Hello Ups1de9 Nov 2012 23:52
That's a very friendly greeting. Much appreciated & what a pleasant surprise - I can bore someone here at last.
DYOR etc etc (and clearly this is not investment advice) but my take is:
- DWHA is the non voting share counterpart to ordinary shares of Dewhurst (which trade on london market as DWHT)
- Dewhurst is long standing, family controlled and managed company based outside W. London but a significant player globally in ...wait for it..lift controls
- iii Richard B has DWHT in his thrifty thirty (so suggest you take a look at his analysis)
- I have doubled my money on DWHT over the past couple of years as the company continues to perform well in tough markets, so I am getting fond of the company
Why am I fond of DWHT?
- seemingly well managed (stable & growing - mostly - profits over long period 10 years+)
- alignment of interests between family owners and managers (reputation of Dewhursts on the line as well as sleeping members of the family to contend with at Xmas if went wrong!!
- seem well positioned in geographically diverse markets
- pretty decent/low multiples, e.g. EV/EBIT for current year of - my estimate so take with huge pinch of salt - roughly £5-5.5m/£30m or 5-6
Why I am fond of DWHA?
- because of 30% discount (high by 10 year historical record)
- I don't think they are going to shaft the holders of the non-voting stock (but clearly I have little to support that!)
Of all small caps, DWHT/A is (just) my largest holding, so I would appreciate your research, analysis and feedback, Ups1de
Cheers
Jolly
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