£137m market cap
149p last close
Carr’s Group’s Agriculture division serves farmers in the North of England, South Wales, the Welsh Borders and Scotland, the US, Germany and New Zealand. The Engineering division offers remote handling equipment and fabrications to the global nuclear and oil and gas industries.
Investment summary
Carr’s Group delivered a 7.0% increase in adjusted profit before tax during FY19 despite adverse weather conditions in both the US and the UK, which affected demand for feed blocks, animal feed and fuel. The profit growth was attributable to a strong performance from the Engineering division. We leave our FY20 and FY21 estimates broadly unchanged, nudge our indicative valuation up 6p to 190p/share and present FY22 estimates for the first time.
Y/E Aug |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 403.2 | 19.9 | 17.7 | 15.2 | 9.8 | 9.1 |
| 2019A | 403.9 | 22.1 | 18.9 | 15.6 | 9.6 | 8.5 |
| 2020E | 434.6 | 22.8 | 19.4 | 16.2 | 9.2 | 10.9 |
| 2021E | 439.6 | 23.2 | 20.0 | 16.8 | 8.9 | 6.1 |
Industry outlook
Peter Page will join as a non-executive director on 1 November, becoming non-executive chairman in January 2020. Peter has extensive international business experience and knowledge of the agricultural sector, having been CEO of Devro where he transformed the company’s manufacturing capabilities on an international scale.
Last updated on 14/11/2019
Sector |
|---|
| Industrials |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (£m) | 29 |
| Forecast gearing ratio (%) | 21 |
Price performance
% |
1m |
3m |
12m |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||
| *% relative to local index | |||||||||||||||
Key management |
|
|---|---|
| Chris Holmes | Chairman |
| Tim Davies | CEO |
| Neil Austin | FD |
You may also be interested in…
- Accsys Technologies
- Augean
- Avanti Communications
- Avon Rubber
- BCA Marketplace
- Cohort
- De La Rue
- Eddie Stobart Logistics
- Epwin Group
- Jersey Electricity
- John Laing Group
- Lookers
- Low & Bonar
- Marshall Motor Holdings
- Norcros
- Polypipe
- PowerHouse Energy Group
- Premier Technical Services
- QinetiQ Group
- Renewi
- Severfield
- SG Recruitment
- Stobart Group
- Sureserve Group
- Telford Homes
- Treatt
- Tyman
- Ultra Electronics
- Walker Greenbank
- Windar Photonics