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Research Tree offers CARCLO PLC research coverage from 4 professional analysts, and we have 45 reports on our platform.
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|14/10/2016 15:01:27||London Stock Exchange||Result of Placing|
|14/10/2016 07:00:07||London Stock Exchange||Trading Update|
|14/10/2016 07:00:07||London Stock Exchange||Acquisition and Placing|
|03/10/2016 12:57:27||London Stock Exchange||Holding(s) in Company|
|02/09/2016 11:49:24||London Stock Exchange||Result of AGM|
|31/08/2016 07:00:10||London Stock Exchange||Update on trading and dividend|
|18/07/2016 10:00:02||London Stock Exchange||Exercise of Options and Total Voting Rights|
Frequency of research reports
Research reports on CARCLO PLC
Providers covering CARCLO PLC
PTD acquisition the perfect match
27 Oct 16
On 14 October Carclo acquired US-based Precision Tool & Die (PTD) for an initial consideration of $5.5m (c £4.5m). The acquisition has been funded through a placing raising £7.7m (net) at 120p/share. H117 trading was in line with management expectations. We revise our estimates accordingly and derive an indicative valuation of 144-152p/share.
N+1 Singer - Carclo - Updated forecasts; P&L largely unchanged; debt reduced
18 Oct 16
As we said last week, the acquisition looks to be sensible and at a good price, while the placing has reduced debt levels. EPS is largely unchanged in both years, although we hope our acquisition assumptions may be conservative and currency should offer potential upside in FY18. Last week’s announcement confirmed that trading is in line and, subject to the pension and dividend issues discussed previously, we feel that the Group remains good value at these levels and remain at Buy.
N+1 Singer - Morning Song 18-10-2016
18 Oct 16
1Spatial delivered a soft first half performance showing slower revenue development in its higher-margin Geospatial business, thereby impacting overall adjusted EBITDA. The group has a strong order book (of which the Geospatial component is up 30% y-o-y) and has built up a solid pipeline of opportunities which it expects to convert in the next six months. As such, the group is maintaining guidance for the year, albeit performance will be heavily H2-weighted. We believe the 1.1x EV/Sales and 6.2x EV/EBITDA Jan’17 rating does not reflect the potential of an IP-rich, productised business that is leveraging partnerships to scale growth – but recognise that stronger revenue traction is required to buoy confidence and drive the re-rating of the shares.
N+1 Singer - Morning Song 14-10-2016
14 Oct 16
Thinfilm has announced that it has taken possession of the state-of-the-art manufacturing facility that it has leased in Silicon Valley. This is a seminal event which should provide the company with high volume, roll-to-roll production capabilities just as market opportunities crystallise and (as management anticipates) demand spikes in 24 months’ time. We remind investors of Thinfilm’s leadership in this market, the multi-billion dollar market opportunity available across a number of sectors, and the encouraging traction that the company already has with multiple brands.
Acquisition and placing
14 Oct 16
The group has announced an acquisition of a US-based precision tooling and injection moulding business, selling into the medical device sector, for $6.5m, accompanied by the announced proposed placing to raise £8.0m. We think the acquisition looks a decent fit and provides good customer and geographic extension to existing operations. The net effect of the acquisition and placing is broadly EPS neutral. The shares trade on a P/E of 11.3x followed by 10.0x. We maintain our Hold rating.
N+1 Singer - Carclo - Complementary acquisition; trading in line
14 Oct 16
The acquisition looks to sensible and at a good price, while the placing will also take debt down a little. Trading is in line and currency should help in H2 and into 2018; subject to the pension and dividend issues discussed previously, we feel that the Group is cheap at the minute and remain at Buy.
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N+1 Singer - Morning Song 28-10-2016
28 Oct 16
A positive Q3 update from Zotefoams this morning confirms that Q3 sales were ahead of the prior year and the full year outlook is unchanged. Importantly, the US expansion in Kentucky also remains on track to be operational in H1’17. We remain confident in the Group’s prospects and note the tailwind that is building for next year. We remain at BUY.
Commercial progress and financial discipline
24 Oct 16
Carbios has reported H116 results showing solid progress on scaling up and industrialisation, with good cash management. As expected, losses continue to increase during this process. Although we expect this pattern to continue to the end of the Thanaplast project in mid-2017, we believe that, with €7m net cash at 30 June, Carbios is sufficiently funded until the project’s completion. We have updated our forecasts and our valuation range is unchanged at €23-37 per share.
VSA Agri Monthly
28 Jun 16
VSA Agri Thought for the Month It is hard to forecast the precise impact on UK farming from the recent Brexit vote but we would highlight a few areas: Subsidies: Annual subsides of c£3bn are currently paid to UK farmers. Farming Minister George Eustice has previously said that support would be maintained following a Brexit vote. Farmers will be anxious to see this happen. However, money may be saved through a cap on the maximum payout for the largest farms. Regulation: How will regulations change as we exit the EU Common Agricultural Policy? Farmers will look for regulations to be simplified and more tailored to the UK. Exports: A weaker currency should increase the attractiveness of UK farming exports, offset by any increased cost from raw material imports and any newly imposed trade tariffs. Labour: UK farming is heavily reliant on seasonal agricultural workers, many from other EU states. The UK government has previously looked to encourage the employment of more UK workers on-farm but how will things change for those bringing in workers from abroad?
VSA Agri Monthly
28 Jul 16
VSA Agri Thought for the Month Leading Brexiteer Andrea Leadsom was appointed Secretary of State for the Department of Environment, Food and Rural Affairs (DEFRA) this month. Perhaps one of the most unenviable jobs in the new UK government, given the importance of EU subsidies to the country’s farming sector. Agra Europe estimated last year that up to 90% of UK farms would not survive without them. Given that the EU Common Agricultural Policy has long been criticised by environmentalists and free-market proponents alike, leaving the scheme is likely to be viewed positively by many. But what comes next? We believe we are likely to see some sort of reduction of subsidies (particularly for the largest farms and most uneconomic activities) as well as greater exposure to foreign imports through additional free trade agreements. We feel a focus on technology and a push for “efficiency” will also be high on the agenda, which could provide a boost to AgTech companies developing products in this area.