Update: Core growth back in focus
Carclo's H1 results showed the underlying strength of its core business and the analyst presentation was confident in tone. The loss of the VW Phaeton programme is a frustrating bump on the road, but LED Technologies remains firmly on track with strong revenue growth and the significant win of a new manufacturer. Technical Plastics is performing well, with the new Chinese facilities due to start manufacturing in January 2016. These are quality businesses with strong long-term stories, but Carclo’s earnings multiples relative to established small-cap growth stories with similar dynamics have yet to fully reflect this.Carclo is a global manufacturer of fine tolerance parts for the medical, industrial, aerospace and premium automotive lighting markets. Co. has four business segments: Technical Plastics, which supplies fine tolerance, injection molded plastic components used in medical, optical and electronics products; LED Technologies, which develops solutions in LED lighting and engages in the development of high power LED lighting for the premium automotive industry; Aerospace, which supplies systems to the manufacturing and aerospace industries; and CIT Technology, which manages its portfolio of IP over the digital printing of conductive metals onto plastic substrates.
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