£142.5m market cap
155p last close
Carr’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 trading update for the first 18 weeks of FY19 indicated that both divisions are performing well. US feed block volumes continued to rise as the cattle price recovery has been maintained and penetration of the eastern states of the US has increased following the commissioning of the low moisture feed block plant in Tennessee in January 2018. UK farming sentiment remains positive. The UK Manufacturing order book, which includes long-term contracts from the nuclear industry, is strong.
Y/E Aug |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 346.2 | 13.9 | 11.9 | 9.4 | 16.5 | 9.4 |
| 2018A | 403.2 | 19.9 | 17.7 | 15.2 | 10.2 | 9.4 |
| 2019E | 418.8 | 21.0 | 18.1 | 15.3 | 10.1 | 9.5 |
| 2020E | 425.5 | 21.5 | 18.9 | 16.0 | 9.7 | 8.9 |
| Last updated on 19/03/2019 | ||||||
Industry outlook
NWF’s results commented that ruminant feed volumes noted had been a little lower recently as farmers look to reduce feed bills. Wynnstay’s results observed that red meat prices were firm and milk prices stable, though dairy farmers had been impacted by higher winter feeding costs because of the lack of home-grown forage following the dry summer. However we note that Carr’s benefits from a much broader agricultural offer than NWF, significantly tempering the impact of lower demand for dairy feed in the UK.
Last updated on 19/03/2019
Sector |
|---|
| Industrials |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (£m) | 21.5 |
| Forecast gearing ratio (%) | 17 |
Price performance
% |
1m |
3m |
12m |
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Key management |
|
|---|---|
| Chris Holmes | Chairman |
| Tim Davies | CEO |
| Neil Austin | FD |
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