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Carclo (CAR)

Business description

Carclo is a specialist in high-precision plastic moulding principally in healthcare, optical and automotive applications. Its two main end-markets are high-volume medical consumables and low-volume, very high-value automotive lighting.

Stock data

Market cap.£59.5m
Last close81.00p
High / Low (52 weeks)145.5p / 77.2p
Stock market listingLN
Forecast net debt (£m)27.9
Forecast gearing ratio (%)46
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(13.4)(22.9)(43.8)
Relative *(9.4)(15.8)(39.7)

* % Relative to local index

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Company news

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2017A 138.3 17.0 11.0 12.1 6.7 6.3
2018A 146.2 15.5 9.1 9.8 8.3 9.5
2019E 147.7 18.5 11.0 11.4 7.1 3.5
2020E 157.8 20.1 12.1 12.5 6.5 3.7

Last updated on 23/09/2018

Investment summary

Carclo has announced that three new medical programmes were delayed by customers during H119 and that while these programmes had all entered production successfully by the end of the period, the delays resulted in H119 underperformance for the Technical Plastics division (CTP). Although the LED division performed in line with management’s expectations and the smaller Aerospace division beat expectations, H119 trading for the group as a whole was below management’s expectations. Since management expects to correct the first half shortfall in the second half, we leave our estimates unchanged.

Last updated on 12/10/2018

Industry outlook

LED Technologies growth is driven by the existing mid-volume programmes entering production. Production will start on two towards the end of FY19. The third programme, which is the largest, will start production in early FY20.

Last updated on 28/09/2018

Key management

Christopher Malley, CEO
Sarah Matthews-DeMers , FD

Company address

Springstone House
27 Dewsbury Road
Ossett
WF5 9WS
United Kingdom
+44 (0) 1924 268040
View website