Edison Investment Research Limited 
Edison Investment Research Limited: Carr's Group (CARR): Local, international and sustainable 
27-Jan-2021 / 08:00 GMT/BST 
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London, UK, 27 January 2021 
Carr's Group (CARR): Local, international and sustainable 
 
Diversification means Carr's Group provides essential infrastructure to the global nuclear industry and occupies a 
critical position in food supply chains in the UK, the US and Europe. As a result, almost all of its businesses have 
remained operational during the coronavirus pandemic. While group profitability was adversely affected by the low oil 
price caused by the pandemic, we see potential for recovery driven by greater penetration of international markets for 
animal feed supplements during FY21 and a return to more normal oil prices from FY22 onwards. 
 
Our DCF analysis gives an indicative value of 170p/share (unchanged). Confirmation that outperformance in the 
Agriculture division can compensate for the reduced Engineering revenues associated with a low oil price should, in our 
view, support the share price and help move it back towards our indicative valuation. So should news of the delayed 
major engineering order from Japan. 
 
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1163320 27-Jan-2021

(END) Dow Jones Newswires

January 27, 2021 03:00 ET (08:00 GMT)