificate them but this is not obviously to everyone’s advantage but the alternative solution is simple. All you do is to phone your broker and put an order in saying that you wish to place your shares for sale at, for arguments sake, double today’s price. As they are 'on order' they cannot be lent out by your broker and in turn you are reducing the amount of 'free shares' out there that can be used for shorting purposes. And don't forget to move your limit order up when the price starts to recover, then, that way your shares can't be shorted - not much but helps .
lab305: Just pointing out as I am sure that some of you know already the fine balance that exists in the share price and the extent to which short sellers are in complete control of the stock. On the short interest tracker site the maximum short interest level was reached around 13 October at 21.62%. This exactly corresponds with a share price low of 241.1. On 19 October the short position had dropped marginally to 20.76% , however the share price had risen to 252.8. That's an 11p rise on a .86% drop in shorts. Now I know that the short figures may not be exact and you cannot extrapolate along the whole 20% , but if ever a share had potential this is it.
Carillion share price data is direct from the London Stock Exchange
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