Dewhurst – earnings, dividends and a possible valuation

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Dewhurst non-voting shares (LSE:DWHA) are in my Buffett-style portfolio. It’s earnings history is not spectacular, just one of steady progression over the years.  But earnings are based on firm foundations of strong market positions, which bodes well for future growth.

Sales, earnings and dividends

Sales, £m   Earnings per share (p)   Dividend per share (p)
2009 36 38.43 6.06
2010 37 40.97 6.36
2011 42 34.35 6.69
2012 52 44.48 7.02 + 5 special
2013 44 15.7 8.0
2014 47 43.87 9.0
2015 46 50.21 10 + 3 special
2016 47 40.75 11.0
2017 53 52.65 12.0
2018 55 47.93 12.50
2019 66 (continuing: £56.5m) 116.23p 13.0p
H1 2020 28 20.78p 3.75p (2019: 3.75p)

In the table above the 2019 earnings number is raised due to the inclusion of a capital gain on selling the Thames Valley Controls, TVC subsidiary, In the next table we remove that element as well remove the profit contribution made by operating the TVC business in the financial year.

Underlying earnings of continuing businesses only (in 2019 that means excluding capital gain on sale of TVC and the £1.1m profit after tax TVC made):

2019 £000’s   2018 £000’s (excluding profit from TVC)
Profit from continuing operations after tax 3,095 3,543
Add back exceptional: pension female/male equalisation charge 639 0
Add back exceptional: amortisation of acquired intangibles 1667 555
Less tax on exceptionals -461 -111
Underlying profit after tax before minority interests 4940 3,987

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