  We calculate the mean number of metastable states of an Ising ferromagnet on
random thin graphs of fixed connectivity c. We find, as for mean field spin
glasses that this mean increases exponentially with the number of sites, and is
the same as that calculated for the +/- J spin glass on the same graphs. An
annealed calculation of the number <N_{MS}(E)> of metastable states of energy E
is carried out. For small c, an analytic result is obtained. The result is
compared with the one obtained for spin glasses in order to discuss the role
played by loops on thin graphs and hence the effect of real frustration on the
distribution of metastable states.
