Pinned straw:
I ended up doing a thesis review, following this announcement.
Really fascinating company, worth following IMO even if you decide against investing.
Very brief summary, for anyone not familiar:
PWH have a core business making high end, bespoke cooling products for the automotive sector. They must be doing something right, because somehow they have managed to gain a monopoly in Formula One. So they supply cutting edge cooling systems to EVERY F1 Team. And are apparently deeply embedded in the design process, so very hard to displace. Super impressive that a small Australian company was able to achieve that.
Over the last several years, they have pivoted into Aerospace and Defense. There have been some speed bumps, including cancellation of some OEM contracts (they also provide cooling solutions to some high-end consumer car companies), delays in completing their new, expanded factory, and the drawn out process of getting approvals and contracts in the A&D sector.
But there are signs (eg today's announcement) that it is all coming together.
PWH doesn't screen as cheap by any means. But it perhaps fits the "quality at a reasonable price" category.
I own a moderate-sized (around 5%) position IRL and am happily holding