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Date posted 2016-10-23 19:09
Subject costs, $/ revenues - elephant in room 
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a fairly unique situation of a 100% UK manufacturer with 75% export sales, limited overseas cost base. Surprised Richard Beddard's article didn't mention this rather large factoid. Moreover we now have organic growth so no wander the dividend has been raised 25% y/y.

As a father of a son who is a GW hobbyist i have an insight into the business and the nature of its (UK) customer base. I agree its not for everyone in fact its very niche but it has a unique customer proposition (no direct competition) which is enjoyed and profitable in multiple large overseas markets.

I actually like the focus of the Chairman and Board on it shareholders and the refreshingly straightforward language around corporate governance. Frankly i don't give a toss whether there are women on the Board and not just because i have never seen a girl or woman play this game at least in our local shop. All i want is good, aligned management which i think is what we get with GAW.

As you say Richard you should have ignored your slightly wet side which seemed quite personally offended for some reason, seen more clearly the elephant in the room (£ devaluation) and backed your business analysis which obviously is in tune with the many attractions of GW. Must admit as a recent (post Brexit) addition to the shareholder register, i am not scarred like you by holding this during a couple of more difficult years. Its not too late though, as even 20% higher since your article its still looking cheap in terms of its multiple of equity FCF which is feeding strongly into dividend income. At a time when profit warnings are hammering over-priced mid cap me-too often correlated stocks what else could one ask for?
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