Daniel Thwaites Plc Share Price (THW.PL)

Just posted its half year results, and yet again showing its strength.

This has proved a steady share compared with Marstons or Sheoherds Neame. The ability to pay a dividend adds to its attraction. It’s a pity that they provide no shareholder perks.

Yes it is rather strange. Nevertheless 7 share trades in one day is rather unusual. Probably coz it has just published its annual figures and they compare well against M&B and Marstons, including returning to the divi list. Everything is relative of course, but the good news for their pensioners is that they are going to live until 86 to 90. Must be the beer.

v high interest on their debt (fixed rate for weighted average 7%pa for c 7 more years)
& weirdly out of the money/onerous interest rate swap on £55m notional

DT appears to be trading on a forward p/e of circa 5, has freeholds of about £4 per share and after deducting debt about £3 per share.

What am I missing?