I was fortunate to get an early tour of the new PWH HQ and factory this week. It is an incredible, world class facility. Certainly the best high end manufacturing plant I’ve ever seen in Australia other than CSL.

The factory is 300 metres long and everyone I saw was productive and focused. The amount of high end Japanese milling equipment was noteworthy.

Matt who is acting CEO and has been there for 20 years showed an amazing level of knowledge, answering 2 hours straight of shareholder questions with detailed and logical answers. Sharyn who is the newish CFO is the best I have seen in mid cap world at getting the balance right between capital allocation and risk management. And again she was excellent in handling shareholder questions.

Most comforting though was seeing Kees Weel back on deck. While it’s clear he’s not moving as quickly as he once did, mentally he’s still 100% and gave a very passionate and at times emotional address on how happy he was to be back and how bright the future is for the business. He also lamented how hard governments are making it for businesses like these in Australia.

This inside look at the quality of both their facility and their people was a real conviction builder for me. Yes, motorsports is maturing but if they can keep building on the early successes in aerospace and defence then the current valuation will look cheap in 5 years.