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Epwin Group (AIM: EPWN)

Last close As at 26/04/2024

GBP0.88

▲ 1.00 (1.15%)

Market capitalisation

GBP126m

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.

Epwin is exposed to both repair, maintain, improve (RMI, c 70% revenue) and new build (c 30%) in the UK housing market. Despite the expected weakness in new build, demand from the RMI market has remained more resilient, which implies a relatively robust end to 2023 with some optimistic signals beginning to emerge from new build for 2024.

Latest Insights

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Industrials | Update

Epwin Group — Second earnings uplift this year after results exceed

Industrials | Update

Epwin Group — Solid H223 leads to useful earnings upgrade

Industrials | Update

Epwin Group — Strategic progress in tough markets

Industrials | Update

Epwin Group — Solid results highlight management action
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Sector

Industrials

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Chris Empson

    FD

  • Jon Bednall

    CEO

Balance Sheet

Forecast net debt (£m)

14

Forecast gearing ratio (%)

13

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 16.6 12.1 15.0
Relative 13.9 5.8 11.0
52 week high/low 88.0p/63.0p

Financials

Epwin’s FY23 results were robust and management navigated inflationary pressures well. Despite some market headwinds, we have increased our FY24 and FY25 underlying operating profit estimates for the second time this year. Long-term, well-established growth trends imply that Epwin is well-placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A. It trades on an FY24e P/E ratio of 8.3x, materially below the long-term average of 10.5x, and yields c 6%. The extended share buyback programme should help support the share price.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 355.8 41.6 16.5 8.84 10.0 3.1
2023A 345.4 50.1 18.0 9.58 9.2 2.5
2024E 345.5 43.8 19.4 10.27 8.6 2.9
2025E 349.0 44.0 19.7 10.55 8.3 2.8

Research

Update

Industrials

Epwin Group — Solid H223 leads to useful earnings upgrade

Update

Industrials

Epwin Group — Strategic progress in tough markets

Industrials

Update

Epwin Group — Second earnings uplift this year after results exceed

Update

Industrials

Epwin Group — Solid results highlight management action

Update

Industrials

Epwin Group — On course to hit full-year expectations

Update

Industrials

Epwin Group — Raised estimates and margin upside potential

Outlook

Industrials

Epwin Group — The best is yet to come

Update

Industrials

Epwin Group — Expectations raised

Update

Industrials

Epwin Group — Good end to FY20 and start to FY21

Update

Industrials

Epwin Group — Positive trading tone into Q4

Update

Industrials

Epwin Group — Rising activity levels as H1 closes
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