carrs

1 - 12 of 27
Sort by: popularity | newest
Page  2 3  of 3 | Next
Carr's Group

Recovery continues

Update | Consumer staples | 16 Apr 2018

The recovery in both US feed block sales and the UK manufacturing businesses noted at Carr’s Group’s AGM in January has continued throughout H118. This has resulted in a 22% improvement in adjusted PBT year-on-year and a slight over-performance compared with management’s expectations. H218 has started well, so we raise our estimates and adjust our indicative valuation from 167p/share to 169p/share.

Carr's Group

Recovery on track

Update | Consumer staples | 09 Jan 2018

Performance during the first 18 weeks of FY18 indicates that the recovery in both divisions that was predicted by Carr’s management is well underway. As the group is trading in line with management’s expectations for the full year, we leave our estimates and valuation unchanged except for an upward revision to revenues to reflect higher commodity prices.

Carr's Group

Foundations for growth

Outlook | Consumer staples | 15 Dec 2017

Carr’s Group operates in relatively defensive markets. Demand for agricultural outputs worldwide is being driven by a rising global population, a switch to Westernised diets in the developing world and the adoption of bio-fuels. Demand for products and services from the Engineering division is primarily related to investment in the global nuclear industry and benefits from employers’ increased concern about removing personnel from hazardous environments. While enjoying the beneficial impact of these macro-trends, management’s focus on internationalisation and innovation reduces the exposure to crop and livestock disease, local variations in weather patterns and to government farming policies, from which agricultural stocks typically suffer, and Brexit.

Carr's Group

Profits dip as expected with FY18 recovery underway

Update | Consumer staples | 13 Nov 2017

As flagged at the interim stage, group profits dipped during FY17 as a result of weak demand for feed blocks in the US and a major contract delay affecting the UK manufacturing activity. Demand for feed blocks in the US began to pick up in the second half and the major contract was finally signed in July, underpinning a recovery in FY18. Despite these short-term setbacks, management continued to invest for the medium-term, opening up the US nuclear market through the acquisition of NuVision and constructing a new feed-block plant to serve the eastern and southern US. We raise our estimates slightly to reflect a continuation of the favourable environment in UK agriculture and upgrade our indicative DCF valuation from 163p/share to 167p/share.

Carr's Group

Expansion of engineering activity in the US

Update | Consumer staples | 08 Aug 2017

Carr’s Group has acquired US-based NuVision Engineering for a total cash consideration of up to US$20m (GBP 15.4m). The transaction is immediately earnings enhancing. Importantly, it gives German-based Wälischmiller, which is part of the Carr’s Group Engineering division, greatly enhanced access to the US nuclear market. We raise our FY18 and FY19 estimates and revise our indicative valuation from 158p/share to 163p/share.

Carr's Group

Contract award supports FY18 profit recovery

Update | Consumer staples | 20 Jul 2017

Carr’s Group notes that the continued recovery in UK agriculture, supported by improving farmer confidence, is offsetting weak demand in the US for feed blocks caused by a surplus of cattle following a period of restocking. Importantly, management is seeing the first signs of recovery in the US market. This, together with a strong order book for the remote handling activity and improved prospects for the UK Manufacturing activity, underpin our expectations of profit recovery next year. We leave our estimates and valuation unchanged.

Carr's Group

Diversification continues to give resilience

Update | Consumer staples | 12 Apr 2017

Once again, Carr's Group results demonstrate how diversification gives resilience to cyclicity in any one market. This time outperformance in UK Agriculture, supported by improving farmer confidence, offset weak demand in the US for feed blocks caused by a surplus of cattle following a period of restocking. This drove a 5% increase in pre-exceptional PBT to £8.9m. Our estimates already include downward revisions for prolonged weakness in US feed block demand and contract delays in UK manufacturing activity, so we leave both our estimates and indicative valuation of 158p/share unchanged.

Carr's Group

Short-term dip in profits expected

Update | Consumer staples | 04 Apr 2017

Carr's Group has announced that the situation regarding demand for feed blocks in the US and utilisation in the Engineering division's UK manufacturing operations continue to be problematic. Both were identified as potential issues in the January trading update. The overall improvement in the agricultural sector has continued, but an uplift in profitability in this activity is not expected to be sufficient to offset the shortfall elsewhere. We revise our estimates and reduce our indicative valuation, which is based on the medium- and long-term prospects for the group, from 161p/share to 158p/share.

Carr's Group

Diversity helps keep group on track

Update | Consumer staples | 11 Jan 2017

Once again, the in-built diversity provided by having two divisions operating in different sectors and internationalisation within those two divisions shows its worth. During the first 18 weeks of FY17 a better than expected performance from the Agricultural division was balanced against a significant contract delay in the Engineering division, with the group as a whole trading in line with management’s expectations for the full year. We leave our estimates and valuation unchanged.

Carr's Group

Focusing on growth markets worldwide

Outlook | Consumer staples | 19 Dec 2016

Carr’s Group operates in fairly defensive markets and has further reduced risk through diversification in each market served, supported by a sequence of acquisitions. The sale of the Food division and the acquisition of the small engineering business, STABER, focuses the group on those activities where there is global reach, less competition, defensible IP and substantially greater opportunities for growth. Our sum-of-the-parts valuation of 161p/share remains unchanged.

Carr's Group

FY16 profits hit target despite market challenges

Update | Food & Drink | 14 Nov 2016

Carr’s strategy of innovation, investment and internationalisation mitigated the impact of continued weakness in the markets served, enabling the group to maintain EPS at prior year levels. The sale of the Food division and acquisition of small engineering business STABER focuses the group on those activities where there is global reach, less competition, defensible IP and substantially greater opportunities for growth. We leave our estimates and indicative valuation of 161p/share unchanged.

Carr's Group

STABER acquisition strengthens engineering IP

Update | Food & Drink | 26 Oct 2016

Carr's Group has acquired STABER GmbH for a net consideration of €6.75m (£6.0m). This brings key IP used in the Engineering division's remote handling products in house. We make minor adjustments to our FY18 PBT and EPS estimates and reiterate our indicative valuation of 161p.