Buy Or Sell Opportunity • Mar 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to UK£2.40. The fair value is estimated to be UK£3.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 6.8%. Reported Earnings • Mar 09
First half 2026 earnings released: EPS: UK£0.079 (vs UK£0.077 in 1H 2025) First half 2026 results: EPS: UK£0.079 (up from UK£0.077 in 1H 2025). Revenue: UK£81.7m (down 2.4% from 1H 2025). Net income: UK£9.08m (up 1.2% from 1H 2025). Profit margin: 11% (in line with 1H 2025). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 08
First half dividend increased to UK£0.044 Dividend of UK£0.044 is 151% higher than last year. Ex-date: 12th March 2026 Payment date: 2nd April 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 6.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 04
FW Thorpe Plc to Report First Half, 2026 Results on Mar 05, 2026 FW Thorpe Plc announced that they will report first half, 2026 results on Mar 05, 2026 Declared Dividend • Oct 06
Final dividend of UK£0.054 announced Shareholders will receive a dividend of UK£0.054. Ex-date: 30th October 2025 Payment date: 28th November 2025 Dividend yield will be 2.4%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 7.7% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 05
Full year 2025 earnings released: EPS: UK£0.22 (vs UK£0.21 in FY 2024) Full year 2025 results: EPS: UK£0.22 (up from UK£0.21 in FY 2024). Revenue: UK£175.2m (flat on FY 2024). Net income: UK£25.4m (up 4.5% from FY 2024). Profit margin: 14% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Oct 04
FW Thorpe Plc, Annual General Meeting, Nov 20, 2025 FW Thorpe Plc, Annual General Meeting, Nov 20, 2025. Announcement • Oct 03
FW Thorpe Plc Recommends an Increased Final Dividend FW Thorpe Plc recommended an increased final dividend of 5.36 pence per share (2024: 5.08 pence), which gives a total for the year of 7.12 pence (2024: 6.78 pence). New Risk • Sep 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Mar 20
FW Thorpe Plc (AIM:TFW) commences an Equity Buyback Plan for 11,893,559 shares, representing 10.14% of its issued share capital, under the authorization approved on November 21, 2024. FW Thorpe Plc (AIM:TFW) commences share repurchases on March 19, 2025, under the program mandated by the shareholders in the Annual General Meeting held on November 21, 2024. As per the mandate, the company is authorized to repurchase up to 11,893,559 shares, representing 10.14% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.01 pence and the maximum price which may be paid for each ordinary share is the higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share, as derived from the Alternative Investment Market for the five business days immediately preceding the day on which such share is contracted to be purchased. The authorization shall expire on the date of the Annual General Meeting of the Company in 2025. As of October 3, 2024, the company had 117,341,908 ordinary shares in issue and 1,593,682 shares in treasury. Reported Earnings • Mar 11
First half 2025 earnings released: EPS: UK£0.077 (vs UK£0.073 in 1H 2024) First half 2025 results: EPS: UK£0.077 (up from UK£0.073 in 1H 2024). Revenue: UK£83.8m (up 1.4% from 1H 2024). Net income: UK£8.98m (up 4.7% from 1H 2024). Profit margin: 11% (in line with 1H 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Mar 11
FW Thorpe Plc to Report First Half, 2025 Results on Mar 14, 2025 FW Thorpe Plc announced that they will report first half, 2025 results on Mar 14, 2025 Declared Dividend • Mar 09
First half dividend of UK£0.018 announced Shareholders will receive a dividend of UK£0.018. Ex-date: 20th March 2025 Payment date: 17th April 2025 Dividend yield will be 3.0%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Nov 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to UK£3.52, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 16x in the Electrical industry in the United Kingdom. Total loss to shareholders of 12% over the past three years. Upcoming Dividend • Oct 20
Upcoming dividend of UK£0.076 per share Eligible shareholders must have bought the stock before 24 October 2024. Payment date: 29 November 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (2.1%). Declared Dividend • Oct 06
Final dividend increased to UK£0.076 Dividend of UK£0.076 is 57% higher than last year. Ex-date: 24th October 2024 Payment date: 29th November 2024 Dividend yield will be 2.8%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 8.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 03
Full year 2024 earnings released Full year 2024 results: Revenue: UK£175.8m (flat on FY 2023). Net income: UK£24.3m (up 11% from FY 2023). Profit margin: 14% (up from 12% in FY 2023). New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. New Risk • Sep 20
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 17
First half 2024 earnings released: EPS: UK£0.073 (vs UK£0.072 in 1H 2023) First half 2024 results: EPS: UK£0.073 (up from UK£0.072 in 1H 2023). Revenue: UK£82.6m (flat on 1H 2023). Net income: UK£8.57m (up 2.3% from 1H 2023). Profit margin: 10% (in line with 1H 2023). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 17
First half dividend increased to UK£0.017 Dividend of UK£0.017 is 4.9% higher than last year. Ex-date: 21st March 2024 Payment date: 19th April 2024 Dividend yield will be 1.7%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 5.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 15
FW Thorpe Plc Approves Interim Dividend for the Six Months to 31 December 2023, Payable on 19 April 2024 FW Thorpe Plc announced that Board has approved a dividend of 1.70 pence per share (interim 2023: 1.62 p) for the six months to 31 December 2023, being an increase of 4.9%. The interim dividend will be paid on 19 April 2024 to shareholders on the register at the close of business on 22 March 2024, and the shares become ex-dividend on 21 March 2024. Buy Or Sell Opportunity • Feb 16
Now 24% undervalued Over the last 90 days, the stock has risen 4.8% to UK£3.52. The fair value is estimated to be UK£4.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 19%. Announcement • Jan 16
Peter Mason Retires as Non-Executive Director of FW Thorpe Plc, Effective from 18 January 2024 FW Thorpe announces the following changes to the board structure: Mr. Peter Mason will retire as a non-Executive Director on 18 January 2024, having previously served as Group Financial Director and a non-Executive for many years. Peter has been a fundamental part of the stability and success of the Group since he started back in the 1980's, helping shape the foundations on which the Company has been built. Buying Opportunity • Nov 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.4%. The fair value is estimated to be UK£4.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 19%. Upcoming Dividend • Oct 19
Upcoming dividend of UK£0.048 per share at 1.8% yield Eligible shareholders must have bought the stock before 26 October 2023. Payment date: 24 November 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of British dividend payers (6.6%). Lower than average of industry peers (2.7%). Reported Earnings • Oct 12
Full year 2023 earnings released: EPS: UK£0.19 (vs UK£0.17 in FY 2022) Full year 2023 results: EPS: UK£0.19 (up from UK£0.17 in FY 2022). Revenue: UK£176.7m (up 23% from FY 2022). Net income: UK£21.9m (up 9.3% from FY 2022). Profit margin: 12% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to UK£3.80, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 16x in the Electrical industry in the United Kingdom. Total returns to shareholders of 38% over the past three years. New Risk • Oct 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Announcement • Jul 06
Fw Thorpe plc Announces Board Resignations FW Thorpe announced the following changes to the board structure: Mr. David Taylor will now step down as Executive Director of the Group, as of 03 July 2023. Mr. Tony Cooper will retire as a non-Executive Director as of 03 July 2023, having previously served as Manufacturing Director for Thorlux Lighting, the largest constituent of the Group, for many years. Reported Earnings • Mar 17
First half 2023 earnings released: EPS: UK£0.072 (vs UK£0.059 in 1H 2022) First half 2023 results: EPS: UK£0.072 (up from UK£0.059 in 1H 2022). Revenue: UK£81.9m (up 29% from 1H 2022). Net income: UK£8.38m (up 21% from 1H 2022). Profit margin: 10% (in line with 1H 2022). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 14% per year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. 1 independent director (8 non-independent directors). Independent Non-Executive Director Frans Haafkens was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Oct 25
FW Thorpe plc Announces Directorate Change FW Thorpe Plc announces the following changes to the board structure: Mr. Frans Haafkens will join the Board as an independent non-Executive Director, effective immediately. Frans is Managing Partner at Dutch investment firm i4hi, a company having direct investments in manufacturing and technology businesses. He spent his formative years with McKinsey & Co. as well as working for a short period in the UK lighting industry. Frans is a Dutch national who has worked with the Group in recent years supporting the continued success of its Dutch entities, Lightronics and Famostar, both as a consultant and an investor. He is also a minority investor in Ratio Electric B.V., the recent joint venture investment by the Group. Upcoming Dividend • Oct 20
Upcoming dividend of UK£0.046 per share Eligible shareholders must have bought the stock before 27 October 2022. Payment date: 25 November 2022. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of British dividend payers (6.2%). Lower than average of industry peers (2.7%). Reported Earnings • Oct 12
Full year 2022 earnings released: EPS: UK£0.17 (vs UK£0.14 in FY 2021) Full year 2022 results: EPS: UK£0.17 (up from UK£0.14 in FY 2021). Revenue: UK£143.7m (up 22% from FY 2021). Net income: UK£20.1m (up 27% from FY 2021). Profit margin: 14% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 11% per year. Announcement • Oct 12
FW Thorpe Plc, Annual General Meeting, Nov 17, 2022 FW Thorpe Plc, Annual General Meeting, Nov 17, 2022. Announcement • Oct 09
FW Thorpe Plc to Report Fiscal Year 2022 Results on Oct 11, 2022 FW Thorpe Plc announced that they will report fiscal year 2022 results on Oct 11, 2022 Announcement • Sep 28
FW Thorpe Plc (AIM:TFW) acquired 80% stake in SchahlLED Lighting GmbH for €14.6 million. FW Thorpe Plc (AIM:TFW) acquired 80% stake in SchahlLED Lighting GmbH for €14.6 million on September 26, 2022. FW Thorpe has paid an initial consideration of €14.6 million and could pay an additional amount to be determined by SchahlLED's EBITDA performance in the year ending 30 June 2023. The initial consideration has been funded from the Company's existing cash reserves, these reserves and the cash generated from SchahlLED over the next few years will fund the purchase of the remaining share capital in the future. During the last financial year ending December 31, 2021, SchahlLED achieved revenues of €15.9 million with EBITDA of €2.8 million. Net assets a were €3.5 million. The senior management team will remain in the business and report directly to the board of Thorlux Lighting. Steve Pearce and James Moat of Singer Capital Markets Securities Limited acted as financial advisor to FW Thorpe. Hübner Schlösser & Cie acted as financial advisor to SchahlLED Lighting GmbH.
FW Thorpe Plc (AIM:TFW) completed the acquisition of 80% stake in SchahlLED Lighting GmbH on September 26, 2022. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. No independent directors (8 non-independent directors). Non-Executive Director Andrew Thorpe was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 12
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: UK£0.059 (up from UK£0.05 in 1H 2021). Revenue: UK£63.5m (up 13% from 1H 2021). Net income: UK£6.90m (up 17% from 1H 2021). Profit margin: 11% (in line with 1H 2021). Revenue exceeded analyst estimates by 5.6%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Dec 03
FW Thorpe Plc (AIM:TFW) acquired 50% stake in Ratio Electric B.V. for €6.8 million. FW Thorpe Plc (AIM:TFW) acquired 50% stake in Ratio Electric B.V. for €6.8 million on December 2, 2021. The acquisition is expected to enhance earnings per share in the financial year ending June 30, 2023. Steve Pearce and James Moat of Singer Capital Markets Securities Limited acted as financial advisors to FW Thorpe.
FW Thorpe Plc (AIM:TFW) completed the acquisition of 50% stake in Ratio Electric B.V. on December 2, 2021. Upcoming Dividend • Oct 21
Upcoming dividend of UK£0.065 per share Eligible shareholders must have bought the stock before 28 October 2021. Payment date: 25 November 2021. Trailing yield: 1.4%. Lower than top quartile of British dividend payers (4.0%). In line with average of industry peers (1.3%). Reported Earnings • Oct 07
Full year 2021 earnings released: EPS UK£0.14 (vs UK£0.12 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£117.9m (up 4.0% from FY 2020). Net income: UK£15.8m (up 19% from FY 2020). Profit margin: 13% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Apr 16
Non-Executive Director exercised options to buy UK£239k worth of stock. On the 12th of April, Antony Cooper exercised 96.48k options at around UK£1.24, then sold 30.00k of them at UK£3.40 each and kept the remainder. Since June 2020, Antony has owned 112.22k shares directly. Company insiders have collectively bought UK£2.4k more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Mar 25
Upcoming dividend of UK£0.015 per share Eligible shareholders must have bought the stock before 01 April 2021. Payment date: 23 April 2021. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (4.4%). Lower than average of industry peers (2.1%). Reported Earnings • Mar 20
First half 2021 earnings released: EPS UK£0.05 (vs UK£0.05 in 1H 2020) The company reported a soft first half result with weaker revenues, although earnings and profit margins were flat. First half 2021 results: Revenue: UK£56.4m (down 1.8% from 1H 2020). Net income: UK£5.88m (flat on 1H 2020). Profit margin: 10% (in line with 1H 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Mar 18
FW Thorpe Plc Announces Interim Dividend for the Six Months to 31 December 2020, Payable on 23 April 2021 FW Thorpe Plc announced that the interim dividend is at the rate of 1.49 pence per share (Interim 2020: 1.46 pence) for the six months to 31 December 2020, and based on 116,551,808 shares in issue at the announcement date the dividend will amount to £1,737,000 (Interim 2020: £1,698,000). The interim dividend will be paid on 23 April 2021 to shareholders on the register at the close of business on 6 April 2021, and the shares become ex-dividend on 1 April 2021. Is New 90 Day High Low • Mar 03
New 90-day low: UK£3.21 The company is down 4.0% from its price of UK£3.33 on 03 December 2020. The British market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 33% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: UK£3.35 The company is up 9.0% from its price of UK£3.06 on 22 September 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 54% over the same period. Is New 90 Day High Low • Nov 12
New 90-day high: UK£3.24 The company is up 9.0% from its price of UK£2.96 on 14 August 2020. The British market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 29% over the same period. Is New 90 Day High Low • Oct 26
New 90-day high: UK£3.11 The company is up 3.0% from its price of UK£3.02 on 28 July 2020. The British market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 28% over the same period. Announcement • Oct 04
FW Thorpe Plc to Report Q4, 2020 Results on Oct 01, 2020 FW Thorpe Plc announced that they will report Q4, 2020 results on Oct 01, 2020 Is New 90 Day High Low • Oct 02
New 90-day low: UK£2.86 The company is down 5.0% from its price of UK£3.02 on 03 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 6.0% over the same period. Reported Earnings • Oct 01
Full year earnings released - EPS UK£0.11 Over the last 12 months the company has reported total profits of UK£13.3m, down 18% from the prior year. Total revenue was UK£113.3m over the last 12 months, up 2.4% from the prior year. Profit margins were 12%, which is lower than the 15% margin from last year. The decrease in margin was driven by higher expenses.