FW Thorpe Plc – Value Analysis (LONDON:TFW) : December 26, 2017

Capitalcube gives FW Thorpe Plc a score of 82.

Our analysis is based on comparing FW Thorpe Plc with the following peers – PhotonStar LED Group PLC and Dialight plc (PSL-GB and DIA-GB).

Investment Outlook

FW Thorpe Plc has a fundamental score of 82 and has a relative valuation of NEUTRAL.

Fundamental Score

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Company Overview

  • Compared to peers, relative outperformance over the last year has faded more recently.
  • It currently trades at a Price/Book ratio of (4.13).
  • TFW-GB‘s operating performance is relatively good compared to its peers. The market currently does not expect high earnings growth relative to its peers but seems to expect the company to maintain its relatively high rates of return.
  • TFW-GB‘s relatively high profit margins are burdened by relative asset inefficiency.
  • Change in the company’s annual revenues seems to be coming at the expense of earnings.
  • TFW-GB‘s return on assets currently and over the past five years suggest that its relatively high operating returns are sustainable.
  • While TFW-GB‘s revenues in recent years have grown faster than the peer median, the market gives the stock a P/E ratio that is around peer median suggesting that the market has some questions about the company’s long-term strategy.
  • The company’s level of capital investment seems appropriate to support the company’s growth.
  • TFW-GB currently does not have any debt.

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Leverage & Liquidity

TFW-GB currently does not have any debt.

  • We consider the company to have a Quick & Able profile as it currently does not have any debt. In comparison, the median level of debt as percent of enterprise value for its peer group is currently 0%.
  • Of the 2 chosen peers for the company, only 1 of the stocks have an outstanding debt balance. Companies with no debt include DIA-GB.

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Key Liquidity Items

Company Debt/Enterprise Value (%) Current Ratio Interest Coverage (x) Cash Flow To Total Debt (%)
PhotonStar LED Group PLC 21.38 0.97 -22.3 -36.11
Dialight plc 0 2.66 38.5 999
FW Thorpe Plc 0 4.34 No interest exp 999
Peer Median 0 2.66 38.5 999
Best In Class 21.38 4.34 No interest exp 999

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Company Profile

FW Thorpe Plc engages in the design, manufacture, and supply of professional lighting systems. It operates through the following segments: Thorlux, Lightronics, and Other Companies. The Thorlux segment manufactures professional lighting systems for industrial, commercial, and controls markets. The Lightronics segment specializes in the development, manufacture, and supply of external and impact resistant lighting, which includes street lighting, outdoor wall and ceiling luminaires as well as control systems. The Other Companies segment comprises of the Compact Lighting Limited, Philip Payne Limited, Solite Europe Limited, Portland Lighting Limited, TRT Lighting Limited, and Thorlux Lighting LLC. The company was founded by Frederick William Thorpe on August 26, 1936 and is headquartered in Redditch, the United Kingdom.

Disclaimer

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