Carr's Share Discussion Threads

[cwa1] 12/3/2020 07:47

Well these results are not pretty:-



...happy to be out, sorry for any holders left here, hope things pick up.

[cwa1] 08/1/2020 14:34

It's not that I don't like the company, I do. However, just too many areas that need to hit raised expectations just to meet earnings target. If one, or more, fall down then there COULD be an unpleasant hit, so not worth taking the risk IMO. Hope not for holders and if a price reversal hits at some point then, as Arnie says, I'll be back :-)

[kinwah] 08/1/2020 11:41

CWA1 true but to be fair the weather has been especially mild this winter so far. Cumbria and Scotland also didn't experience the excessive rainfall that the south of the country did. The result has been perfect conditions for grazing which will have hurt feed sales. The warm weather - 13C in Cumbria yesterday is also badly affecting fuel sales.

[sammu] 09/12/2019 11:59

Yes the highest volume for over three years. Today's trades look a bit excitable. Looks like it's been tipped and then drawn out a couple of sellers.

[forensic] 13/11/2019 15:06

Unusual high volume of shares being traded today

[dozey3] 11/11/2019 12:19

Until it splits there will always be undervaluation compared with others. Come on private equity, management can’t see the wood for the trees.

[cwa1] 11/11/2019 09:12

Edison research on today's results



Valuation: Indicative valuation of 190p/share

Our DCF analysis gives an indicative value of 190p/share (previously 184p). At the current share price, Carr’s is trading below its peers with regards to the mean EV/EBITDA multiple (6.9x vs 8.2x) and P/E multiple (8.9 vs 12.6x) for FY20e. Confirmation that Carr’s diversified business model can continue to address issues caused by Brexit uncertainty plus news of further Engineering orders should, in our view, help close the valuation gap compared with the mean.

[sammu] 23/8/2019 17:18

I've followed the small director buys with my own small top up today. Brexit seems to be weighing on the price, hopefully unfairly.

[cwa1] 20/8/2019 14:18

Not been a lot to report...so...

20 August 2019

Carr's Group plc

("Carr's", the "Company", or the "Group")

Director/PDMR Shareholding

The Company has been notified that on 19 August 2019 Chris Holmes, Non-Executive Chairman, purchased 10,000 ordinary shares of 2.5p each in the Company ("Ordinary Shares"). Following this transaction, Chris Holmes' interest in Ordinary Shares, is 749,000 equating to 0.80% of the Company's issued share capital.

[dozey3] 01/5/2019 07:25

Cbdrlief - filtered

[discodave4] 16/4/2019 22:26

C'mon Nortic you trollSorry wrong board

[dozey3] 09/4/2019 13:06

Illiswillgig makes some good points. Most importantly Carrs is international and diversified. In the short term that may be be a drag on valuation, but longer out provides two possible drivers for marked outperformance. Indeed the engineering business in the right hands could be worth the present share price on its own.

[danny baker] 09/4/2019 12:39

How is Carr's a company in transition? To be in transition you have to be moving from one state to another which Carr's isn't. Illiswillgig's post has several errors which I don't have time to correct. In terms of bulk animal feeds you can read across all 3 companies WYN, NWF and Carr's to some extent but you have to take into account the different geographies and competitive positions. NWF and Carr's both operate in the North West of England and South of Scotland where they compete against each other. Carr's and Wynnstay overlap only to a minor extent, but have the Bibby joint venture. The North West generally saw colder weather last winter (which is good for animal feed sales) than Wales which is where Wynnstay are largely based. Carr's has a significant feed block manufacturing business in the UK and US as well as its engineering businesses. NWF didn't share the trading woes that Wynnstay reported and I would expect Carr's experience on bulk animal feeds to be in line with NWF's experience, perhaps slightly behind earlier forecasts due to the milder winter than normal but Carr's overall should report interims on Monday in line with expectations.

[illiswilgig] 08/4/2019 12:06

I'm not a confident student - whatever that is? I can make some general observations on WYN, NWF and CARR

No1 - They are all very different businesses. Carr's most of all - and there is no easy read across. The market likes things simple - so they are equated - for simplicity and lack of anything else to do.

WYN - looks to me to be the only one of the 3 which is a fairly pure UK agricultural manufacturer, supplier and retailer - primarily of animal feeds.

NWF - is also UK only and mainly a fuel distributor, also a food (grocery) distributor and an agricultural feed merchant.

CARR - is the most diversified of the lot, both by geography and industry.

CARR is a company in transition which is easy to forget. The old Carr's Milling business was sold to Billington's - but CARR retain a 49% stake in the associate. Cash flowing in from the sale was partly returned to shareholders if I remember correctly but has also funded some purchases of other businesses.

With the food and feed milling out of the way what remains appears at first glance to be largely a feed and agricultural distribution business with some agricultural engineering and a strange remote handling engineering business attached.

A look at the profits - changes the story somewhat.

although only 10% of the turnover - the engineering businesses deliver 25% of the profits.

It's also worth remembering that the CARR-Billington associate is contributing 1/3 of the 75% agricultural profits.

So 90% of the turnover, the agricultural business - is only contributing half the profits. They are commodity businesses compared with the engineering. But even there the global geographic distribution of their feed products and trademark/IP/manufacturing of them distinguishes them from the pure commodity businesses of feed milling.

Future growth in the UK-German-USA remote handling and engineering businesses - will rapidly change the profit profile. These businesses have the potential to become the main profit generating division of CARR in the medium term. And are the primary reason I am invested in CARR.

In my view there is no benefit in comparing the performance of CARR with WYN and NWF - but the market can do as it likes. That's what helps to generate opportunities for private investors who do their own research.

cheers

[cwa1] 05/4/2019 13:15

Little bit perkier today.....

[cwa1] 04/4/2019 09:16

Cheers red, I knew the WYN update was poor but was slightly cheered by the NWF one this morning and I had hoped there was a confident student of all of them who had a good handle on which way CARR might go!

[redartbmud] 04/4/2019 08:42

CWA1

No, but maybe you should look at Wynnstay as well.
Their pre-AGM statement wasn't so hot.

[cwa1] 04/4/2019 08:33

Anyone got a close enough knowledge of BOTH NWF and CARR to know if there is a solid read across from NWF's reassuring trading update from this morning? Just wondering if it is a close enough trading match to be reassured that CARR might just be doing fine and that the current share price is actually a bit of a bargain and should be considered? Cheers

[dozey3] 28/3/2019 18:45

Agreed Danny, seems a good entry point, but hope the German engineering section isn’t suffering in the downturn there.