Epwin Group

LN: EPWN

Market Cap£110m

Last Close 76p

Epwin Group supplies functional low-maintenance exterior building products (including windows, doors, roofline and rainwater goods) into a number of UK market segments and is a modest exporter.

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Investment summary

Epwin’s H122 results highlighted double-digit revenue and profit growth with a static 6% margin, which is a good result in highly inflationary markets. Divisionally, Extrusion & Moulding saw good revenue growth in most core divisions and margins increased, though they remain below pre-pandemic levels. In Fabrication & Distribution revenue growth was achieved due to M&A and price increases. The other highlights were confirmed deleveraging in line with guidance and a DPS uplift. Since the half year, Epwin has announced the acquisition of PVC reprocessor Poly-Pure for £15m. Epwin remains on track to achieve FY22 expectations.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 241.0 26.0 5.0 4.0 19.0 4.6
2021A 329.6 34.8 13.3 8.8 8.6 3.2
2022E 350.4 36.5 14.5 8.1 9.4 3.3
2023E 355.5 38.4 16.2 8.8 8.6 2.9
Industry outlook

Epwin is exposed to both repair, maintain, improve (RMI, c 70% revenue) and newbuild (c 30%) in the UK housing market. In the market recovery phase from the impact of the COVID-19 pandemic, RMI has clearly been the stronger sub-sector. UK newbuild fundamentals remain favourable also.

Last updated on 25/09/2022
Content on Epwin Group
Epwin Group – Raised estimates and margin upside potential
Industrials | research Update | 19 April 2022
Epwin_Group (EPWN)
Epwin Group – The best is yet to come
Industrials | research Outlook | 11 March 2022
Epwin_Group (EPWN)
Epwin Group – Expectations raised
Industrials | research Update | 13 August 2021
Epwin_Group (EPWN)
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Share price graph
Balance sheet
Forecast net debt (£m) 6.9
Forecast gearing ratio (%) 6
Price performance
%
1m
3m
12m
Actual 0.0 (7.9) (35.6)
Relative* 6.8 (7.3) (31.7)
52-week high/low 117.5p/72.5p
*% relative to local index
Key management
Jon Bednall CEO
Chris Empson FD