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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Daniel Thwaites PLC | THW | Aquis Stock Exchange | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade | |
|---|---|---|---|---|
| 0.00 | 0.00% | 73.50 | 16:29:59 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 73.50 | 69.50 | 73.50 | 73.50 | 73.50 |
| Top Posts |
|---|
Posted at 22/6/2023 21:37 by pugugly Link to the new ASQE Advfn link thanks to ruslan1.Quote 80/100 - Spread impossible 26th June more like 95/97 but if largish holder looks as though need to take a hair cut. NAV and yield look interesting but with increase in mortgage rated and infltion suspect only for very long term holders - not a dealing stock. |
Posted at 11/6/2019 20:16 by jbfnfn Scotch broth"60-72p" I guess you might be right given that someone has been happy to sell the shares all the way down to 107p. Using the EPS of 5.9p and a multiple of 10 gives about 60p a share if you use the underlying EPS 12.2p then a valuation of about 60p is a multiple of 5. Maybe that is right for an illiquid family business only quoted on the NEX exchange. On the other hand the current share price 117p (Mid price on NEX) does look cheap based on net assets per share of 307p. Total dividend of 4.46p could be worse. No trades on NEX today so the results did not initiate a stampede for the exit. I would like to see more money being made from the hotels. The read across from Peel Hotels (PHO) says that's difficult but I guess Thwaites are more upmarket than Peel Hotels. They have acquired the "Funny Girls" business in Blackpool out of administration. Ownership in settlement of outstanding loan. If they can make money from that operation it might look like a shrewd move. I would like to see the debt come down in the next year if the capital investment is going to be reduced. Page 15 of the 2019 annual report shows four of the healthiest most well fed dray horses I've ever seen. If I'm going to be a part owner of horses I guess it's a relief to see they are appropriately cared for. To make money here I may have to try and live a long time. I've started drinking halves. I will be hanging on to my small holding here and will wait and see. |
Posted at 11/6/2019 17:17 by gfrae I agree pretty abysmal results. Though I don't think the shares are expensive. The dividend unchanged again and for the last 15 odd years.Looks like Rik is having fun doing up his posh little hotels. Clearly the business is not run for non family shareholders. |
Posted at 13/5/2019 10:02 by cjohn I bought THW in mid-2014 when the price got down as low as a quid per share.The discount to tangible assets was compelling. Though I made an ok profit, selling out a couple of years ago, I felt that shareholders were not well-served by the Nex listing, nor by the large % holding of the family. My only contact with the company was pretty frustrating; no interest at all in myself as a minority shareholder; nor in any suggestion that their (minority) shareholders - and also the company itself - would be better served by an AIM listing. I believe the extra scrutiny and pressure from shareholders on AIM is what the company needs, but is, precisely, what they don't want. This company is tolerably well-run but sleepy and stuck in its ways. The likelihood of a takeover to reléase value is almost nil. I sold out, btw, still at a very marked discount to tangible assets (not even taking into account the development potential of the site in Blackburn). Good luck to holders. |
Posted at 01/5/2019 15:08 by mw8156 all three Nex brewers look cheap against their NAV, particularly Thw, but all are struggling to grow profits and have not been helped by the tax breaks available to micro, so-called breweries, as stated above, also some signs in Whitbread and Green King's results that the consumer may be slowing down outside London so personally would rank these as Shepherd, Thwaites, then Adnams in order of attractiveness but none as attractive as Young's or Fullers....City pub group well located pubs but expensive? other views welcome... |
Posted at 11/8/2017 12:16 by cjohn Thwaites continues its quiet rise.I've held this share for three years now. It's up over 50% since then and has also paid a dividend of a few % per year. I make that an annual return of about 17%. What's more the stock is trading at half tangible book value. And the book values of the hotels are very likely to be conservative. |
Posted at 20/11/2016 13:56 by cjohn Hi Coolen, it wasn't a property mark down, it's a provision made for the downward revaluation of interest rate swaps that THW entered into quite a number of years ago. (They have bought out of the great majority of the swaps previously.)Tangible net asset value is currently 167.6 million, (This includes the provision for the interest rate swap and the pension liability of 32.6m.) Current market cap is 79.4m |
Posted at 22/12/2014 19:31 by rainmaker Hi Dave,at ease........ the Cavalry's just arrived.You mentioned this Company quite a while ago on my Value Share thread and I read what you said with interest but it didn't quite click at the time that there might be an opportunity here.I'm currently researching this Company and other Brewers and once I get the bit between my teeth, I don't let up.As yet,I don't know if there's anything here to invest in here but my quest for great Value continues. I'm not really looking at this Company in terms of its absolute cheapness per se of an undemanding multiple(9.6 times,I believe) or a decent dividend yield but more in terms of a possibly substantially understated property portfolio and a greater market share as independant pubs disappear so they gain bigger sales and possibly at higher margins.regards |
Posted at 13/4/2012 00:45 by omega09 davebowler,Had a quick look through the recent accounts and this company certainly looks very undervalued given the huge discount to NAV as well as being profitable and a dividend payer. Also encouraging to see the Chairman buying recently. Clearly from reading the other posts on the thread this situation has persisted for years. As someone who has followed the company for some time do you know why this is? Is there any reason to believe that the tangible NAV could not be realised? Will dig deeper over the weekend but just trying to work out what I'm missing. |
Posted at 27/5/2010 15:40 by davebowler Daniel ThwaitesFounded in 1807 Daniel Thwaites is a Lancashire based brewer and pub retailer based in Blackburn. Its estate currently amounts to around 400 pubs, located mainly in the Midlands and North of England. In addition, the group's hotel division, Shire Hotels, operates 7 hostelries in England. Results for the six months to 30th September 2009 showed operating profits down by 24% to GBP6.9 million in the half, on turnover which was 8.1% lower at GBP76.2 million. Excluding gains on disposals pre-tax profits plunged by 37.5% to GBP3.5 million. However, the results were strong enough for the company to maintain its 1.1p interim dividend. Across the divisions, operating profits from the brewery operations remained unchanged at GBP4.1 million as trading continued to be affected by supermarket alcohol offers and other lower-priced competition. Like- for-like volumes fell by 7% and the firm remains cautious on its outlook into its 2010 financial year. On a brighter note, reduced operating costs are expected to be realised due to falling utility and raw material prices, along with changes introduced through last year's restructuring programme. The highlight of the half was the disposal of the upmarket Stafford Hotel for GBP77.5 million. The sale was completed at an impressive 28.7 times operating profits to the Britannia Hospitality Limited, with the proceeds used to pay down debt. Trading in the hotel division was said to be "extremely tough", with contributions to group profits falling by 24% to GBP4.1 million as consumers and corporate customers tightened their budgets. While the company has noticed a reduced rate of decline in trading it is still cautious about the outlook for trading in the unit. Despite the tough trading conditions Thwaites' balance sheet was much improved at the period end, mainly as a result of the Stafford disposal. Net current assets stood at GBP6 million, with GBP6.6 million in cash holdings, versus net current liabilities of GBP29.7 million at the 2009 year-end. Net debt fell to GBP53.4 million from GBP136 million at 31st March 2009 but since no cash flow statement was released with the accounts it is difficult to see exactly how much of the reduction is down movements in working capital. Net interest payments on liabilities were covered 2.15 times by operating profits before the one-off profit. However, despite the fall in the debt pile the company says future interest payments are "unlikely to fall significantly" due to prior hedging arrangements. Thwaites' pension liability fell by 11.1% during the six months, to stand at GBP8.8 million at the period end. At the current mid-price of 143p Daniel Thwaites is capitalised at GBP90 million. The shares trade on a historic multiple of 12.5 but with conditions in its markets expected to remain tough, combined with lower revenues due to sale of the Stafford, we are not drawn to the shares on the basis of its operations. However, the company is trading at a massive 66% discount to net assets of GBP263.5 million as at its half-year end, which makes the shares a buy. |
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