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CLLN

Carillion PLC

Industrial Goods and Services First-pass screen £61m
240/1000 Overall fit
AI beneficiary 35% 8
Operating leverage 25% 38
Valuation 25% 30
Downside protection 15% 25

First-pass take

Zero AI exposure in traditional construction/FM business. Government contracting provides some defensibility, but deteriorating balance sheet (net assets -28%, pension deficit doubled to £663m), increasing leverage, and margin compression despite 14% revenue growth signal financial stress and weak operating leverage.

Flags

no-valuation-datapension-liability-spikedeteriorating-balance-sheetincreasing-leverageconstruction-cyclicalgovernment-contracts