Added to YB: 2026-06-25
Pitch date: 2026-06-23
CHH.L [bullish]
Churchill China plc
Author Info
No bio for this author
Company Info
Churchill China plc, together with its subsidiaries, manufactures and sells ceramic and related products for the hospitality and household markets in the United Kingdom, the rest of Europe, the United States, and internationally.
Market Cap
GBP 37.4M
Pitch Price
N/A
Price Target
7.50 (+121%)
Dividend
6.18%
EV/EBITDA
3.01
P/E
8.57
EV/Sales
0.39
Sector
Household Durables
Category
value
Priced as a Corpse, Built Like a Survivor. 0.6x Book. Net Cash. 30% Owner Yield. 6.5% Dividend Yield. And a 217-Year-Old Rival That Just Died. - Churchill China plc
CHH.L: UK's largest ceramics maker, 230yr survivor in consolidating Stoke-on-Trent (Denby, Royal Stafford died on leverage; Churchill has £10.8M cash, no debt, pension surplus). 80-85% rev is recurring replacement floor. Margin fell 16%→7% on reverse operating leverage, not decline. 79% EU tariff on Chinese imports = tailwind. Trades 320p, 3x EBITDA, 0.6x book (559p), 6.5% yield, 30% owner-earnings yield. Blended fair value ~650p, base+bull ~750p (+130%). Downside flat near bear ~310p. Risks: illiquid, no buybacks, CEO owns 0.2%, family selling, timing.
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