CAM.L - so what did you think about 2013 report?
It is cheap on P/book basis and P/E, P/OCF basis. P/FCF is high though, since FCF sucks.
Businesses are hodgepodge and remain so. Agriculture seems to suffer from various issues at various places - the only positive is that they diversify, so when tea is down, avocados are up, when Bangladesh is up, Brazil is down, etc. Engineering division remains a mess. Banking division might not be a mess, but also does not perform well.
Overall, I think the management is well intentioned and conservative, but the company seems to be a patchwork of so-so businesses. Might be worthwhile holding to get some exposure to UK and emerging market agri sector, but I am not sure... |
