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 Shares Traded Last Trade
  -0.75 -3.57% 20.25 583,904 16:35:14
Bid Price Offer Price High Price Low Price Open Price
20.00 20.50 20.50 19.00 20.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Chemicals 107.56 6.67 10.10 2.0 15
Last Trade Time Trade Type Trade Size Trade Price Currency
16:29:52 AT 17 20.00 GBX

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Carclo Daily Update: Carclo Plc is listed in the Chemicals sector of the London Stock Exchange with ticker CAR. The last closing price for Carclo was 21p.
Carclo Plc has a 4 week average price of 19p and a 12 week average price of 19p.
The 1 year high share price is 56.80p while the 1 year low share price is currently 18.60p.
There are currently 73,286,918 shares in issue and the average daily traded volume is 477,140 shares. The market capitalisation of Carclo Plc is £14,840,600.90.
wigwammer: Thanks for posting napoleon, but that is a poor research by small caps life.. 1) they are too pessimistic about dividend reinstatement because they assume the actuarial deficit and related payments are fixed ad infinitum, when in fact they are reviewed every 3 years. The level of actuarial liabilities are highly sensitive to the discount rate - the IAS liabilities sensitivity for example is 16% for every 1% move in the discount rate. Using March 2021 data, the prelim actuarial assessment estimated the liabilities at around £250m, but since then the discount rate has moved from 2%, to around 4%. Taken on it own this would suggest a circa 30% or £75m reduction in the liability, nearly the entire actuarial deficit. A materially lower deficit would likely mean materially lower pension payments. Of course, this will likely not help much with the payments review to be completed in July, but does suggest that dividend payments may be reinstated long before the "decade" that small caps life believe is a clear inevitability.. 2) small caps life are wrong to state that using a PE is inappropriate for an indebted company. The EPS used in the PE calculation is AFTER interest paid, meaning the measure does adjust for interest paid and consequently the scale of debt... 3) small caps life have miscalculated their earnings yield. They state that even assuming 30% EPS growth gets them to a 3.8% earnings yield for next year. In fact, the reported underlying EPS from the year just reported was 3.1p, and adding 30% gets you to 4p. At a share price of 22p, this results in an earnings yield of 18.1%, far higher than the 3.8% small caps life state... in short, be careful taking anything small caps life tell you at face value, sounds like poor quality stuff.. ATB
napoleon 14th: A very hard take on CAR by Small Caps Life: Carclo (CAR.L) - Final Results On first glance, a company on a P/E of around 8 and growing EPS at 30% looks good value. However, those who know the history here know that it is a company that got itself in serious trouble and had to sell of one of its largest subsidiaries when it couldn't afford to invest to turn it around. This is a £17m market cap company, but the debt excluding IFRS16 is £21.5m. So a P/E ratio is not a suitable way to value such a business. Then on top of this is a large pension deficit. The IAS19 deficit has been reducing with higher discount rates: However, as we know, the IAS19 deficit is largely irrelevant when it comes to the actual payments made by the company. Here they have agreed to £3.5m per year, with the aim to eliminate the deficit within about 20 years!! It is clear that the company is not going to be in a position to pay any dividends to shareholders for about a decade with these debt & pension deficit levels. The outlook is positive but cautious: "The Board expects market demand for both the CTP and Aerospace divisions to continue to grow in the next financial year but also that the headwinds that prevailed in the second half will continue during the first half." Even if we were super generous and assumed a further 30% growth in EPS in FY23, and that the reduced IAS19 deficit was now realistic, then this is on a forward earnings yield of 3.8%. In the current market, there are much better quality companies, with better long-term prospects, that are much less risky and have much higher earnings yields. Being less generous, given the size of the debt and Pension Deficit, it is still not clear that Carclo's equity has any value at all. Investegate |Carclo plc Announcements | Carclo plc: Final Results Investegate announcements from Carclo plc, Final Results
mesquida: I do agree beeezzz that it is unacceptable that the company has made little effort to engage with shareholders during the year ( the house broker must also shoulder some of the blame ) but one advantage is that the market now has zero expectations and for that reason the risk must be all on the upside. For instance, if next week the company was able to say something about a significant decline in its pension deficit, or a further acceleration of order intake, or an easing of supply chain constraints, then the share price would surely surge. After all the market cap is currently less than £20 million, and yet we have ongoing revenues of £120 million plus, a large percentage of which comes from fast growing medical plastics. The market surely has to recognise the value here, and if not then I am sure that a trade buyer will do the job for them.
mesquida: Absolutely zho. This could turn out to be a major driver in any re rating of Carclos share price. I am definitely thinking now in terms of 80p plus on a 2year view.
1gw: Sounds great in theory but the problem is knowing what the "right" price is. 116p felt like the right price on 23rd July 2018 because Carclo had just announced that Consort had submitted a revised proposal, on which Carclo management was apparently prepared to enter discussions, after they had rejected its initial 116p indicative proposal. "On 13 July 2018 Consort submitted a revised proposal. Discussions regarding this proposal are ongoing." It's the unknown unknowns that have tended to kill the analysis on Carclo. Who would have thought the transformational touchscreen technology would turn out to be practically worthless? Who would have thought they could screw up Wipro so thoroughly?
1gw: Oh I’ve been through the wringer, emotionally, on this one, if you're asking. The experience leaves its scars, I think. Just on relatively recent history, starting from part way through the Consort episode: Optimistic & buying at 116p (23/7/2018) Hopeful & buying at 11p (31/7/2019) Optimistic & buying at 18p (24/12/2019) Depressed & selling at 8p (4/8/20) Realistic & selling at 19p (26/11/20) Grateful & selling at 34p (11/3/21) Ecstatic & selling at 46p (6/5/21) Since then, I have let the rest ride, hoping for great things but preparing mentally for further disappointments... ------------------------------ 1gw - 23 Jul 2018 - 08:45:45 - 945 of 3072 I struggle to see why the share price hasn't gone up more on that announcement. I have managed to pick up a good chunk there at only just over the original mooted price of 116p. Clearly plenty of uncertainty but the fact that Carclo are talking suggests the number must be well over that Doesn't it? ------------------------------ 1gw - 31 Jul 2019 - 13:19:33 - 1326 of 3072 I suppose the risk is that they can't sell wipac. But allowing hope to triumph over experience once again with this company, I've bought some more. Certainly brings the average purchase price down. Duroc must be smarting over their current paper loss and I wonder if they might really want to get their hands on a part of the business to see if they can turn it round. Would there be any serious competition for the asset though? ------------------------------ 1gw - 24 Dec 2019 - 10:10:15 - 1471 of 3072 And actually, I've added some just now. Feeling good that the [31st] July purchase worked out so well [so far], and decided to average down a bit more hoping that finally they may have turned a corner. ------------------------------ 1gw - 04 Aug 2020 - 17:50:35 - 1678 of 3072 Sold some today. ------------------------------ 1gw - 26 Nov 2020 - 14:34:04 - 1924 of 3072 I've taken some off the table there. Too many disappointments in the past with this share to let it all ride into tomorrow's results ------------------------------ 1gw - 11 Mar 2021 - 11:37:12 - 2256 of 3072 I did sell some on that spike. Still at a loss vs average purchase price but a good gain working back through the buys ------------------------------ 1gw - 06 May 2021 - 15:38:12 - 2396 of 3072 I've just sold some at 46.3p there to celebrate getting back into profit against my average cost of purchase. Didn't think I would see the day...
1gw: Quite an important distinction, isn't it, between a binding bid and an indicative proposal? The indicative proposal was based on public domain information, not Carclo-facilitated due diligence on the actual business. So I struggle to see its relevance to valuing the company today, especially as Carclo no longer has a Wipro business. Consort announced their 116p indicative proposal just after Carclo had published FY2018 results in which £6.4m underlying operating profit came from the LED technologies business (mainly Wipro), compared to £6.7m from CTP and £0.7m from Aerospace. Underlying operating profit was falling in CTP (£8.7m 2017 down to £6.7m 2018) but rising in LED (£5.9m up to £6.4m). Operating margin was 7% in CTP but 13% in LED. How much of the 116p proposal do you think was attributed to Wipro? A more relevant benchmark might come from the Duroc disposal, as they walked away from a 13% stake over 2 years after Consort withdrew, and after Wipro woes became public, but also after the share price had started to recover strongly based on hopes of pandemic-linked business growth. They announced they were out on 26 Feb 2021. Closing price on 25th Feb was 23p. hTtps:// In terms of current valuation, it is complicated by the fact that management have just given quite a strong warning on near-term margins haven't they?
beeezzz: Wig - How wrong you can be. I actually brought some more on the assumption we would expect better news this time, when you consider directors have been buying at far higher price. However, to no avail, directors must also be mystified by the lack of enthusiasm for the company, maybe they need to work harder, because so far nothing they have done or said has increased share price A note of caution, any manufacturing outside of China is under pricing pressure, especially if you are solely reliant on clients contracts. Who in these very high price sensitive times can move to cheaper country, which means margins are under pressure for Carclo. High Revenue or turnover, profit is what counts.
rivaldo: There's been a number of director share buys in the last 9 months from 33p up to around 51p. The current share price is hopefully a result of market gyrations in a relatively illiquid share rather than fundamentals having changed precipitously. CAR made in H1 alone 2.5p EPS and £2.28m PBT from core operations. And the H2 outlook was overall very promising too: "Subject to there being no significant deterioration in trading conditions as a result of supply chain or Covid-related disruption, the Board expects the positive commercial momentum seen in the first half to continue, with further product sales growth in H2. Trading margins for the second half are expected to be slightly lower than H1, reflecting the current higher cost environment. Nevertheless, the Board currently anticipates full year underlying trading will be slightly ahead of expectations, with the one-off benefits of the Covid-related grant income and contribution from discontinued operations incremental to this." Certainly the "higher cost environment" will have continued and if anything been exacerbated. Nevertheless, CAR don't have any Russian or Ukranian operations and increased materials costs would not appear per the above to be a major impediment against such positive trading and prospects.
rivaldo: A rare event - CAR have posted some news :o)) Https:// "Carclo Technical Plastics Announces Med-Tech Innovation Attendance 27 July 2021 London (UK), 27 July 2021: Following the global pandemic and the reduction in exhibition activity, Carclo Technical Plastics (Carclo) announces that it will be exhibiting on stand no E18 at the Med-Tech Innovation Expo at the National Exhibition Centre in Birmingham, UK, now scheduled to be held 28-29 September 2021. Carclo staff will be available to discuss the use of state-of-the-art Pressure Sensing technology for optimisation, monitoring and control of the Injection Moulding process, see attached photo. Carclo has invested significantly in advanced process monitoring equipment and personnel training/development, aimed at improving injection moulding process control and reducing costs of Quality Assurance and waste. Carclo has installed RJG’s in-mould Pressure transducers and e-Dart™ process monitoring software on its Fanuc range of all-electric injection moulding machines. Widespread use of these technologies has been made through the Process Development and Validation phases of the project, supported by existing metrology and statistical analysis using commonly available tools such as Minitab™. Commenting, Divisional Chief Executive Officer Robert Stutzman stated “Carclo Technical Plastics has ambitious plans to continue developing our medical business, supported by Carclo’s engineering skills, global footprint and financial stability. Carclo considers the Med-Tech Innovation Expo as a key part of our annual marketing activities and we invite all customers and prospective customers to meet with us during this show.” Carclo Technical Plastics is a contract manufacturer which specialises in injection moulding and assembly of thermoplastic components and devices for the medical, diagnostics, electronics, optics and automotive safety markets. With ISO13485-accredited production facilities in Eastern and Western USA, UK, Czech Republic, China and India, Carclo offers its global footprint to customers in these dynamic markets. Carclo’s clients range from globally-located divisions of major healthcare corporations to start-up companies who are developing products for the innovative yet highly-regulated medical industry. Typical products include medical and surgical disposables; drug delivery devices; diagnostic reagent packs; diagnostic components and devices; and ophthalmic equipment, lenses and optical components."
Carclo share price data is direct from the London Stock Exchange
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