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so flipped back in at some profit effective EV/EBIT here is 5-7 (£3*8.5m*1.15-1.3 for non voting-£2-5m for net cash after pension deficit/£5m)
bravo... ...I'll wait & see before I replace my 1200 shares
one off
about this one...where will this unpleasant surprise take poor ol Dewhurst?
Is there an elevator at the Grand Canyon? ;-P
via Arizona ...perhaps Africa & Asia can get into the act
Claim against Dewhurst (Hungary) Kft Dewhurst plc, an independent supplier of quality components to the lift, keypad and transport industries announces it has received a complaint against Dewhurst (Hungary) Kft, a subsidiary of the Company, in the District Court of Arizona by AIG Specialty Insurance Co. claiming US$7 million in respect of a purported product failure of a component supplied to a third party. Dewhurst (Hungary) Kft intends to defend the claim with the utmost vigour.
bad news from Hungery
given 5m shares in issue...
poised for narrowing the gap/discount soon?
one of my 5 "stocks for 2014" lol
Looks like we might be on a bit of a roll to close that gap, imoo ;-)
The directors are proposing a final dividend of 5.66p (2012: 9.68p which included a 5p special dividend)
was £4.1m - £1.8m...so £2.3m ..so run rate EBITAG (annualised) was £4.6m ...perhaps EV is now in £28-33m range given appreciation here (5m*£3.3/share+£16m for ords...perhaps minus £5m if you don't see pension deficit as fully offsetting cash) ...so Jolly adj EV/run rate EBITAG is c6-7 ...pls check the sum
The transport division continues to struggle with weak demand caused by the cutbacks in public sector spending in the UK and we do not expect this to change in the short term. However there are currently definite signs of recovery in some of our major markets, although there is uncertainty about the sustainability of the trend. The UK economy is growing again and North America continues to improve. Conversely Australia has fallen back in the majority of our markets on the East Coast. At the moment this is expected to be a relatively short term dip, but we do feel it will last until at least the half year point. Overall, as long as the recovery maintains its momentum, we feel there is a good opportunity to achieve improved performance in the coming year.
Dividends We believe it is prudent to retain a cash reserve for the business and do not intend to change that view. However, one of our objectives is to increase the cash returned to shareholders. Our dividend cover has historically been very conservative, but we have consumed cash on a number of planned investment projects in recent years and the continuing support of the pension scheme. With our current business position we believe we can raise the dividend and still remain relatively conservative. As a result it is our intention to increase the dividend to a level where on average the maximum cover is 4 times earnings per share. Clearly this is subject to the cash position remaining healthy and any exceptional items. In view of these intentions, we are proposing to increase the dividend this year despite the disappointing performance.
EV here is c£25-30m depending on how you look at the pension deficit...so EV/EBITAG at 6-7 looks undemanding ...and then there is the 30-40% discount of non voting A to ords ...and the director purchase of A shares (and great longterm stable aligned management) ...wot not to like?? ...dyo r & thinking, all
Results Although we had predicted it, it is still disappointing to report a fall in sales and profits. We did expect that the deterioration in customer confidence we detected during 2012 would impact our performance this year. We also warned that keypad sales would fall back after an exceptional 2012. Sales were down 15% to £43.7 million (2012: £51.6 million), operating profit before goodwill write down and amortisation of acquired intangibles was £4.1 million (2012: £5.6 million before exceptional gain on property) and profit before tax was £2.6 million (2012: £5.4 million) down 52%.
making an appearance...Jolly wise by MMs to pick them off so low imv
...but dropping the bid isn't working if they are looking to pick up some shares ...at least so far lol
@3.31...not a lot of appetite to flip, it seems (why would you given enormous discount plus sp chart suggesting not fully independent sp..ie when it goes in a direction it often continues?...But history is bunk lol) ...this really motors imv.so I wouldn't be surprised by lurch up ...no advice intended
..
to week on modest buying ...bring on next week...and narrowing this enormous discount to DWHT
Thanks, yes I will top us on retraces...I am happy or even jollified to hold this one for a goodly while. Thanks for the heads up :-))
absorbing 5000 sell @ 297 ...to sell on @314/5 ...nice £1k flip lol ...(I would quite like to be a MM here atm...I guess I could upgrade & undercut)