Have all of you missed this company...

We purchased our stake in this company around 2014 with the prices nudging $5 per share.

This was the first nugget that interested us: "Schaffer Corporation has paid an annual dividend every year since it first listed on the them Perth Stock Exchange in 1963."

This looked very like WHSP. However their 2015 results had shown a reduction of EPS from 44c per share to 25c. The big issue was they had moved manufacturing from Australia to Slovakia. In 2016 they earned 60c per share and more recently it has gone up to $1.90. They don't only do leather for motor vehicles but have a property arm and a - my words adventure capital division.

Ultra conservative and many family shareholders - much like WHSP.

A very strategic piece of land in WA and a strategic leather design unit still in Australia. USA property as well and a few other bits and pieces.

Very volatile earnings - all depends on motor marques launch of models and thus offtake of leather. So it is currently suffering the bad production bottlenecks which have caused to have excess stock and thus working capital. Earnings even in these distressed times was 38c and dividend was maintained at 45c for the half. They pay 90c fully franked for the year.

An interesting style and outside of cyclical has some assets that deliver at odd times.

A lot more expensive these days but like WHSP seem to bank more into the future value each year.