Share Name Share Symbol Market Type Share ISIN Share Description
Carter & Carter Group LSE:CART London Ordinary Share GB00B05K7697 ORD 4P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 82.50p 0.00p 0.00p - - - 0 06:36:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown - - - - 34.29

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mesquida: HGal - how refreshing to read a post from somebody who actually knows what they are talking about. I followed EMTEC´s progress long before their acquisition by CARTER & CARTER and it was an excellent business, and probably still could be if it was not part of a heavily indebted group that is now paying the price for one man´s addiction to deal-making. How often have we seen this sort of growth by acquisition type story end in tears, and every time the City falls for it! What surprised me was the reaction to the aborted BPP deal. The deal clearly had no commercial logic, other than the possibility of stripping some of BPP´s valuable properties, but as soon as the deal was called off the CARTER & CARTER share price resumed its upwards path, whereas you might have thought that this event might have caused some of the City analysts to question just what Phil Carter was up to. It certainly was a major sell signal for me, and I am glad that I did not hesitate! Anyway thanks again for your post - after reading some of the drivel from the likes of hvs et al it was like a breath of fresh air!
davius: Carter & Carter Group plc (the "Company") Announcement re: Share Price The Board of Carter & Carter Group plc note the sharp fall in the Company's share price this afternoon. Following the trading update on 13 July 2007, the Board has been in discussions with its advisers and its banks about the renegotiation of its banking facilities in conjunction with an equity issue. These discussions are continuing in a positive and constructive manner. A further announcement will be made with the Company's results in mid October. The Board and its advisers know of no reason for the sharp fall in the Company's share price this afternoon.
crosswire: Carter & Carter shares rally 09 Aug 2007 10:33:29 Relevant Stories Carter & Carter CEO dies in helicopter crash Carter & Carter secures £24m deal Share price rises 11p after contract win Shares at Carter & Carter, the troubled training group, have rallied following the company's pre-close trading statement. The company, which bought the RMIF's Remit training arm for £25.5m last year, has experienced a rollercoaster ride on the Stock Exchange since the death of its founder Philip Carter in May. The pre-close statement saw its share price rise 11p to 104.5p. Its 12 month high was 1273p in April before it plunged to 52p in July. Learning & Skills win The company said it expects adjusted profit before tax for the year ended 31 July 2007 to be in line with expectations. Results have been buoyed by recent success in tendering for work with the Government backed Learning & Skills Council which Carter & Carter said would generate estimated annualised revenues of at least £10m. It also said the search for a new group chief executive was making good progress. "A short list of strong potential candidates has been identified and interviews have commenced," said the statement. Discussions with the group's bankers are continuing and a further update will be provided when the preliminary results are announced in October
davius: I think the share price will need to go quite a bit higher for it to become another serious shorting opportunity. The question of whether to invest now depends on what a reasonable value for the company is. At 105p they are capitalised at roughly £44m. Current P/E is 4.2, a £10.5m profit this year would keep the current P/E around the same, and falling to under 4 for 2008. The issue is the high level of debt and how much of an effect this will have on the company performance. It seems from the figures, that the debt is easily serviced though, and of course the reason Carter&Carter have so much debt was to fund expansion. As cost cutting excercises are already taking place, and some contract wins have been announced, I think this has demonstrated stability and a keeness by the management to get back on track. Announcement of a new CEO or further contract wins should keep the momentum going. Finger in the air time. I would think that a P/E of 8 would be a decent rating, given the level of debt. That would suggest a share price of around £2. Although that may seem optimistic there has to be more upside from the current SP, so I'm back in this morning at 105p. Edit: Since starting this (and being distracted by the phone) the share price has moved ahead to 113.5-114p, good start.
topinfo: Oh Dear, not good reading for longs here... Think its cheap, no its not even at these levels, it was just too expensive before. "By Kevin Godbold When a company's share price plummets from over £12 to under 60p in less than three months, it is fairly safe to assume that it is a bit more than just 'noise'. In fact, it is a pretty safe bet that something is up. Such is the case with Carter and Carter (LSE: CART), where shareholders have recently suffered this stomach churning 95% reduction in the value of their investments in the company. Carter earns its living as a training services provider and in recent years has seen strong growth both organically and through acquisition. So fully in favour had the company become, that the shares were trading on a price to earnings ratio (PER) of around 30 -- until recently. With the advantage of hindsight, it is possible to see that Carter was heavily dependant on future success at the time of the release of the interim results in April. The balance sheet was weak, loaded with intangible assets and precious little else. Meanwhile all-important cash flow from operations had turned heavily negative and debts had increased to around £86m. Although at the time, directorspeak was bullish: "The group has delivered another good set of results and we are well placed for a strong second half performance. The acquisitions we have made are progressing well and we are experiencing unprecedented levels of bidding and tendering activity which will drive strong organic growth going forward" However, in reality this did not happen. Carter was unsuccessful with much of its recent tendering and two profit warnings were to follow, relating to existing business too. Carter also admitted that it was 'renegotiating its bank facilities.' Clearly when profit and cash flow doesn't live up to expectations, high debts can become a problem and the uncertainty surrounding Carter's immediate future has had a devastating effect on the share price. So is it a bargain now? Some seem to think so as there has been both institutional and director buying on the way down and at the bottom. . At the current share price of around 65p the PER based on the latest profit guidance is around four. However, I think it's dangerous to look at this in isolation. There is no asset backing, poor cash flow and high debt; it looks like the company is struggling to keep up its interest payments. Clearly, an investment now is gambling on future business coming in, and on it being profitable and cash flow generative. Comparing enterprise value to profit forecasts throws up a more realistic ratio of around 16. Given what is known, I don't think Carter and Carter's shares are particularly cheap, it's just that they were too expensive before. Having said that, the share price may well go on to recover some of its losses, but investors may see dilution of their interests along the way as the company struggles to keep itself afloat, weighed down as it is with the burden of so much debt".
mike456: Watching the Carter share price over the last couple of days reminded me of the lesson I learned about 11 years ago after investing in Colorvision. The company was struggling badly, the share price dropped to about 20p and I was suckered in with the prospect of a quick return and bought about £1,500 worth, which at the time was a reasonable investment for me having only just started my first job. I was happy to see a 50% increase in the share price in a short period, but I got greedy hoping for more, so I didn't get out as quickly as I would have done nowadays. Needless to say, Colorvision shares were suspended shortly after and I lost my cash. I'm not saying that the same thing will happen to Carter but I thought my previous experience was worth a post even though I don't hold a position in the stock Best of luck to those of you who are taking a punt on it
chanson: Better to look at debt free valuation. At 60p share price the Enterprise Valuation is £25m plus debt of, say, £85m = £110m. At 120p share price the EV is £135m They say that they will make an adjusted PBT of £10.5m which will presumably be after interest costs in the region of £5m - therefore an EBIT of £15.5m. If we apply a multiple of 10, which is not unreasonable, the EV should be £155m, which implies a share price of 180p. However, if future maintainable earnings are reduced (which is likely given the uncertainty which surrounds CART) the value for shareholders falls quickly. If EBIT halves (from £15.5m to £8m) there is virtually no value for current shareholders. This always presupposes that the banks support CART (which is more likely than not given the fact that they are owed £85m and this is a confidence business rather than an asset backed one). We are betting on what the third profit warning says (because there will be one in this situation) and the patience of the banks. I for one am long at this price as I think that the upside potential medium term outweighs the downside. I would probably change my mind if the share price reached 100p
w r: I'd better do some research into what this co actually does.. Carter & Carter shares halve again (at 250) Created: 2 July 2007 Written by: Algy Hall It's rapidly becoming apparent just how much Carter & Carter, the education services group, was dependent on the charisma of its founder and chief executive, Phillip Carter. Since Mr Carter's death in a helicopter crash on the way back from the FA Cup semi-finals in May, the shares have collapsed from over 1,200p to just 250p. The group's latest woes are the result of a profit warning released late Friday afternoon. It said that slower than expected delivery of Train to Gain work, to provide NVQ training through further education colleges, will hit this year's profit, which was in any case more weighted towards the second half than usual. Carter & Carter now expects to report adjusted pretax profit of around £15.5m. Combined with margin pressure in the automotive apprenticeships, this will also limit next year's earnings growth to between 15 and 20 per cent next year. But that's only the latest in a series of setbacks. Last month, Peter Maples, the group's director of business development, announced his resignation. This was particularly disappointing for shareholders, because many saw him as the natural successor for the highly-respected Mr Carter. The group has recently won its first school partnership deal, which marked an important strategic milestone in its development - diversifying it out of its automotive industry roots. Unfortunately, though, the terms of the deal fell short of analysts' expectations. Taken together, recent events have stirred up considerable uncertainty about Carter & Carter's future . Up until recently, the shares traded on a high price-earnings multiple, thanks to the company's stellar growth record. The group, which is currently under the watch of chairman and interim chief executive Rodney Westhead pending selection of a new chief executive, faces more challenges this month when a number of significant contracts it has tendered for will be awarded. IC VIEW HighEnough (at 250) The share price could come under more pressure if Carter & Carter's impeccable record at winning new business falters. While the shares may yet hold some recovery potential, past experience suggests that once growth stocks disappoint, they are subject to a lengthy spell in purgatory. High enough.
polzeath: Did anyone post Indie's column? Carter & Carter Our view: Hold Share price: 280p (-200p) As recently as April, shares in the training group Carter & Carter were sitting pretty at more than 1,250p. But tragedy struck in May when its founder and chief executive Phillip Carter was killed in a helicopter crash; then, late last week, the company delivered a devastating profits warning and it now looks like its cashflow issues could break its banking covenants. Not surprisingly, investors ran for the hills and the shares have tanked. So where did it all go wrong and what do shareholders do now? The first part of the answer is obvious. Phillip Carter was the force behind Carter & Carter and, whenever a key director leaves a personality-driven business, it is bound to have a big impact, particularly in such tragic circumstances. Secondly, employers have been slow to take up the Government's "Train to Gain" initiative, and as a result Carter & Carter will miss full-year earnings forecasts by some 30 per cent. Margins are also under pressure from a range of other factors working against the company, particularly in its automotive apprentice scheme. Its problems might be compounded as potential contractors are in the process of deciding on a number of tenders - if customers believe that Carter & Carter's financial position is precarious, they may be reluctant to sign new contracts. The conventional wisdom is to sell on the first profit warning; but the shares have already fallen more than 80 per cent since their peak. Most crucially, the company must find a new chief executive who inspires confidence in the City. Carter & Carter is still forecast to make £15.5m of pre-tax profit and, with long-term contracts, this business will not disappear overnight. Hold. And keep your fingers crossed.
yf23_1: NH: anyway the big story for me this morning has been Carter & Carter NH: its shares got crushed late on Friday after the company issued a shock profits warning PM: They ended 39% lower on Friday NH: and this morning, the investors have been queuing up to get out PM: I see what you mean, shares currently down 259p at - err, 258p NH: hang on stock gone into backwardation PM: Price all over the place – PM: Down 250 at 229p NH: that's a fall of over 50% NH: and the shares are now trading below their 235p flotation price PM: Feb 2002 float - that is NH: what's more amazing is the C&C share prices almost hit £13 as recently as April PM: Ok, let's remind people what this company actually does... NH: vocational training NH: started out in the auto industry PM: Big punt on the growth of training and education NH: then went into other industries, construction NH: and more recently college partnerships PM: so why the panic selling? NH: seems to be fears that the company has breached its banking covenants NH: some analysts are saying it has and needs a rights issue NH: others, including house broker ABN, say it hasn't but things are tight PM: This company has been in a state of disarray since founder Philip Carter died in a helicopter crash, along with his son and the pilot, on the way back from a champions league semi at Anfield NH: Carter was a vice president at Chelsea NH: his interest in the club goes back to the days of Matthew Harding. the two were friends PM: This is all quite alarming NH: it is. things seemt to be unravelling quite quickly PM: Right, can you give us more of the back story NH: as we said earlier, company specialises in vocational training courses NH: floated in Feb 2002 at 235p PM: Over the past couple of years C&C has been one of the biggest small cap success stories NH: made a string of acquisitions NH: which left it quite highly geared PM: Philip Carter was crowned entrepreneur of the year for 2006 NH: shares above £12 in April and Mr Carter made it into the Sunday Times rich list NH: then things started to go downhill NH: first, the company made an unsuccessful bid for BPP, a company which specialises in training lawyers and City folk NH: this moved surprised many people because BPP was in a different industry NH: Anyway, Philip Carter then died NH: obviously that hit the share price NH: then a couple of weeks ago Peter Marples, business development director and the man tipped to take over from Philip left NH: again this knocked the share price, which has also been hit from concerns about the revenue from college partnership deals NH: and then of course we come to Friday's profits warning NH: which was a surprise on a number of fronts PM: Go on - this chronology is v interesting NH: Well, chairman Rodney Westhead appeared at a smaller companies conference organised by Kaupthing last week NH: apparently he said that while earnings forecasts were a stretch, he was confident the company would get there NH: And you know what happened next PM: OK, thanks for that PM: What is the detail of the profits warning NH: well, the downgrades are pretty big as you can imagine NH: in fact they are huge PM: Got to remember - this stock is now sitting in the tiddler list, but back in april it was worth half a billion - quid NH: C&C is blaming the significant shortfall in profits in its Employability & Skills division, as the government's new Train to Gain programme has proved much slower to build up than anticipated NH: basically the company has spent money getting ready for the programme, but student numbers have been lower than anticipated, as employers have been slow to put forward staff. NH: anyway, as a result C&C now expects 2007 pbt to come in at £15.5m (EPS 25.6p) NH: to put that figure in context, house broker ABN Amro was looking for £23.3m (EPS 33.5p). PM: That's quite a miss - bout 30% NH: it is NH: but it gets worse PM: Go on NH: C&C also warned of sharply lower profits in 2008 NH: and this time because of margin pressure in its core Apprenticeship learning division, with funding levels from the government coming down and increased competition within the industry NH: so C&C expects profits to grow by 15% to 20% in FY08 NH: Now this is well below forecasts NH: again to put the figure in perspective, ABN will probably reduce its forecasts from from £32.7m (EPS 53.2p) to around £18.0m (EPS 29.3p). PM: Ouch - just to repeat - ABN are house broker NH: Now here is the really concerning bit for shareholders NH: Net debt is expected to £110m by the year NH: this leaves interest cover tight NH: However, ABN does not think the company has breached their banking covenants PM: But things are "tight" PM: Not everyone agrees... NH: no, looks at this from Kaupthing NH: We believe Carter & Carter will breach its banking covenants and an equity issue will be required to de-risk the balance sheet. A 1 for 4 issue at 250p would dilute EPS by 18% and restore the net debt:EBITDA ratio to 3.5x. The resultant 11x CY'08E P/E is very modest for a business with 15-20% trend growth but there is a short-term risk that solvency fears impact new business wins. NH: We believe Carter & Carter will breach its banking covenants and, although its lending syndicate remains supportive, we suspect an equity issue might be required to de-risk its capital structure. On revised forecasts, the group will report a 4.8x net debt/EBITDA ratio at July 2007 falling to 4.3x in July 2008. Historically management has suggested a 3.5x covenant. NH: There are two possible scenarios which would restore the 3.5x ratio: A recovery in FY'08E EBITA to £33m (vs c£26m guidance) A 1 for 4 rights issue at 250p per share, raising £30m Banks will normally relax lending covenants for a finite period to enable a company to trade out of its difficulties but typically raise the credit spread in the meantime. Consequently, Carter & Carter's FY'08E net interest is likely to be c£8m vs our current £7m forecast. PM: Er, a rights issue a 400p looks wishful thing - obviously note was written before the price tanked again this morning PM: PM: PM: Sorry to correct that - i was reading earlier note - Kaupthing revised their refinancing level down from 400p to 250p NH: and even that looks optimistic now. shares trading at 217p in the middle, down 263p
Carter & Carter share price data is direct from the London Stock Exchange
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