REG-Thalassa Holdings Ltd Thalassa Holdings Ltd: Letter to Newmark Security plc (NWT) Shareholders
08/10/2025 07:30
============
Thalassa Holdings Ltd (THAL)
Thalassa Holdings Ltd: Letter to Newmark Security plc (NWT) Shareholders
08-Oct-2025 / 07:30 GMT/BST
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Thalassa Holdings Ltd
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Trading Update
The Company wishes to publish the following letter to the shareholders of Newmark Security plc (ticker:
NWT), in which the Company owns 21.3% of the issued shares.
The full documentation will be available in due course on the Company's website. If any person would like
to receive pdf copies of the full document, then please contact: 1 enquiries@thalassaholdingsltd.com
__________________________________
8 October 2025
Newmark Shareholders
Dear Fellow Shareholders
I am writing to you on behalf of Thalassa Holdings Ltd. (“THAL”), the largest (21.3%), but nonetheless, a
concerned shareholder of Newmark Security Plc (“NWT”).
THAL has been a long-term holder of NWT, having held shares since 2019. We have corresponded and met with
Messrs M and M-C Dwek on several occasions and expressed our increasing concerns regarding Excess Pay,
Governance and Financial Performance (or rather lack thereof).
Below, I include our letter of 25 April 2025 to the NWT Board in which I believe we clearly and succinctly
outline some of our concerns. I believe that we are responsible and considerate shareholders and have
attempted, without success, to engage with NWT’s Chairman and CEO board discretely in a constructive
manner, but to no avail.
Notwithstanding the fact that we are the Company’s largest shareholder, our request for Board
representation was rejected out of hand. At our last meeting with the Dweks, we agreed that we would not
agitate for change if the Dwek’s addressed our concerns. Sadly, nothing has changed, Compensation
continues to far outstrip Net Income, and Management continue to focus on a failed physical security
business (Safetell) that has experienced a 51.3% decline in Revenues since the current CEO, M-C Dwek’s
appointment, rather than focusing resources on a rapidly growing business (Grosvenor).
As NWT’s largest shareholder, we are no longer willing to support the Status Quo
In our opinion, the NWT Board continue to run the Company for the benefit of the Dwek family, with little
or, in our opinion, no consideration for shareholders other than themselves. If you as fellow shareholders
have any doubt about the facts, please see the attached xl spreadsheets which cover the relevant numbers
since the Company went public. The original version of this spreadsheet, which has now been updated with
the 2025 figures, was attached to our letter of 25 April 2025. We believe that the numbers are correct but
are happy to consider changes in the event of errors or emissions.
The results, both since inception and during M-C Dwek’s tenure as CEO, have been nothing short of
disastrous, and even during our tenure as a shareholder since 2019, executive compensation, including
subsidiary executives, amounted to £7.759m, or an astonishing and, in our opinion, unacceptable 4.8x Net
Income to shareholders of
£1.623m.
In any normal situation Executive Compensation is calculated as a fraction of Net Income, NOT a multiple
thereof
I should also like to point out that the trite responses that I have received when challenging Group
compensation simply ignore any measure of performance, Efficiency, or the generation of Shareholder Value,
such as EVA, ROE, ROCE, ROA or P/BV, EV/BV, EV/FCF, and all Turnover and Debt Ratios. To put this point
into stark relief, and for anyone who believes that I am being unfair, I would suggest a detailed read of
NWT’s Annual Report (AR), and specifically a read of the Directors’ Remuneration Report on page 34 of the
2025 AR. The second to last paragraph headed “Annual performance bonuses” sums up our frustration and
concerns, which reads as follows:
“Performance bonuses are awarded based on annual Company performance. Targets are set by the Remuneration
Committee to deliver financial and strategic objectives. Targets for FY25 included group revenues, HCM
annual recurring revenues and group profit from operations”
My message to the Remuneration Committee is that based on the above, you are, in our opinion, incompetent
and your KPI Targets, as stated, are quite simply unfit for purpose. The first sentence states that
bonuses are based on “Company Performance”. The second sentence deviates from the concept of performance
by stating that the Remuneration Committee set targets to “deliver financial and strategic objectives”.
The third sentence makes a complete mockery of inclusion of the concept of “Performance” as the first two
measures, upon which the Compensation Committee hang their hat, are “group revenues” and “HCM annual
recurring revenues”.
Revenues are not a measure of performance,
and if they fall into the second category of ‘financial and strategic objectives’, we suggest that the
entire Remuneration Committee needs to be replaced with people who understand that it is Free Cash Flow,
ROCE and EVA that they should be reviewing not revenues and certainly not the selective revenues of HCM!
We have not had access to the Directors’ Remuneration and bonus scheme documents but are advised that they
were prepared “with the help of expert consultants MM&K who were recommended by Allenby Capital”. I am
sure that we, and other shareholders would like line of sight of these documents, which I would
recommend are circulated to shareholders, other than Board and Executive members, for shareholder
approval.
I have attached a relatively comprehensive, updated financial analysis of NWT which includes EVA and WACC
calculations. Also attached is a sheet of ratios with room for expansion…once we have more time.
Unsurprisingly, the results show that the only shareholders making money on their investment in NWT are
the Dweks. The figures clearly show that all other shareholders (not receiving compensation, consultancy
fees nor dividends) are simply irrelevant.
Our calculations have been checked by a gentleman (“pc") with a Master’s Degree (Msc) in Investment
Analysis, who also studied Mathematics, Economics and Computer Science as an undergraduate. I have known
‘pc’ many years and can vouch for his financial acumen. I believe that the analysis we have undertaken is
robust. If there are any errors or omissions, we will reflect upon comments received and adjust as
appropriate.
Whilst there are a couple of metrics that may be open to subjective interpretation, the conclusions are
the same, namely that the Management team have produced negative EVA results. As I explain (in the ‘EVA’
enclosure) a negative EVA number suggests that the Board/Management of a company are destroying
shareholder value.
Economic value added (EVA) calculates the profits that remain after deducting a company's cost of capital.
A negative EVA number suggests destruction of shareholder value.
On behalf of the THAL Board, our message to the NWT Board is that we will no longer stand by while they
reward mediocre or, worse, in our opinion, poor or non- existent performance.
Our short-term objectives are threefold:
1. to alert fellow NWT shareholders to the fact that THAL will no longer support nor tolerate the Dweks'
closed shop approach to running NWT as a private company;
2. to advise NWT shareholders that Thalassa, as the largest shareholder, will no longer support the
appointment of the current independent Directors, as we do not consider them to be independent; and
3. to suggest to NWT shareholders that if they, like us, are frustrated and concerned that they
a. let the NWT Board know of their frustration, and
b. vote against a continuation of what we consider to be a self-serving agenda of the Dweks at the
upcoming AGM.
Our longer-term objectives are also clear, it is our intention to seek changes to the NWT Board, and to
have Independent Directors appointed who represent the interest of ALL shareholders not just a minority of
two. If, therefore, any shareholder reading this letter would be willing to serve on the Board of NWT or
would like to recommend an individual willing to serve as a Director of NWT, please contact us with a C.V.
/ Bio., for potential inclusion as Nominees for a new Board. In the event that the Dwek’s do not accede to
1. our request for Board representation and 2. the appointment of (replacement) Independent Directors, we
shall seek to replace the entire Board with representatives willing to represent ALL shareholders.
Finally, we wish to advise NWT shareholders that we have voted AGAINST Resolution 3. the re-appointment of
Mr Yap. We are concerned that Mr Yap’s apparent support for the compensation/remuneration, performance
bonuses, and, in our opinion, appalling Governance decisions do not reflect independence from the Dwek
family and, therefore, appear only to favour the Dwek’s not ALL shareholders. We have also voted AGAINST
Resolutions 5 and 6. Resolution 5 allows for the Directors to ‘generally and unconditionally allot shares
or grant rights to subscribe for or to convert any security into shares’ (read options) approval of which
will not have been put to shareholders for their approval. Resolution 5 is an Ordinary Resolution. We have
also voted AGAINST Resolution 6 the disapplication of pre- emption rights. Resolution 6 is a Special
Resolution which requires 75% of votes cast at the meeting to vote in favour of the Resolution or for, in
excess of 80% of the total number of shares outstanding to be voted at the AGM to out-vote us. We think it
unlikely that even the incumbent Board will succeed in mustering that number of shares to support such an
abusive and ill-advised proposal, guaranteed only to harm current shareholders.
Our actions are a warning shot to the Board. The NWT Board now have their last opportunity to replace the
current independent Directors with shareholder nominees or face the reality and consequences of their
actions and engage with us in a needless Proxy Battle. Unlike the Dwek’s, we have no personal agenda for
self- enrichment at the expense of NWT’s independent shareholders our sole objective is for equitable
treatment and the creation of Value for ALL of NWT’s shareholders.
Sincerely,
Duncan Soukup
email: 2 duncan.soukup@thalassaholdingsltd.com mob. +33 6 76 84 50 51
Encs: Letter to NWT Board, 25.4.2025, Financial Analysis, Sales Analysis, WACC, EVA, Stock Price, Ratio
Analysis
25 April 2025
Newmark Security Plc - by email
Dear Members of the Board,
As you are aware Thalassa Holdings Ltd owns 2 million shares of NWT (21.3%) making us the Company’s
largest shareholder. Whilst we have a strong conviction in the opportunities present at the Company, we
are disappointed with the Company’s Financial-, Operational- and Share Price performance and the Board’s
indefensible Governance Record that has constantly rewarded Leadership for negative shareholder returns.
1. Excessive Compensation, and complete Lack of Corporate Governance
We consider the compensation of the Dwek family, at the expense of shareholders, to be wholly
unacceptable, which was only achievable with the explicit support of the Independent Directors. In our
opinion, Messrs Rapoport and Yap’s actions have compromised their status as Independent Directors and
forsaken all consideration for the financial health of the stakeholders they are supposed, as independent
directors, to represent, namely ALL the Company’s shareholders.
To be clear, we consider the compensation of Messrs. M and M-C Dwek to be not only unrelated to any normal
3 year rolling performance KPI’s such as ROCE, ROA, Net Income, Free Cashflow, Book Value, and Share Price
performance, but also excessive given the additional costs of the other Executive Director(s) and the
Subsidiary Executive Directors.
The Company Leadership’s (Executive and Subsidiary Executive Directors) compensation is, frankly, wholly
inappropriate as well as disproportionate to NWT’s size and financial performance whether measured from
the time of listing, or over the past 12 years since M-C Dwek was appointed CEO. We would point out that
the figures include our rather hopeful, positive estimates for 2025E.
We would draw the Board’s attention to the enclosed xl spreadsheet, which starkly illustrates the
Company’s excessive compensation and cost structure. The following extract from our xl spreadsheet
highlights the Company’s inequitable and clearly uneconomical compensation policy.
Compensation vs. Net Income attributable to Shareholders between 2014 and 2025E
Ms M-C Dwek £3.36 million
Mr M Dwek £1.303 million
M-C + M Dwek £4.663 million
Total Board Compensation £7.653 million
Total Executive Directors + Subsidiary Executive Directors £14.410 million
Net Income attributable to shareholders -£1.6 million, or
-£1.258
million…
…including
our 2025E of net income of +£467,800
2. Balance Sheet deterioration
Erratic Operational performance, unsustainably high fixed costs, and excessive compensation have resulted
in a > 30% decline in the Company’s Book Value between 2014 and 2024. We are astonished, therefore by the
reference in the CEO’s statement in the 2024 AR that Strategic Growth Plans include, “increasing net
assets”. Why only now?
3. Upside-only Performance Bonuses
Performance bonuses that appear to be calculated only on increased Revenues and EBITDA, and based on the
result of a single year rather than on a three-year rolling basis are a complete waste of time, rewarding
Executives for reasonable results but never penalising them for poor or worse, bad results. It is like
saying “The Executive are only responsible for positive-, but not negative results.” We would argue that
such “Golden Ticket” reward-schemes have are totally inappropriate in a public company.
We would also point out that we have not included Options or warrants in our analysis but note that the
Board has awarded and replaced lapsed options with gay abandon and with no apparent relevance to the
company’s long-term performance.
4. Poor Operational Performance
Divisional revenues and margins have been inconsistent over the past 12 years, and whilst HCM growth,
particularly in the US, is a stand-out, Access Control and Physical Security revenues have fallen
precipitously by 35% and 51% respectively. The net result is that total revenue growth over the entire
period between 2014 and 2024 of 16.2%, 1.35% annually, has not even kept pace with inflation.
Revenue collapse of these magnitudes is often symptomatic of redundant or obsolete technology (Access
Control) or a mature and declining market (Physical Security).
Given the Company’s results we question the Board’s strategy, particularly in respect of allocation of
capital to the Group’s subsidiaries, which suggest to us the immediate need for a Strategic Review.
5. Stagnant share Price Performance
Given NWT’s economic performance and the Board’s incomprehensible decision to reward such poor
performance, it is hardly surprising that the Company’s shares have languished, and why we have been able
to increase our holding in the Company.
Frankly, it strikes us that NWT’s Board has forgotten that the Company is Public. To wit, during a recent
meeting with M-C Dwek, post Thalassa’s acquisition of the Reid stake, the only question I was asked was
“what are our intentions”? Sadly, not whether we consider the Company’s performance to be satisfactory or
whether we consider the share price performance to have met or exceeded our expectations!
In summary, we fully understand the issues of running a public company, as well as the challenges of Covid
and other unpredictable economic potholes. Whilst we can live with those bumps in the road, we cannot
tolerate leadership’s enrichment at the expense of shareholders which we consider both morally and
financially unacceptable. We are, in principle, supportive of performance related compensation, but only
when based on ‘real’ not fictitious performance measures, such as Revenue Growth, and EBITDA, neither of
which measure performance, nor enhance shareholder value.
6. Conclusion
We consider the current Board to be compromised, unfit for purpose, and in immediate need of change. It is
our firm opinion that there is a long overdue need for accountability at Newmark, which can only be
achieved by the appointment of
Directors willing to serve all stakeholders not just a select few. We would suggest that Messrs Rapoport
and Yap ‘retire’ and be replaced by me and two other nominees including one from the ranks of current
shareholders and one from industry or finance.
Maurice, if you and the Board are willing to agree to our proposal, including a full Strategic Review,
then we see no need for an avoidable public spat. If, however, the Board seeks to justify or defend their
record or dismiss our constructive approach, as you did when we first met pre-Covid, we will seek
shareholder support to replace the entire board.
We fully understand that you may not welcome our forthright approach, but we have watched and waited for
over 5 years during which time we have seen no improvement in results, nor governance. We are unwilling to
sit by any longer whilst you and the current board treat shareholders with utter disdain and run NWT as a
private company.
During my conversation with M-C Dwek following our recent acquisition of shares, I was offered the
opportunity of meeting with the Chairman during his annual trip to Monaco but, sadly, I have heard nothing
further, which is completely consistent with the general treatment of shareholders.
Please be advised that if we do not hear from you by close of business on Wednesday 30 April 2025 that we
will go public and seek shareholder approval to reconstitute the Board.
Sincerely,
Duncan Soukup Chairman
Encl.:
Share price chart, Xl spreadsheet
Total Total Total Total Total THAL Estimate
Board Compensation £'000 2014 -
1997 - 2025A 1997 - 2025E 1997 - 2013A 2014 - 2025A 2025E 2025A 2025E
Executive Directors
M-C Dwek 3,407 3,368 8 3,399 3,360 345 306
P Campbell-White 849 840 - 849 840 257 248
G Feltham 354 354 - 354 354 - -
B Beercraft 2,569 2,569 1,541 1,028 1,028 - -
D Blethyn 725 725 663 62 62 - -
S Rajwan 783 783 783 - - - -
M Veldhoen 141 141 141 - - - -
S Foot 39 - 39 - - - -
Non-Executive Directors
M Dwek £'000 3,517 3,514 2,211 1,306 1,303 136 133
M Rapoport 513 512 201 312 311 31 30
R Waddington 311 280 25 286 255 31
T Yap 106 136 0 106 136 30
N Medlam 78 78 74 4 4 -
M-C Dwek £'000 24 24 24 - - - -
M David 19 19 19 - - - -
A Reid 174 174 174 - - - -
D Ishag 4 4 4 - - - -
Total Board Comp. 13,613 13,560 5,907 7,706 7,653 800 747
M+M-C Dwek £'000 6,948 6,906 2,243 4,705 4,663 481 439
Exec + Subsidiary Exec Dir. 25,316 25,122 10,712 14,604 14,410 1,443 1,339
∆% 7.8%
Aggregate 2020 - 2025 £7,759
Mkt Cap £ millions 8.67 6.5
People & Data Mnagement HCM Total
92,685 15,380
∆% 14.3%
Access Control Total 39,267 2,719
∆%
PDM + AC Total 131,952 18,099
∆% 9.90%
Physical Security
Products 56,236 2,194
Services 29,358 2,744
Total Total Total Total Total THAL Estimate
Board Compensation £'000 1997 - 2025A 1997 - 2025E 1997 - 2013A 2014 - 2014 - 2025A 2025E
2025A 2025E
Executive Directors
Physical Security Total 85,594 4,938
∆% -14.98%
Total Group Revenue 426,473 426,827 189,756 236,717 237,071 23,037 23,390.9
∆% 3.4%
Gross profit 167,523 167,494 77,147 90,376 90,347 9,385 9,356
Gross Margin 38.2% 38.1% 40.7% 40.0%
∆% Gross Profit 26.3% 3.2%
Profit from Opertions/(Loss) (EBIT) 1,502 1,742 3,148 (1,646) (1,406) 930 1,170
Operating Margin -0.70% -0.59% 4.04% 5.0%
∆% 8.5%
Net Income/(Loss) (1,283) (1,445) (218) (1,065) (1,227) 662 500.0
Net Margin -0.45% -0.52% 2.87% 2.14%
∆%
Tax Rate 25%
Net Operating Profit after Tax 697,500
(NOPAT)
Invested Capital Equity + (Debt + Capital Leases) + Non Operationg
Cash/Assets
EPS / Basic £ 0.0706 0.05
EPS / Diluted £ 0.0665
Dividend pence
# Employees 109
Personnel Expenses £millions 21,364.34 12,478.8 9,039 8,885.6 8,953 8,800
Net Equity (BV) BV since 2013 £millions 8.7 8.3
shs o/s 9.374647 9.374647
BV/Shr. 0.93 0.89
Years 28
Years 12
Board Compensation
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Executive Directors
M-C Dwek 306 289 260 337 332 310 231 232 237 239
P Campbell-White 248 214 130 - - - - - - -
G Feltham - - 115 141 98 - - - - -
B Beercraft - - - - 89 163 163 163 160 150
D Blethyn - - - - - - - - - -
S Rajwan - - - - - - - - - -
M Veldhoen - - - - - - - - - -
S Foot - - - - - - - - - -
Non-Executive Directors
M Dwek 133 118 114 85 112 110 106 103 101 96
M Rapoport 30 26 25 25 25 25 25 25 25 25
R Waddington 30 25 25 25 25 25 25 25 25
T Yap 30 26 25 25 - - - - - -
N Medlam - - - - - - - - - -
M-C Dwek - - - - - - - - - -
M David - - - - - - - - - -
A Reid - - - - - - - - - -
D Ishag - - - - - - - - - -
Total Board Comp. 747 703 694 638 681 633 550 548 548 535
M+M-C Dwek 439 407 374 422 444 420 337 335 338 335
Exec + Subsidiary Exec Dir. 1,339 1,010 1,025 1,407 1,535 1,194 1,191 1,004 1,033 1,084
∆%
Aggregate 2020 - 2025 Mkt Cap
8.0 5.3 3.1 5.6 5.2 4.0 4.5 6.4 13.2 13.3
People & Data Mnagement HCM Total
13,452 12,551 11,442 9,659 9,142 6,908 4,118 3,291 3,278 3,464
∆% 7.2% 9.7% 18.5% 5.7% 32.3% 67.8% 25.1% 0.4% -5.4% 9.1%
Access Control Total 3,017 3,023 3,117 2,988 4,215 4,071 3,842 3,801 4,361 4,113
∆% -25.69%
PDM + AC Total 16,469 15,574 14,559 12,647 13,357 10,979 7,960 7,092 7,639 7,577
∆% 127.7%
Physical Security
Products 3,690 2,840 3,131 3,220 2,695 4,810 4,874 5,870 10,721 12,191
Services 2,118 1,900 1,455 1,791 2,715 3,794 3,218 3,074 3,463 3,086
Board 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Compensation
Executive
Directors
Physical 5,808 4,740 4,586 5,011 5,410 8,604 8,092 8,944 14,184 15,277
Security Total
∆% -51.34%
Total Group 22,277 20,314 19,145 17,658 18,767 19,583 16,052 16,036 21,823 22,854
Revenue
∆% 9.7% 6.1% 8.4% -5.9% -4.2% 22.0% 0.1% -26.5% -4.5% 19.2%
Gross profit 8,585 7,638 6,419 6,629 7,449 7,765 5,792 4,474 9,098 9,712
Gross Margin 38.5% 37.6% 33.5% 37.5% 39.7% 39.7% 36.1% 27.9% 41.7% 42.5%
∆% Gross Profit 12.4% 19.0% -3.2% -11.0% -4.1% 34.1% 29.5% -50.8% -6.3% 30.7%
Profit from
Opertions/(Loss) 774 284 (1,214) (33) 305 220 (1,877) (5,233) 1,198 2,143
(EBIT)
Operating Margin 3.47% 1.40% -6.34% -0.19% 1.63% 1.12% -11.69% -32.63% 5.49% 9.38%
∆% -9.68%
Net 134 353 (804) 151 1,127 189 (1,868) (5,236) 1,227 2,143
Income/(Loss)
Net Margin 0.60% 1.74% -4.20% 0.86% 6.01% 0.97% -11.64% -32.65% 5.62% 9.38%
∆% -84.36%
Tax Rate
Net Operating
Profit after Tax
(NOPAT)
Invested Capital
EPS / Basic £ 0.01 0.04 (0.32) 0.03 0.24 0.04 (0.40) (1.11) 0.26 0.48
EPS / Diluted £
Dividend pence 0.1 0.1
# Employees 102 99 103 112 115 128 142 158 161 155
Personnel 8.292 7.274 7.119 6.781 6.979 7.931 7.967 8.902 8.962 8.097
Expenses
14.4%
Net Equity (BV) 8.1 7.9 7.6 8.2 8.3 7.1 6.9 8.8 14.5 13.6
BV since 2013 -30.17%
shs o/s 9.374647 9.374647 9.374647 9.374647 9.374647 9.374647 9.374647 9.374647 9.374647 9.200000
BV/Shr. 0.86 0.84 0.81 0.87 0.89 0.76 0.74 0.94 1.54 1.48
-32.96%
Years 27 26 25 24 23 22 21 20 19 18
Years 11 10 9 8 7 6 5 4 3 2
M-C Dwek - 24 24
M David - 19 - - - - - - - -
A Reid - 174 - - - 11 15 15 15 15
D Ishag - 4 - - - 4 - - - -
Total Board Comp. 629 5,907 548 406 402 426 193 188 184 403
M+M-C Dwek 373 2,243 171 75 75 75 50 50 50 274
Exec + Subsidiary Exec Dir. 1,249 10,712 1,124 1,074 932 862 946 908 945 764
Note 5
∆%
Aggregate 2020 - 2025 Mkt Cap
7.3 6.6 3.5 6.3 8.3 5.5 7.3 5.7 3.8
People & Data Mnagement HCM Total
3,174 2,871
∆%
Access Control Total 4,060 3,744
∆%
PDM + AC Total 7,234 6,615 6,039 6,142 6,325 6,631 7,494 7,441 6,407
∆%
Physical Security
Products 8,719 8,295
Services 3,218 3,406
∆%
Board Compensation
2005 2004 2003 2002 2001 2000 1999 1998
Executive Directors
M-C Dwek
P Campbell-White - - - - - - - -
G Feltham - -
- - - - - -
B Beercraft 99 99 95 107 80 70 58
D Blethyn - - - - - - - -
S Rajwan - 64 174 157 123 102 83 80
M Veldhoen - - - - - 30 77 34
S Foot - - - - - - - 39
Non-Executive Directors
M Dwek 198 198 274 319 121 146 99 68
M Rapoport - - - -
- 15 - 11 - 7 - 8
R Waddington - - - -
T Yap - - - - - - - -
N Medlam - - - - - - - -
M-C Dwek
M David - - - - 2 7 5 5
A Reid 15 11 31 21 8 7 5 5
D Ishag - - - - - - - -
Total Board Comp. 327 383 581 612 334 362 327 231
M+M-C Dwek 198 198 274 319 121 146 99 68
Companies House
Exec + Subsidiary Exec Dir. 327 383 581 612 334 362 327 231
∆%
Aggregate 2020 - 2025 Mkt Cap
6.9 3.0 2.4 3.9 4.5 9.4 7.4 7.4
People & Data Mnagement HCM Total
∆%
Access Control Total
∆%
PDM + AC Total
6,682 4,032
∆%
Physical Security Products Services
∆%
Primary Geographic Markets ∆% 2025 2024
UK -0.85% (81) 9,434 9,515
USA -3.20% (261) 7,886 8,147
Belgium 21.40% 337 1,912 1,575
Canada 116.22% 738 1,373 635
Netherlands -6.26% (35) 524 559
Mexico -5.83% (36) 581 617
Middle East -11.27% (8) 63 71
Sweden 76.47% 78 180 102
Switzerland -80.00% (40) 10 50
Ireland -75.53% (142) 46 188
Rest of the World 25.67% 210 1,028 818
Total 3.41% 760 23,037 22,277
NWT Economic Value Added (EVA)
EVA = NOPAT - (Invested Capital* WACC) or
Modified Formula NOPAT - (Total Assets - Current Liabilities)* WACC
Cash Debt Right of use of Land Leasehold Shareholder's
Improvements Equity
NOPAT Net Operating Profit after Taxes
Invested capital Debt + Capital Leases + 344,000 4,015,000 Gross 2,103,000 424,000 8,672,000
Shareholders' Equity
WACC Weighted Average Cost of Capital Dep'n 1,123,000 376,000
Net BV 980,000 48,000
EVA AR2025pg61
EVA Modified Formula
NOPAT
Total Assets 344,000 AR2025pg44
Current Liabilities (ex
Debt) 12,800,000.00 AR2025pg65
WACC
EVA
^
^EVA Definition
[^EVA shows how well a company generates true economic profit over its cost of capital by subtracting
Weighted Average Cost of Capital (WACC) from Net Operating ProfitAfter Taxes (NOPAT)]
^
[^EVA encourages management to focus on capital efficiency and value creation, benefiting shareholders]
^
^
^
^
^Conclusion
[^The Calculation of WACC and EVA includes subjectivity and can, therefore, be challenged. However, unless
the formulae contain significantly erroneous numbers, the quantum may change whilst the Conclusion will
remain the same.]
^
[^In the case of NWT the Conclusion quite simply confirms the conclusion reached using multiple other
ratios, namely that the Company is being run for the benefit of insiders with no consideration for
shareholders other than themselves]
^
^
^
[^If the Company or any shareholder wishes to inform us of any errors or omissions, we will readily
reflect on the input received, and make appropriate adjustments]
^
For WACC, Stock Price and Ratio Analysis, see the Company's website in due course.
END
For further information, please contact:
Enquiries: 3 enquiries@thalassaholdingsltd.com
Thalassa Holdings Ltd
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Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market
Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: VGG878801114
Category Code: MSCL
TIDM: THAL
LEI Code: 2138002739WFQPLBEQ42
Sequence No.: 404419
EQS News ID: 2209520
End of Announcement EQS News Service
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References
Visible links
1. mailto:enquiries@thalassaholdingsltd.com
2. mailto:duncan.soukup@thalassaholdingsltd.com
3. mailto:enquiries@thalassaholdingsltd.com
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