Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CARR'S GROUP PLC. We currently have 19 research reports from 3 professional analysts.
|06Dec16 07:00||RNS||Company Secretary Change|
|29Nov16 02:01||RNS||Total Voting Rights|
|25Nov16 11:12||RNS||Director/PDMR Shareholding|
|22Nov16 03:55||RNS||Holding(s) in Company|
|16Nov16 03:38||RNS||Director/PDMR Shareholding|
|16Nov16 03:30||RNS||Director/PDMR Shareholding|
|16Nov16 03:26||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
CARR'S GROUP PLC
CARR'S GROUP PLC
N+1 Singer - Small-cap quantitative research - Re-run of the value screen and 9 focus stocks
10 Nov 16
We have completed another periodic refresh of our value style screen, first established in our note of 26 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 9 stocks to focus on. Since inception last year the screen has marginally outperformed the main small-cap index by 1pp and underperformed the micro-cap index by about 3pp. The EU referendum result arose in the latest period and resulted in significant short-term underperformance, which has not been recovered. The new basket was struck before the US election result.
N+1 Singer - Morning Song 10-11-2016
10 Nov 16
In a short trading update UBM confirms it has continued to perform in line with expectations. Major event performances since the Interims appear to be on trend and acquisitions are also on plan. The company signals no change to the trading outlook. In our last comment we highlighted the immediate value in the stock and it has performed well (+11.4%) as expected. We also commented that there was further upside to forecasts if FX rates held (our existing estimates are based on $1.32 vs spot of c1.25 and Euro 1.20 vs spot of 1.14). While this may edge up our Target Price potentially it isn’t enough to support a Buy rating and hence we move back to Hold. Speculation on the acquisition of a material Far East focused business has edged the stock back from recent peak at 744p. We doubt investors are hugely keen on substantially increasing exposure to this region (without a very strong case) given the push to expand North American exposure. In combination with the new uncertainty in the US this may result in a slowdown in acquisitions.
VSA Agri Monthly
27 Oct 16
This month saw another large palm oil producer look to take advantage of the persistent value gap between those producers listed in London and those listed in South East Asia, with Kuala Lumpur Kepong (KLK MK) making a 640p bid for London-listed MP Evans (MPE LN), a c50% premium to the prior day’s closing price. The bid was swiftly rejected by the MPE board and the majority of its shareholders.
STABER acquisition strengthens engineering IP
26 Oct 16
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.
Increasing price target from 815p to 835p
08 Dec 16
Following our 2 November 2016 note “The valuation genie is out of the bottle”, a great deal of new information has been disclosed about MPE (particularly on the non-core assets), while the company has re-based the dividend, announced a special dividend and announced the sale of major associate PT Agro Muko for US$100m. We now take all this new information into account and update our forecasts accordingly. As a result, we are increasing our price target from 815p/share to 835p/share.
New packing facility; Highly significant for underpinning future growth
06 Dec 16
HFG has announced plans to expand its packing capability in Australia, by constructing (at an expected investment cost of A$115m financed through bank facilities) a new meat processing facility in Queensland, in order to supply Woolworths, the leading grocery retailer in Australia. This is a highly significant development as the new Queensland plant, alongside HFG’s two existing dedicated retail packed meat facilities in Melbourne and Bunbury (both operated as a joint venture with Woolworths) should mean that HFG supplies the bulk of Woolworth’s c.1,000 stores with their red meat needs over time. In short, this development should underpin growth at HFG for many years to come from 2020 onwards, which, in turn, should result in a higher and more stable earnings stream over time, supporting a continued rerating of HFG’s valuation multiple, in our view. We reiterate our BUY.
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
Using their loaf
30 Nov 16
Finsbury Foods has been transformed by a series of acquisitions that has contributed to revenue and earnings nearly doubling over the last three years. Record levels of capital investment continue to improve the Group’s competitive position, whilst exposure to growth segments of the food market is helping likefor-likes. Profit growth is expected to slow in the current year in the absence of acquisitions but underlying trading remains resilient despite some cost headwinds, whilst debt reduction is accelerating. The rating is undemanding and the recent share price weakness has created a buying opportunity.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.