Carr's Group

LN: CARR

Market Cap£150.9m

Last Close 161p

Carr’s Group’s Agriculture divisions serve farmers in the North of England, South Wales, the Welsh Borders and Scotland, the US, Germany, Canada and New Zealand. The Engineering division offers remote handling equipment and fabrications to the global nuclear and oil and gas industries.

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Investment summary

Carr’s Group has provided an update for the 20-week period ended 17 July 2021, which notes that FY21 performance is expected to be moderately ahead of management expectations. We have raised our FY21 adjusted PBT estimate by 4.5%, leaving FY22 and FY23 estimates unchanged.

Y/E Aug
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 403.9 23.8 18.0 14.2 11.3 10.8
2020A 395.6 23.4 14.9 11.8 13.6 7.6
2021E 440.0 24.2 16.1 11.4 14.1 6.5
2022E 447.0 24.7 16.5 12.7 12.7 8.7
Industry outlook

Strong performances from both the Speciality Agriculture and Agricultural Supplies divisions have continued into H221, supported by buoyant livestock and milk prices and an improvement in UK farmer confidence generally as the prospect of a no-deal Brexit disappeared. The H221 Engineering divisional recovery that management expected has been realised, supported by contracts from the nuclear and defence markets, a recovery in the oil & gas market, and reduced overhead costs resulting from minor restructuring programmes at the end of FY20 and during H121 following the appointment of new CEO, Hugh Pelham.

Last updated on 16/09/2021
Content on Carr’s Group
Carr’s Group – Improved FY21 expectations
Industrials | Update | 19 July 2021
agriculture-blue-sky-bright-787647
Carr’s Group – executive interview
Industrials | Edison TV | 7 May 2021
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Share price graph
Balance sheet
Forecast net debt (£m) 29
Forecast gearing ratio (%) 22
Price performance
%
1m
3m
12m
Actual (1.2) 8.8 38.5
Relative* 0.3 9.8 16.1
52-week high/low 167.5p/94.8p
*% relative to local index
Key management
Hugh Pelham CEO
Neil Austin FD
Peter Page Non-executive chairman