P/E of 8.6 falling to 7.115 Jan 2018 11:34
Cheers filtertips, appreciated.
N+1 Singer's new forecasts this morning are:
this year (to 31/3/18): 9.1p EPS, �9m adjusted PBT
next year (to 31/3/19): 11p EPS, �11m adjusted PBT
That's a P/E of 8.6 falling to 7.1 at 78p.
Singer have a new 91p target price.
The initial markdown this morning was much overdone as usual imo and there's been a decent bounce, which will hopefully continue.
One would hope these new forecasts have been reviewed by CAR's management. They should certainly be the minimum achievable given that CAR by now must have learnt for the final time that they must deliver on their promises.
Today's update was disappointing to say the least.
The only consolation is that these are delays, so the contracts will come back into play at some point. N+1 Singer have rightly been conservative in cutting next year's as well as this year's forecasts, which may leave room for upgrades as the year progresses if the delayed contracts come through.
Good to see a Board clear-out with the FD and a non-exec going, and new blood coming in to shake things up somewhat.
OT : funny isn't it, some seem to think shares only go up and not down. That's the point of running a share portfolio. I've been wrong re CAR for some time now, but I was also right for some time too when the shares went from 50p to 500p. Perhaps I'll be right again from here, who knows? I'm happy to hold from here given that these are delays, not cancellations. The two core businesses are solid and have good prospects, and the potential upside is large from this new level assuming CAR finally manage to deliver and not cock-up as they've regularly done
Perhaps commercial didn't see my posts on KWS, FDEV, ACSO, RNWH, PTSG, VLE, SOM, SDI etc.
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