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1. Company Snapshot

1.a. Company Description

FW Thorpe Plc, together with its subsidiaries, designs, manufactures, and supplies professional lighting equipment in the United Kingdom, the Netherlands, rest of Europe, and internationally.The company offers professional lighting and control systems, including recessed, surface, and suspended luminaires; emergency lighting systems; hazardous area lighting; high and low bay luminaires; lighting controls; and exterior lighting products for commercial, industrial, education, healthcare, manufacturing, retail, display, and hospitality markets.It also provides emergency exit signage and lighting systems for commercial, hospitality, and healthcare markets; and clean room lighting equipment and luminaires for laboratories, pharmaceutical, and semi-conductor manufacturing areas, including hospitals, kitchens, and food preparation applications.


In addition, the company offers lighting products to the advertising, brewery, retail, and sign lighting industries; and street lighting, outdoor wall and ceiling luminaires, amenity lighting products, and LED road and tunnel luminaires for infrastructure, housing, and car parking areas.The company offers its lighting products under the Thorlux Lighting, Philip Payne, Solite, Portland Lighting, TRT Lighting, Lightronics, Famostar, and Luxintec brands.FW Thorpe Plc was founded in 1936 and is headquartered in Redditch, the United Kingdom.

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1.b. Last Insights on TFW

FW Thorpe's recent performance has been impacted by the UK market's turbulence, largely attributed to weak trade data from China. The company's shareholders have endured a 7.2% loss over the past three years. The UK LED lighting market, where FW Thorpe operates, faces growth opportunities driven by energy efficiency mandates and rising demand for human-centric lighting. However, the market's near-term prospects are challenged by global economic uncertainties and weak trade data from China.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Undiscovered Gems in the UK for November 2025

Nov -26

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Discover James Halstead And 2 Other Undiscovered Gems In The UK Market

Nov -24

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Unveiling 3 Undiscovered Gems in United Kingdom Markets

Nov -14

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Uncovering 3 Undiscovered Gems In The United Kingdom Market

Oct -29

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Emerging UK Stocks to Watch in October 2025

Oct -28

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Could The Market Be Wrong About FW Thorpe Plc (LON:TFW) Given Its Attractive Financial Prospects?

Oct -23

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Undiscovered Gems In The UK AltynGold And 2 Other Promising Small Caps

Oct -22

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3 Undiscovered Gems In The United Kingdom With Strong Potential

Oct -21

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.15%)

6. Segments

Thorlux

Expected Growth: 4.5%

Growing demand for energy-efficient lighting solutions, increasing adoption of Industry 4.0 technologies, and rising concerns for workplace safety drive the growth of Thorlux's industrial and hazardous environment lighting solutions.

Netherlands Companies

Expected Growth: 4.5%

Growing demand for energy-efficient lighting solutions, increasing adoption of smart lighting systems, and government initiatives promoting sustainable infrastructure development are expected to drive the growth of Netherlands-based lighting solutions providers, including FW Thorpe Plc's Dutch subsidiaries.

Other Companies

Expected Growth: 10.5%

Growing demand for energy-efficient LED lighting and increasing adoption in industrial and commercial applications drive the growth of Luceco and Portland, subsidiaries of FW Thorpe Plc.

Zemper Group

Expected Growth: 4.5%

Growing demand for energy-efficient lighting and increasing adoption of smart building technologies drive growth in the industrial and commercial lighting market, with Zemper Group's diversified product portfolio and strong distribution network positioning it for success.

7. Detailed Products

Luminaires

FW Thorpe Plc offers a wide range of luminaires, including LED lighting solutions, for various applications such as industrial, commercial, and residential spaces.

Torpedo Tubes

The company designs and manufactures torpedo tubes for the naval industry, providing reliable and efficient solutions for underwater defense systems.

Sensors and Controls

FW Thorpe Plc offers a range of sensors and controls for industrial automation, including temperature sensors, pressure sensors, and control systems.

LED Lighting Solutions

The company provides LED lighting solutions for various applications, including industrial, commercial, and residential spaces.

Electrical and Electronic Components

FW Thorpe Plc designs and manufactures electrical and electronic components, including connectors, switches, and circuit breakers.

8. FW Thorpe Plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for FW Thorpe Plc is medium due to the presence of alternative lighting solutions, but the company's focus on energy-efficient lighting reduces the threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong relationships with its customers and the lack of concentration in the customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers, but the company's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the lighting industry, including the need for significant capital investment and regulatory compliance.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the lighting industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.26%
Debt Cost 5.50%
Equity Weight 97.74%
Equity Cost 6.83%
WACC 6.80%
Leverage 2.31%

11. Quality Control: FW Thorpe Plc passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
AQ Group

A-Score: 5.4/10

Value: 2.9

Growth: 8.1

Quality: 6.9

Yield: 1.2

Momentum: 9.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
FW Thorpe

A-Score: 5.3/10

Value: 5.9

Growth: 7.2

Quality: 8.0

Yield: 2.5

Momentum: 4.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Mersen

A-Score: 5.2/10

Value: 7.6

Growth: 5.2

Quality: 3.6

Yield: 7.5

Momentum: 5.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Cenergy Holdings

A-Score: 5.0/10

Value: 3.5

Growth: 9.0

Quality: 5.1

Yield: 0.6

Momentum: 9.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Luceco

A-Score: 4.8/10

Value: 6.0

Growth: 5.0

Quality: 5.1

Yield: 6.2

Momentum: 2.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Volex

A-Score: 4.4/10

Value: 4.6

Growth: 6.9

Quality: 4.8

Yield: 1.2

Momentum: 6.5

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.86$

Current Price

2.87$

Potential

-0.00%

Expected Cash-Flows