Share Name Share Symbol Market Type Share ISIN Share Description
Carclo LSE:CAR London Ordinary Share GB0001751915 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -9.75p -7.22% 125.25p 130.00p 135.00p 130.00p 125.25p 130.00p 30,409 12:31:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Chemicals 138.3 10.5 11.5 10.9 91.79

Carclo Share Discussion Threads

Showing 17376 to 17399 of 17400 messages
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DateSubjectAuthorDiscuss
21/11/2017
08:54
For the record, consensus forecasts are now 12.66p EPS for this year from 5 analysts, with 15.22p forecast for next year. I've adjusted the header post accordingly. The latest Equity Development forecasts of 17.7p EPS to March'20, rising to 20p EPS and then 22.2p EPS are also now shown.
rivaldo
16/11/2017
10:31
That's encouraging rhomboid. It would seem there's healthy demand out there if you're being offered above the mid-price (no-one would be buying multiples of the NMS purely on the basis of an IC Buy tip). In addition to the IC tip, I notice that Growth Company Investor have also now recommended CAR. It's subscriber-only unfortunately: Http://www.growthcompany.co.uk/carlco-looking-promising-share-price-rises-2556737/ "Recommendations 14 Nov 2017 Carclo looking promising as share price rises"
rivaldo
16/11/2017
09:04
Coincidence I’m sure but I was being bid over mid price yesterday on a significant multiple of NMS , I wouldn’t like to suggest anyone is front running IC tips but it was v odd. I wasn’t looking to sell but testing liquidity
rhomboid
16/11/2017
08:55
CAR have been tipped in the IC - hopefully it'll be in tomorrow's print edition too: "Tip Update: Buy at 145p By Mark Robinson Half-year figures reaffirm that the resolution of operational issues at Carclo’s (CAR) technical plastics division is under way. Although underlying profit fell on the 2016 comparative, and revenue flatlined once currency and acquisition effects are factored in, the division’s operating margins are now expected to “improve significantly”. Following the successful expansion of a production facility in India, and expectations of a higher proportion of design and tooling profits recognised in the second half, that optimism appears well grounded. A 16 per cent rise in underlying profitability in the LED technologies business partially offset the difficulties within technical plastics and the group’s smaller aerospace arm, but underlying earnings were still constrained. The LED division is also set fair for the remainder of 2018 as several pre-development programmes are expected to translate into project awards over the second half. “Design, development and sub-contract tooling revenues” were ahead of management expectations, while the ability to meet the build up in orders has been met by increased warehousing capacity in Buckingham. Peel Hunt forecasts adjusted pre-tax profit of £12.7m for the March 2018 year-end, leading to EPS of 13p, against £11m and 12.1p in 2017. These developments were largely foreshadowed in September’s trading update, so shareholders will now concentrate on the extent to which the design and tooling profits will be second-half weighted. Net debt is up, a reflection of recent capital commitments, but it remains well within banking covenants. At 145p, the shares are slightly up on our original call (137p, 30 Apr 2015) but trade below the peer average at an undemanding 11 times forecast earnings. Buy."
rivaldo
14/11/2017
23:02
Tipped: Http://www.fool.co.uk/investing/2017/11/14/2-growth-stocks-id-buy-and-hold-until-2020-or-beyond/ "2 growth stocks I’d buy and hold until 2020 or beyond G A Chester | Tuesday, 14th November, 2017 Shares of Carclo (LSE: CAR) are trading 3% higher today at 145p after the global manufacturing group reported “solid first-half trading overall” and said: “The Board anticipates full-year trading will be in line with its expectations and the Group remains on track to grow substantially over the medium term.” Today’s results give me confidence that this FTSE SmallCap firm, which has a market cap of £106m, is a growth stock I’d be happy to buy and hold until 2020 or beyond. And I feel the same about a £205m-cap stock from the same index, which I’ll come on to shortly. Down to business Carclo’s largest division, Technical Plastics (about 60% of group revenues), supplies fine-tolerance, injection-moulded plastic components, mainly for medical products. The division’s first-half operating profit fell 6%. Management said this was due to some key new programmes being delayed into the second half and some operational issues that have now been largely resolved. The lower profit from Technical Plastics was offset by a 16% increase at its other principal division, LED Technologies. This business, which designs and supplies specialised injection-moulded lighting systems to the luxury and supercar industry, accounts for 35% of group revenue. The company’s balance sheet remains reasonable after an anticipated rise in net debt to £29.6m from £26m. And there was an encouraging fall in the pension deficit from a previously elevated level. Nice growth stock on cheap valuation All three of Carclo’s divisions (the third is a small business in aerospace) are set to have a stronger second half. Forecast earnings per share (EPS) of 12.75p for the full-year to 31 March put the company on a price-to-earnings (P/E) ratio of 11.4. This falls to just 9.5 for fiscal 2019 on the back of a forecast EPS increase to 15.3p, as that substantial medium-term profit growth the company referred to kicks in. The company has been investing in its manufacturing assets, increasing capacity and efficiency, which should contribute to top-line growth (higher volumes) and bottom-line growth (higher profit margins). Operating in attractive markets and well diversified geographically, with 70% of revenues coming from outside the UK, I see Carclo as a nice growth stock on a cheap valuation."
rivaldo
14/11/2017
12:04
Fair comment yumps.
queeny2
14/11/2017
11:49
Lot of effort and interest there... I really don't know how or why folk post such detailed stuff when not interested. Must have made a mint and nothing to do.
yump
14/11/2017
11:19
Illis genuine thank you for that explanation. Two weeks at Harrods small electrical and minimum wage farm labouring are my only experiences of the real world really. Friend used to be at GEC Marconi then Hotpoint (I think) also GEC iirc, then on to greater industrial things, he knows this stuff. Back to CAR. Questions for you and your industrial experience. Their revealing presentation of a while ago, maybe a year, when the measure of how much a handicap being sub-scale in CTP really is was apparent - that's stayed with me. It's not far from a commodity business? Admittedly with stickier customers, but I assume each decent customer would multi-source for supply chain security? They build capacity on spec, then hope to utilise it, rather than in response to demand programmes? Margins firmly capped at near-commodity levels, not as bad as packaging but not far away either? No real sales or marketing budget, no usp other than being reliable nice chaps, limited steady contract gains from existing customers visible, hard to win new customers away from existing suppliers except on natural churn and/or price?In the end their growth will approximate sector growth, and that's it?Stream of consciousness there off the back of the general fate of sub critical mass punters. Its why they have low ratings.
queeny2
14/11/2017
10:59
"Personally I don't understand selling CAR on its rating to buy IQE on its rating. My money went from IQE when it got to a 'promised land' rating into CAR on its 'having to wait on a modest rating for something to happen'." Absolutely understand that PoV yump - I've made similar calls to that in the past (sometimes rightly sometimes wrongly). Personally (whilst I'm suggesting in anyway that the businesses are comparable) I think both stocks have the potential to double or treble in the next few years (without being on astronomical valuations). It just seems to me that IQE look more likely from here and more importantly if and/when CAR begin to show something that makes it look more likely - I'd expect (rightly or wrongly) to be able to get back in with about 20-50% of the current price, I don't believe the same for IQE. I guess you can either believe that growth is possible or not - is it as simple as that ? I think it is slightly more complex. I believe it is "possible", but I suspect there won't be much upside until it looks "probable" or "highly probable". Not in anyway trying to talk Carclo as an investment (it looks good value) and if it roars away whilst I'm stuck on the sidelines the so be it. I'm just deploying my patience in a different way these days!
kazoom
14/11/2017
10:35
Seems to me there's a lot of hair-splitting going on. Personally I don't understand selling CAR on its rating to buy IQE on its rating. My money went from IQE when it got to a 'promised land' rating into CAR on its 'having to wait on a modest rating for something to happen'. In my experience, sitting on stocks on reasonable p/e's (10-15 so not tanked stocks) that are not currently growing, but have growth prospects works quite well. PS if CAR only do 12p the rating will be about 12 at this price. I guess you can either believe that growth is possible or not - is it as simple as that ?
yump
14/11/2017
10:34
New report from Equity Development - they increase their SOTP valuation to 206p (from 200p). The caveat here is that the Wipac contracts are awarded as promised in H2. Assuming no material slip-ups, then CAR still looks cheap as chips to me given the potential and global leadership position in two high-growth sectors: Https://www.equitydevelopment.co.uk/edreader/?d=%3D%3DAO1MjM "SOTP valuation moves up to 206p/share Factoring all this in, our sum-of-the-parts valuation rises to 206p/share (from 200p) – derived from using FY21 EV/EBIT multiples of 14x for Technical Plastics (64% FY17 sales), 12.2x LED Tech (31%) and 10x Aerospace (5%), discounted back at 12%, and adjusted for central overheads and the above balance sheet movements" "Stock appears undervalued vs most metrics Likewise in relative terms, we believe the stock rates as good value, trading on EV/EBIT and PER and multiples of 9.3x and 10.9x respectively vs peer averages of >16x and >20x (as below)." "Lastly, don’t forget that the vast majority of Carclo’s turnover is tied to long-cycle deliveries on OEM platforms with typical life-spans of between 5-20 years. Hence providing good overall visibility and earnings quality."
rivaldo
14/11/2017
10:22
Kazoom - well Said. Having looked at it this morning, I think they are running hard to meet the FY figures, so risk is to the downside with little probability of significant outpeformance, as LED is already outperforming, CTP has a lot of catching up to do and Engineering is never going to outperform. Please do post on your impressions from the presentation - it will be much appreciated, Right - thats more time than I wanted to spend on CAR this morning, time to turn my attention to the next one, cheers Illis
illiswilgig
14/11/2017
10:15
FWIW I sold my small remaining position for a loss this morning (recycled the cash into IQE). It is not that I don't think at some stage this could become a "superstock" , just that we seem to be no nearer that event that when this stock first came to my attention. Over time it will probably be a good investment from this point, but I just see no urgency to be holding this at the moment, I cannot see any reason for the price to go anywhere in the near term. If they do actually hit the full year number then that might get my interested again (although I'm not even sure that would "light the blue touch paper") - It might well be that I would have to pay more to "get back in" at that stage, but I just think there are better opportunities for capital appreciation in the meantime. Will still attend the presentation this afternoon, to find out why I might be wrong!
kazoom
14/11/2017
10:10
Queeny, good to hear from you! I forgot to be clear. In my old wet-behind-the-ears GEC days, direct labour was the few engineers who could actually book to project codes (which were normally much more closely guarded secrets than the supposedly secret projects they worked upon). Everyone else booked to indirect codes, ie admin, security, mowing the lawns outside the directors office, the tea trolley, that kind of thing. OK there to be serious there were also goods in, buyers, materials, etc etc who were indirect but did actually support the work. The indirect labour is always there so the profitability of the operation is totally geared to utilisation of the direct labour - which is fine if it's constant and predictable. GEC-Marconi used to use a lot of contract engineers to try to reduce direct staff when they could not be utilised and boost staff when they needed extra effort. But to be fair its not an easy game to get right especially if every other company is also playing the same game. sounds like something went wrong this time. cheers Illis
illiswilgig
14/11/2017
10:00
Queeny, Hello! Don't understand? I expect it's quite simple. Direct Labour = not indirect labour. ie somebody failed (forgot if you are not the forgiving type) to hire some employees. Not just cleaners mind you, as I expect they are indirect labour, nor managers either (shame) but unfortunately the ones needed to run the moulding machines. Ooops. Very Carclo that. Who'd have imagined somebody left that banana skin right next to that moulding machine and all our machine operators slipped on it and hurt their backs?????? Just imagining what it will say in the FY results :-) I understand what you mean about raw material prices not being an operational issue - but material cost does affect the operating profit so in that sense they are not unconnected to operations either. Maybe it was an unforeseen rise in the price of banana skins? If the moulding machines are not running because the operators have hurt their backs on a banana skin or somebody forgot to hire them - They certainly won't be producing the goods on time or early? then a programme delay will result? See. It's not so hard to understand :-) Whether it's reasonable, acceptable or forgivable is an entirely different matter? Perhaps my cynicism (based upon my project management days in industry) has jumped to the wrong conclusions & I will be very interested to hear what you learn from the presentation, cheers
illiswilgig
14/11/2017
09:58
Worth mentioning that they restate that the operational issues are 'largely' resolved, I was waiting to see if they had completely resolved since the trading update when they were also largely resolved iirc.
queeny2
14/11/2017
09:56
Nice one illis.
queeny2
14/11/2017
09:54
Very very meh. Too much about 'the medium term'. Disappointing I think overall. Nothing especially wrong, except direct labour (what is indirect labour?) and clear disappointment with non medical sales progress.I think H2 will be at or below consensus, nothing to hope for in next few months would be my reading. Make calendar entry to check price in three months and five months.
queeny2
14/11/2017
09:42
PUG - cynicism forgiven. As Carclo have a history of pulling mediocrity from the jaws of victory to mangle a phrase, your cynicism is fully justified. The H1 results could have been worse and I expect that's why the share price has risen a little this morning. At first sight meeting the expectations (and we have to assume that managements expectations and the market expectations are convergent for now) looks very demanding, not to say unrealistic? But looking at the figures in a bit more detail its not quite so bad? Forecast T/O is 149.7M and with H1 at 72.8M that leaves 77.5M to do which seems quite ok if we accept that delays in H1 have pushed into H2 at CTP. Forecast pretax profit is 12.4M and with H1 at 4.5 leaves 7.9 to do in H2 - thats a bit more demanding. So here's my finger in the air approach. We're told that CTP did not increase Turnover on an organic basis in H1, the increase was down to the acquisition and currency but that the work is rolling in H2. On that basis T/O will increase in H2 and for simplicity I forecast 50M T/O for CTP, 25M for LED and 3 for Eng to make 78M overall. We're also told that margins at CTP will rise in H2, they approached 10% from memory last H2 and it fits with the plant utilisation rising, so the profitability of CTP is highly geared. Taking 9% margin for CTP would give operating profit of 6.3M and with LED 3.5M and Engineering .7 in H2 and costs constrained then ptp would be 8.8M, higher than the 7.9 they need to do - but I've not accounted for any exceptionals or other costs (this is all based upon the figures in the segmental notes from the results). All highly speculative, but it does show that CAR can reasonably meet the current expectations in the second half - Provided that Nothing Else Goes Wrong! And how often does that happen with CAR? So if we're been told the full story with these results then I am reasonably positive, By the Way have I moaned about the debt yet? It's gone up again. And thats without accounting for the pension recovery payment and not having to pay a dividend, just as well they found a way to cancel the divi, hey? cheers Illis (looking to see cashflow up and debt down with the FY results)
illiswilgig
14/11/2017
09:42
Very meh.I don't understand the operational issues, they chuck programme delays in there as part of the explanation to muddy the waters. Direct labour, what is that? Raw material prices are NOT operational issues either. Don't understand.Will read analyst presentation now.
queeny2
14/11/2017
09:30
Peel Hunt and Singer still appear enthusiastic, with 200p and 175p targets respectively. hTtps://www.nandp.co.uk/sharedealing/company/?companyCode=CAR
1gw
14/11/2017
09:28
I suspect the valuaton will be based on the annualise PE of H2 - At £1.45 that looks undemanding with forecast growth.
zipstuck
14/11/2017
08:12
In the end I suppose it comes down to two views: get a bit freaked by the first half and don't believe management or get a bit freaked and believe them. Imo weighting is on the safe side, given the rating.
yump
14/11/2017
07:45
CAR made 5.9p EPS in the last H2, and given the growth in Wipac etc since together with a strong recovery forecast in CTP (and Aerospace) it's perfectly feasible for CAR to have a very good H2. CAR's management are pretty cautious and wouldn't be over-optimistic. Above all, the overall outlook for the two core divisions remains extremely good over the medium and long-term.
rivaldo
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