Update: Electric shock
Carclo's recent H1 trading update is encouraging, except for the frustrating news that VW is delaying its flagship Phaeton vehicle, which will now be launched as an all-electric vehicle. The short-term impact on our forecasts is not immaterial but the share price reaction appears overdone. In our initiation note we identified Carclo’s earnings multiples discount against its UK comparators with established growth stories. We think the extent of the discount is unjustified and see the long-term story remaining firmly intact, but accept that, although the delay is not of Carclo’s making, it may now take a bit longer to close the gap.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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