Dewhurst Share Discussion Threads

[patviera] 15/2/2017 08:19

Must be tippedAs I've always said there should only be a maximum of 50p btwn both stks!!

[jaf111] 15/2/2017 08:15

Happy days...but surely there must e a reason???

[cwa1] 15/2/2017 08:14

A lot of small, early, trades. Possibly tipped somewhere as good value vs the voting stock?

[patviera] 15/2/2017 08:07

What's happened?

[jaf111] 15/2/2017 08:04

mmmmm.....interesting start.....reasons???

[patviera] 10/2/2017 08:00

Company buying shares Last time they did this the shares flewThey know this company better than anyone I'm upgrading my price target from 6pds to 7pdsPension deficit will also disappear with rising rates Very strong buy

[coolen] 01/2/2017 21:25

They would not be expanding if they were bearish, so should be a good sign.

[cockerhoop] 01/2/2017 08:20

Cheap as chips Acq

[patviera] 14/11/2016 07:52

Keep beating expectationsAnd pension deficit will get wiped out with rising yields!!

[patviera] 31/10/2016 16:18

Run up to figs coming now

[patviera] 28/10/2016 12:42

No stock aroundToo cheap 25 pct upside

[patviera] 24/10/2016 13:30

Here comes the run to the figs5 pounds tgt

[cockerhoop] 21/10/2016 09:27

By the excellent Richard Beddard in Money Week - 5 IHT avoiding stocks

2. Dewhurst (DWHT)

Market cap: £40m

Debt-adjusted p/e: 9

Dewhurst manufactures a wide range of components and systems used in lifts, cash machines, railway carriages and traffic management, and earns more than two-thirds of its revenue and profit abroad. The group traces its success back to the launch of the US81 Original Pushbutton in 1971.

The design of the stainless steel button with a chrome surround has been aped by other manufacturers, but perhaps not its quality – which means that although the major elevator companies use cheaper pushbuttons in new lifts, architects and lift consultants often choose Dewhurst for refurbishment projects. The pushbutton is a fairly low-cost component, and it’s worth paying more if it reduces the maintenance bill.

In the six months to end-March, Dewhurst revealed that profit had fallen by 25% year-on-year due to reduced spending on public- and private-sector infrastructure projects, and lower keypad orders. Also, about a fifth of the company’s revenue comes from keypads for NCR cash machines. Dewhurst’s dependence on this customer means that shareholders have become used to an element of volatility in its results. Dewhurst is also having to adapt to a longer-term technological challenge.

To accommodate large crowds, busy hotels and offices are turning to “destination dispatch” systems. People choose their destination using a keypad, touch screen, or room key and are directed to a lift going to their floor. These systems generally require fewer push buttons.

However, Dewhurst has responded to its changing market by developing the components required by the new systems, such as the hall lanterns that indicate which lift to go to. It also assembles entire control panels, buying in components such as touchscreens that it cannot make itself.

Although this means that Dewhurst must share some of the profit with the manufacturers of the underlying components, the company remains highly profitable under the majority ownership of the Dewhurst family. Brothers Richard and David have been running it since the mid-1980s, overseeing a measured expansion. Be aware that the company is quite tightly held, so the spread (the gap between the buying and selling price) can be quite wide.

[patviera] 14/10/2016 15:57

Dwha best track record on aimBeating expectations this yearShould rally a pound soonStill too big a discount to the Ords

[patviera] 13/10/2016 10:43

Always buying in afternoonUS interest?

[patviera] 12/10/2016 16:31

The ords some want to fallSo the As have to riseWe have beaten expectations so we will rise to 470 on run up to figs

[patviera] 12/10/2016 15:24

Dividend here is greatOwn freehold propertyProfits rising substantially every yearBest company on aimShares undervalued by 20pctLow pound helps massively as well

[patviera] 12/10/2016 13:07

Dwht 7pdsDwha should be 5pdsSame company same diviNo wonder directors keep buying the As

[patviera] 10/10/2016 10:46

The non voters will rally now Upto figs in dec

[patviera] 08/10/2016 22:07

Give it a breakInstitutions will only buy ords the votersThey are falls cos the As are the cheap ones

[gengulphus] 08/10/2016 12:19

Dewhurst's Article 8 seems to protect the (limited) rights of the "A"s, but I cannot immediately see anything which enhances their rights in the event of takeover.

Yes, takeovers are primarily the business of the Takeover Code/Panel, while shareholder rights are primarily the business of a company's Articles of Association. The two can interact, of course - for instance, a takeover done by a scheme of arrangement basically involves the acquired company's shareholders voting to change its Articles of Association in such a way that they become entitled to the takeover consideration and the acquirer becomes entitled to all the shares in the company. But neither will necessarily be involved in the other's business, so I wouldn't expect the Articles of Association to say anything in particular about takeovers.

If the history is still available, take a look at the events some years ago at builders merchant, Cakebread Robey, which was LSE fully listed.

Interesting. I've found a very small amount of the history of that, in - it's the announcements dated 08 Nov 1999 to 06 Dec 1999, so nearly 17 years ago. The details seem to have been that the non-voters got conversion to voters and a special dividend of 7p, while the existing voters got a bonus issue of 8 more voters each (so effectively a 9-for-1 split of the existing voters).

The final announcements in that link indicate that the company was taken over by Jewson in July 2001, so tracking down more of the history might be difficult!

Gengulphus

[coolen] 07/10/2016 21:41

Gengulphus, that is some fantastic research you have produced !

On behalf of us all, much appreciated.