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mcap of DWHT plus mcap of DWHA minus cash plus pension deficit (@ some discount? cos not a pressing obligation and inflated by unusual yields)
In calculating market cap for Dewhurst PLC, would the right method be to get market cap of DWHT, then add that to the number of DWHA shares multiplied by current DWHA share price? From there calculate EV/EBIT of combined group (plus any other valuation metrics), to get fair value for DWHT, then separately apply discount for DWHA?
something to post
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just to let you know there's somebody else looking here occasionally!! Sorry, nothing to say, but waiting for next set of results and hopefully further increment in the divvy, GL
more excitement here...so up hill down into valley and back to where we started ...zzz
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this looks great...but the long term takes a long time
tick up
or is this random?
so about here
is about as low as this has been in 2012-14...down below 250, the bargain becomes clearer and clearer on a LT view ...NAV is £20/8.5m...tnw is c£2 per share (both before discount for non voting)... ...run rate EBIT is probably 50-60p/share... ...EV/share is either sp or slightly lower (depending on PoV on pension deficit)
I am staying put...but clearly ain't good lol
lol
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1. choose to buy cheaper a shares 2. got an incredibly good price well done
has arrived...a year late...but whatever
history suggests this only moves infrequently...but when it does, it moves for a while...£4 anyone??
Dewhurst PLC (the "Company") Buy Back of Own Shares for Cancellation The Company announces that on 17 July 2014, pursuant to the authority granted by shareholders in the annual general meeting of the Company on 4 February 2014, it purchased 36,500 of its own 'A' non-voting ordinary shares of 10p nominal value each ("A Shares") for cancellation. The A Shares were purchased at 285p each. The total number of A Shares now in issue is 5,165,698.
much lower..10-20%...DYOR...and..
Does anybody have a view on why the DWHA to DWHT SP discount is always so high? Currently it's 37%... this compares with YNGN to YNGA, 24% and SDRC to SDR, 23%.
yep... ...good sign because immaterial...bad sign because sub judice?
Nothing of the court case mentioned which hangs over.
After a busy Spring, some of the steam seems to have gone out of the UK lift market, with some renewed reluctance to commit to significant projects. So although the second half has started reasonably positively, we are expecting a quieter period over the summer, albeit not as quiet as last year. The market for highways products is continuing to recover slowly and demand has also been bolstered by our new products. Overseas, North America continues to be buoyant, although competition is fierce. In Australia, although the mining boom is over, there is still a backlog of planned infrastructure spending and development in Western Australia. In the east there is some uncertainty following the recent introduction of austerity measures by the Government. However we have continued to invest in expanding our range of escalator products and services to help offset any overall market stagnation. DIVIDENDS In line with the previously stated dividend strategy, the Directors have declared an increased interim dividend of 2.80p (2013: 2.34p) which amounts to £238,000 (2013: £199,000). The interim dividend is payable on 26 August 2014 and will be posted on 21 August 2014 to shareholders appearing in the Register on 11 July 2014 (ex-dividend date being 9 July 2014). A final 2013 dividend of 5.66p which amounted to £482,000, compared with 4.68p (plus 5.00p special) the previous year (2013: £824,000) was approved at the AGM held on 4 February 2014 and was paid on 20 February 2014 to members on the register at 17 January 2014.
for the 6 months ended 31 March 2014 Directors' Interim Report FIRST HALF I am pleased to report it has been a much better first half for the Group than last year. Group turnover was up 7% at £23.0 million (2013: £21.6 million) and profit before tax rose 38% to £2.1 million (2013: £1.5 million). Adjusted operating profit* of £2.5 million (2013: £1.8 million) is close to the Group's previous record high of £2.6 million achieved in 2012 and is up 36% on last year. Earnings per share grew by 45% to 17.8p (2013: 12.3p). The Group balance sheet remains strong with cash of £10.4 million (2013: £8.1 million). The growth in turnover was principally generated by the Lift division. We gained from a full half year of sales from Dual Engraving and strong UK lift controller and monitoring sales, but faced difficult trading conditions in some East coast areas of Australia. Overall we still achieved a 10% increase on Lift division sales compared to last year. Transport and Keypad divisions sales have stabilised, following the falls experienced last year. The weaker Australian and Canadian Dollars reduced reported Group sales by a little over £1 million in the six months.