Share Name Share Symbol Market Type Share ISIN Share Description
Carclo Plc 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
  -0.75 -7.81% 8.85 8.70 9.00 9.60 9.40 9.60 294,463 16:35:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Chemicals 144.9 -14.7 -25.4 - 6

Carclo Share Discussion Threads

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Nice early move upwards - breaking out to 9 month highs now.
Equity Development have today issued a 15 page report on CAR with a 200p valuation. In particular, EPS is predicted to jump from a historic 12.1p to 20.3p by March'21, which would support a 300p-400p share price on a decent rating: Https:// Summary: "Carclo is a leading global designer and contract manufacturer (FY17 sales 70% non-UK) of fine tolerance and often mission/safety critical components for the medical (46%), optics (5%), aerospace (5%) and luxury/supercar (27%) markets. Carclo has shown that you don’t have to be a ‘Silicon Valley’ tech start-up to deliver double-digit top line growth, as the group has been doing exactly this for years. Its strategy of dove-tailing front-end innovative design, prototyping and tooling capability, with back-end flexible manufacturing, global coverage and supply chain expertise, is proving a winning formula. In turn, helping to propel FY17 revenues to £138.3m (+16.2%, or 10% constant currency), EPS up 20% (12.1p) and EBIT margins to 9.0% (vs 8.4% LY). Better still, the vast majority of these volumes are tied to OEM platforms with typical life-spans of between 5-20 years. Hence providing excellent forward visibility and predictable earnings. We think the momentum (12.4% pa sales CAGR) built up over the past 4 years should continue - underpinned by the production of long-cycle end-user products, low client churn and secular growth. Our forecast revenues are set to expand at a 10% pa clip over the next 4 years, and even accelerate slightly once Wipac’s new mid-volume LED contracts come on stream from late 2019 onwards. EPS is predicted to jump 68% from 12.1p in FY17 to 20.3p by FY21, on turnover up 46% from £138.3m to £202.5m. Encouragingly for income seekers, the Board recognises the importance of sustainable and progressive dividends. After a suspension due to pension considerations affecting distributable reserves, the resumption of payments has been pencilled in for 12 months’ time. The stock at 152p appears lowly rated, trading on PER and EV/EBIT multiples of 11.9x and 9.8x respectively vs peer averages of >20x and c. 16x-17x.We calculate there is >30% disparity versus our 200p/share sum-of-the-parts valuation." EDIT : edmonda, just beat me to it :o))
We have initiated coverage on Carclo today. To read the note for free please visit Also a reminder that Christopher Malley, CEO, will be presenting at our next investor forum on the evening of Wednesday the 21st June. In order to find out more and to register please visit: Kind regards, Equity Development
Stockdale Securities have just issued their fortnightly summary of the recent results season, with a nice summary of CAR's results including these extracts: "Carclo 147p; MCap £107m Carclo announced FY2017 results last week which showed a continued strong recovery. Carclo is a leading global manufacturer of fine tolerance parts for the medical, industrial, aerospace and luxury and supercar lighting markets. FY2017 revenues increased by 16.2% to £138.3m (10% at constant currency), reflecting strong growth at both Carclo Technical Plastics (CTP) and LED Technologies as well as the impact of weaker sterling on the retranslation of overseas sales. Underlying PBT increased by 25.9% to £11.0m. Technical Plastics reported revenues up by 24.6%, benefiting from prior investments in capacity expansion and currency tailwinds. LED revenues increased by 7.3% with successful product launches during the year for customers including Aston Martin and McLaren. Margins at CTP increased to 9.9% reflecting increased utilisation of its UK & US facilities. LED increased its operating margin to 13.6%. The group reported strong underlying cash generation of £16.6m." "The group’s strategy remains to create sustainable growth in revenues and operating profit through the development of innovative and highly efficient solutions for its customers, ensuring the benefits accrue from working with Carclo. The outlook for Technical Plastics is positive as it continues to facilitate strong revenue growth which is resulting in good margin appreciation. The performance of the division has been complemented by the acquisition of PTD, giving it further opportunities. In LED Technologies, Wipac has continued to perform well, benefiting from good product demand and its continuing ability to win new customer programmes and is expected to deliver significant growth into the future. The acquisition of FLTC adds skills, capabilities and further design resources to its supercar and luxury car lighting business which will help deliver its growth strategy. The group closed the year with a strong order book, encouraging sales momentum and an exciting pipeline of opportunities across its businesses."
CAR have been tipped in the IC this week as follows (cheers mate): "Research analysts raised their target prices for Carclo (CAR) in unison on the publication of results for the year to March 2017, after the technical plastics group posted its fourth consecutive year of double-digit revenue growth. Granted, this year's numbers were partly helped by the fall in sterling - constant currency revenues were up a tenth*. But a record £87.8m intake in the core technical plastics division shows the group is adept at betting on the right niche products. This is critical, as Carclo's clients in the clinical products, electronics and car manufacturing sectors have a keen nose for costs. It also explains this year's diversification into electric vehicles, LED lighting and even artificial hearts, through the twin acquisitions of FLTC and Precision Tool and Die. Elsewhere, the ugly spike in the pension deficit that occurred after the post-referendum contraction in gilt yields has unwound enough for a dividend to be paid. However, as Carclo's pension scheme remains highly sensitive to corporate bond yields, management has taken the prudent step of delaying shareholder distributions until liabilities can be contained to a sustainable level. Analysts at Peel Hunt expect adjusted pre-tax profits of £13m and EPS of 13.3p in the year to March 2018, up from £10.7m and EPS of 11.7p in 2017. IC VIEW: Carclo shares trade on a forward earnings multiple of 11, which on the current profit growth trajectory looks cheap even if you take into account the suspended dividend and the sometimes delayed - though consistently high - return on capital employed. We're sticking with our original call (137p, 30 Apr 2015). Buy."
Here's the analysts' presentation FYI - very positive outlook: Http:// "Outlook Our growth throughout the year continued to be strong and was in line with the Board’s expectations. This has driven a significant increase in profitability Our Technical Plastics division is continuing to facilitate strong growth in revenues which is resulting in good margin appreciation. The acquisition of PTD provides further capabilities and opportunities for this division and its customer base has been enthusiastic about the combination of our businesses leading to an enhanced offering going forward In LED Technologies, Wipac has continued to perform well, benefiting from good product demand and its continuing ability to win new customer programmes; it is expected to deliver significant growth into the future. The acquisition of FLTC adds skills, capabilities and further design resources to our LED Technologies Wipac supercar and luxury car lighting business which will help it to realise its growth strategy We closed the year with, a strong order book, encouraging sales momentum and an exciting pipeline of opportunities across our businesses and we expect the growth that we have seen in recent years to continue. We are well placed to increase the Group’s profitability through the coming years"
Peel Hunt's forecast for this year is 13.34p EPS, which is more realistic imo given 12.1p historic EPS and the strong start to this year. Assuming they similarly go for 15p EPS or so next year, that's a current year P/E of only 10.9, falling to 9.7.
N+1 Singer are forecasting (conservatively) 12.5p EPS this year, but rising 20% to 15p EPS next year. Even on a prudent P/E of 13 it's therefore possible to see a 200p share price as CAR ends this year and moves towards the 2018/19 year.
I notice Carclo refer (on slide 16) to moving stuff around in the accounts to facilitate payment of future dividends, as someone on here suggested they might be able to do. So all looks set for resumption of dividend (although apparently not until FY19) if the business continues to make progress and there's no further downward shock to corporate bond yields. "Measures have been taken to distribute reserves from UK subsidiaries which involved a number of capital reduction exercises relating to those subsidiaries’ transition to FRS 101" "At 31 March 2017, the Company’s reserves were £22.4 million (2016 - £7.9 million)"
Peel Hunt have increased their price target to 200p (from 190p): Https://
rewards for the lth's...gla
Very good. Will read analyst presentation next.
Results look good to me. From a company at such a modest rating they look very good and most importantly the growth looks sustainable. Riv has reported the positive side well. Not much negative except the usual suspects for me. Nebt debt continues to rise, operating cashflow has fallen and the dividend will remain suspended in the current year. The lack of a dividend in the current year is very much as I anticipated and with net debt still increasing, largely thanks to the increases in working capital, is very sensible. Disappointed but not surprised I think puts it about right. Looking under the covers all 3 divisions have done very well and the continuing capital investment and hence net debt is laying the foundations for continued growth. The company strategy is clearly to grow the top and bottom lines rather than reduce the debt - always the riskier strategy but their performance is starting to speak for itself. The performance of CTP is the jewel in the crown. They have acheived the target operating margin of 10% (constant currency) and exceeded it on actual currency (sorry Queeny couldn't resist it). My concern about the Chinese facility seems to be addressed more openly in this years results - we are told it will make a positive contribution. Looking at the other side of the coin that confirms it's been loss making as its largely been empty. On the back of this I expect a nice short term rise in share price but the long awaited re-rating will probably kick in after the H1 confirm we are still in the 20% growth track and that dividends will be resumed in 18/19. Don't get me wrong - I think the company is doing extremely well - I just don't want to get overexcited about it. A nice 20% increase a year for a few years on solid foundations will do me very well, cheers Illis
I'm back in after pension fears allayed. Good results.
Excellent results - 12.1p EPS is well ahead of consensus 11.45p EPS expectations. With consensus 13p EPS for this year, the P/E is now just 10.8: Http:// - underlying profits up 25% - EPS up 20% - both CTP and Wipac going gangbusters - and this year looking great with a "Strong order book and momentum into the new financial year" The narrative details the big opportunities and expansion going on worldwide - all customer and order-led. The outlook sums it up: "The Group has yet again delivered a strong trading performance during the year, and made excellent progress in implementing its stated strategic objectives. The two acquisitions made during the year are well aligned to our strategy and we have been successful in rapidly integrating both companies into the Group. Having exited the year with record order intake and pipeline within CTP and with the early delivery of our objective for Wipac of securing a second mid-volume lighting programme, we remain on course to deliver strong improvements in returns over the coming years to our shareholders." The pension deficit has reduced hugely since the interims, and the company note that 2018/19 may see the return of dividends. The share price is extremely cheap imo.
I must be confused - I'm pretty sure CAR isn't in a list of high yielding stocks for income.
Results out. No certainty over dividend payments here
If you would like to hear Christopher Malley, CEO, present on behalf of Carclo he will be at our next investor forum on the evening of Wednesday 21st June. Other companies also presenting are Accsys Technologies and Lombard Risk Management. In order to find out more and to register for free please visit:
Lots of buying @145p today too...AT trades in 10k and 5k blocks. Institutional interest? Chart looks ready for a new leg up imo
Very nice £434,000 buy at 144p just reported today.
New tip for CAR here.... Http:// "In the fast lane Carclo (LSE: CAR) is another hot growth star trading far too cheaply, in my opinion. The engineering play has a long track record of generating formidable, double-digit earnings expansion. And the number crunchers see no reason for this rich record to end any time soon -- rises of 13% and 21% are pencilled-in for the years to March 2018 and 2019 respectively, following on from a predicted 14% surge for last year. These predictions leave Carclo dealing on a forward P/E multiple of 11.2 times, as well as a PEG ratio of 0.9 times, figures which fail to truly value the progress the plastics manufacturer is making just in the automotive sector. The LED division's Wipac arm -- which builds lighting systems for the prestige car market -- has "continued to win new lighting programmes," Carclo announced earlier this month. And most promisingly, the West Yorkshire business announced it had won a second mid-volume project on a vehicle for the hybrid market, a huge step in its progression into the mid-volume area. I reckon Carclo could prove a spectacular growth pick in the coming years, particularly as global vehicle build rates continue to soar."
rivaldo:_ an AT trade does not necessarily signal an Institutional Trade - All it means is an order book (see level 2) automatic buy or sell - Could well be a private investor and volume could be icebereged.
What is going on with the share price? I am thinking of taking my profit as long as I've still got one...
Post removed, problem solved!
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