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PWH - PWR Holdings

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PWR Holdings Limited is an Australian-based company involved in the design and the production of customised cooling solutions for motorsports and the automotive industry.

The Company offers cooling solutions for water (radiators), oil and forced induction air (inter-coolers) systems for the global motorsports industry. It also engineers cooling solutions for the automotive OEM (Original Equipment Manufacture) and automotive aftermarket and is diversifying into emerging technology applications when cooling solutions are required.

It is anticipated that PWH will list on the ASX during November 2015.

https://www.pwr.com.au
 
haven't looked much at charts recently.
But has broken through resistance at the ~$4 mark. Will be interesting to see if it holds and trends up further?
 


PWR is another stock sitting within striking distance of Higher Resistance of $4.98 and an ATH of $5.06.
 
not to be confused with Peter Warren Automotive (ASX code : PWR) which is listing 27 April

PWH doing quite nicely,

Revenues, Margins, Net Profit



quickly got over Covid, and reaching fresh highs of late:
 
Another break of 3 of my triggers today.



Managed to top up but with a bit of difficulty. For some reason the internet was a bit slow today.

 
This one keeps on giving. Need to be a bit careful as there are only 100 mil shares on issue and could easily go the other way if sentiment changes.

 
down 15 per cent, closed at $9.90

PWR reports record revenue and profit
PWR Holdings Limited has reported a Net Profit After Tax of $24.8 million for the year ended 30 June 2024.
A fully franked final dividend of 9.20 cents per share has been declared. The total full year dividend payout ratio of 57% of NPAT brings the total full year dividend to 14.00 cents per share.

FINANCIAL PERFORMANCE
A$'000 . FY2024 . FY2023 . Variance
Revenue 139,392 118,326 17.8%
EBITDA . 45,186 . 39,051 . 15.7%
EBITDA margin 32.4% . 33.0% (0.6%)
Operating cash flow 38,708 33,399 15.9%
Net profit after tax 24,805 21,752 14.0%
Earnings per share 24.69 cents


NPAT of $24.8 million was driven by:
• Revenue for FY2024 is ahead of FY2023 with revenue growth across all key markets and geographies
• Revenue growth in Australia, the United States of America, and the United Kingdom of 14.7%, 10.6% and 8.9% respectively
• Emerging technologies
revenue grew by 57.8% and now represents 25.1% of the Group revenue (FY2023:18.7%), this included growth in the aerospace and defence market of 100% to $21.0 million
• 67 additional headcount added during the year, of which 21 were added “ahead of the curve” to set us up for future growth opportunities, particularly in aerospace and defence
 
A business I have wanted to own for a long time, just really well managed, fantastic metrics, but one of those companies that is always going to look expensive. The markets reaction to the excellent capital allocation of investing in the long term value of the business was to mark it down over 20% over the last 2 trading days. Personally that appears to be short termism gone mad to me, its bloody hard to find companies that can reinvest their free cash flow at superior rates of return. That people think it should be worth 20% less as a result is beyond my comprehension!

Anyway, happy to take a small position today.
 
( disclaimer i hold several car retailers a motorcycle retailer and a few companies that sell automotive parts/accessories )

the risk here , is that EVs become dominant in general , industrial , and sport use ( one might have thought EVs in sport would have been bigger than currently )

sure lithium batteries burn , and burn and burn some more in some crashes , but eventually they will find a suitable alternative

so if buying in , can all that cooling technology be useful elsewhere ( say cooling nuclear reactors )



remember Australia had a hard time supporting a vehicle manufacturer ( partly because of government meddling with regulations/safety changes )

i am not saying don't buy , but remember some of the risks here ( that are less usual )

for long-term investors ... can this company transform if necessary
 
PS .. or cooling all these up and coming super-computers ( as another potential niche )
 
They already do specialised cooling for EVs as well as the cooling for the electric side of F1. Of course that is why I try to buy great businesses that are well run, because change is unknowable, but usually can be offset by resilience and adaptability. That saves me any need to consider macro or industry trends etc. Just focus on business quality.
 
Wow, looks great, but still really expensive?
Without adding a premium for growth which it obviously deserves I'd value it at $5. But I never know what to add for growth prospects. I'd also add something for zero share issuance and no net debt.

Not Held
 
Interestingly my modelling values it around $10, but thats allowing for higher than normal growth and lower than normal IRR/MoS, which I justify based on the quality. Like REH (which we just posted about), I think its one of those businesses you just have to pay up if you want to own.
 
Another I've been watching for "signs of life" (uptick in price). We got that last week. The market depth is very thin, so it's unsuitable for trading. Worthy of an initial position in a less active portfolio. May add if price trades above $10 without going below $8.70.

 
twofa.

<<25 percent this time.>>
.

.
Kees Weel, PWR’s Managing Director said, “We are reducing our cost base to be more aligned to the current trading environment while balancing the opportunities we are pursuing in our Aerospace & Defence business, which continues to give us confidence in this market. "
.
quite.
 
Market Matters afternoon report
  • PWR Holdings (PWH) -24.56% hit hard after the vehicle-cooling solutions company said it expects 1H FY25 net profit after tax of $3.2-3.7 million, below NPAT of $9.8m for the prior corresponding period, blaming higher costs and EV market volatility.
 
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