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Stock Analysis & ValuationCreightons Plc (CRL.L)

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£27.50
Sector Valuation Confidence Level
Low
Valuation methodValue, £Upside, %
Artificial intelligence (AI)67.54146
Intrinsic value (DCF)16.40-40
Graham-Dodd Method0.44-98
Graham Formula0.35-99

Strategic Investment Analysis

Company Overview

Creightons Plc is a UK-based manufacturer and marketer of toiletries and fragrances, operating in the Household & Personal Products sector. Founded in 1954 and headquartered in Peterborough, the company develops a diverse portfolio of haircare, skincare, bath and body, wellbeing, and male grooming products under brands like Argan Smooth, Balance Active Formula, and Feather & Down. Creightons serves both retail consumers and private-label clients, including high street retailers and supermarket chains, while also engaging in contract manufacturing for third-party brands. The company distributes its products online and internationally, positioning itself as a versatile player in the competitive personal care market. With a focus on innovation and affordability, Creightons targets value-conscious consumers while maintaining a presence in the private-label segment.

Investment Summary

Creightons Plc presents a mixed investment profile. The company operates in the stable Consumer Defensive sector, benefiting from consistent demand for personal care products. However, its FY 2024 financials reveal challenges, including a net loss of £3.53 million and negative diluted EPS of -5.15p, despite generating £53.2 million in revenue. Positives include a manageable debt position (£3.92 million) and positive operating cash flow (£6.03 million), suggesting operational resilience. The lack of dividends may deter income-focused investors, while its small market cap (£26.7 million) and low beta (0.606) indicate limited volatility but also lower liquidity. Investors should weigh its private-label manufacturing capabilities against margin pressures in the competitive UK personal care market.

Competitive Analysis

Creightons competes in the crowded UK personal care market by leveraging a dual strategy of branded products and private-label manufacturing. Its competitive advantage lies in its flexibility to serve both retail consumers and third-party brands, providing revenue diversification. The company's portfolio spans multiple price points, from value-oriented lines like Balance Active Formula to more premium offerings such as Feather & Down. However, Creightons faces intense competition from larger multinationals with greater R&D budgets and global distribution. Its contract manufacturing business provides stable revenue but likely operates at lower margins than branded sales. The company's smaller scale limits its bargaining power with retailers compared to giants like Unilever. Creightons' focus on the UK market (with some international exposure) provides regional strength but leaves it more vulnerable to local economic conditions than global competitors. Its ability to quickly adapt to trends (e.g., keratin and natural ingredient-focused lines) is a strength, but reliance on retailer relationships for private-label work creates customer concentration risks.

Major Competitors

  • Unilever PLC (ULVR.L): Unilever is a global giant in personal care with massive scale, strong brands (Dove, Axe), and extensive R&D resources. It outperforms Creightons in international reach and marketing power but lacks the same agility in private-label manufacturing. Unilever's premium positioning contrasts with Creightons' value segments.
  • Reckitt Benckiser Group PLC (RB.L): Reckitt focuses more on health/hygiene (e.g., Dettol) but overlaps in personal care with brands like Veet. Its global distribution and higher-margin business model outpace Creightons, though Reckitt has less emphasis on private-label manufacturing where Creightons specializes.
  • PZ Cussons PLC (PZC.L): A mid-sized UK competitor with brands like Imperial Leather. Similar to Creightons in British heritage but with stronger African market exposure. PZ Cussons' larger scale gives it better retailer leverage, though Creightons has a more diversified private-label business.
  • Shire Plc (now part of Takeda) (SHP.L): Note: Shire was acquired by Takeda and delisted. This appears to be an error in competitor mapping for personal care. No direct replacement listed.
  • Dunelm Group plc (DSCM.L): Primarily a home furnishings retailer, Dunelm competes indirectly as a private-label customer rather than a manufacturer. Its in-house home fragrance lines could compete with Creightons' offerings, but Dunelm lacks manufacturing capabilities.
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