Share Name Share Symbol Market Type Share ISIN Share Description
Daniel Thwaites PLC NEX:THW NEX Ordinary Share GB0008910779
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 85.00 0.00 07:54:59
Bid Price Offer Price High Price Low Price Open Price
70.00 100.00 85.00 85.00 85.00
Last Trade Time Trade Type Trade Size Trade Price Currency
- 0 85.00 GBX
Daniel Thwaites PLC has, since 1807, been based at the Star Brewery in Blackburn, Lancashire and is one of the UK's longest established family brewers.

The Company has an estate of approximately 300 pubs, a small but growing group of coaching inns, six four star regional hotels and spas and a craft brewery.

Thwaites strong family connections shape the way it does business in each of its trading divisions and whilst each has its own services and products to offer, they are united in a common desire to be known for quality, integrity and care.

The Company's ambitions are shaped by its desire to be the best in whatever it does and to drive value for its shareholders and customers who put their trust in the Company to deliver superb hospitality in outstanding properties in great locations and brew some fabulous beers along the way too.

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jbfnfn: The interim results failed to move the share price. I guess that means results are not too bad, steady as she goes. They only mention one like for like figure in the results 2% turnover increase in Pubs and Inns. I am not sure how much of the rest of the revenue growth is the result of recent investments and refurbishments coming onstream. For a company with a substantial hotel business they don't mention Revpar (accommodation revenue per available room), occupancy rate or average room rate. Hopefully they have these numbers to hand internally. A couple of plus points for me they sold the Funny Girls vennue but kept the two pubs associated with the transaction. This means they are no longer managing a theatrical venue. Optimistic that they can make money from the pubs. Also they sold three pubs and a parcel of land for a profit. This helps to have some faith in the valuation of the properties in the balance sheet. The only caveat here is we don't know the profit on the value of the parcel of land sold. Another plus point the debt came down. I'm holding on to my small stake here. I'm just a penny punter.
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.
jbfnfn: gfrae Thanks for that. I've never looked at the bid offer prices on advfn before. I buy these through Barclays Smart Investor (I don't recommend them) on there the bid today is 112 the offer 120. The spread is horrible. I guess it's different market maker quotes. I was only joking about the horses. I have no knowledge of their condition. I'm stuck south of watford gap for work and very rarely get back north. I guess 200 years ago the horses owned by the business would have been crucial, today we can safely rule out any effect on the share price due to horses. I'm only posting on here to try and prompt someone more knowledgeable to explain the share price fall. I have no idea. I'm only a penny punter. If the share price goes much lower I will have to start looking down the back of the sofa for a few quid to top up my small holding.
gfrae: Quite a dramatic share price fall from 140 bid to 100 bid over the last month or two. Is there a fundamental reason or just some selling pressure in a thin market , any thoughts ? Nothing in particular that I can think of .
jbfnfn: timnet: The obvious answer to that is someone is selling. Having said that none of the three pub companies/ brewers quoted on the Nex exchange only are doing well share price wise. nex:thw Thwaites nex:adb Adnams nex:shep Shepherd Neame They all seem to be sliding down together. I see the pub business as quite resilient. Thwaites now just has a micro brewery but the other two still brew beer commercially. I wonder if the market thinks they are just too small scale. Too big for the tax breaks of a micro brewer too small to compete with the global brewers. Fullers (FSTA) recently sold the Grffin brewery to the Japanese. Could also be a liquidity issue. These are unquoted businesses you can only buy and sell on the Nex exchange. All three are family controlled so no chance of a takeover. I hold a few of each of these based on asset value, but it's been a poor strategy over the last few years. I'm just a penny punter.
cjohn: Hi davebowler, I took profits here some time ago. The results were promsing from a trading point of view, with current share price 145p underpinned by eps of 13+. But debt is up quite markedly again; capex in form of maintenance and upgrades always eats up more than operational cash Flow. So the value here is in the tangible assets. It's not clear to me how this can be realsied for shareholders. So i won't be buying back in. There are other better asset plays around.
cjohn: The share Price has moved up a little more but these are still trading at a very deep discount to tangible book value.
Daniel Thwaites share price data is direct from the London Stock Exchange
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