Epwin Group


£99.9m market cap

69.9p last close

Epwin 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.

Investment summary

Building on previous updates – and having reopened all facilities – Epwin has confirmed that it has seen demand levels rebuilding following COVID-19 disruption during H1. In particular, sales in the replacement market have exceeded their prior year equivalents in the latest two trading months. Net debt dipped at the period end, further boosting liquidity headroom. The near-term focus is on delivering increased customer requirements and full commissioning of the new Telford warehouse facility. Our estimates remain suspended currently.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 281.1 26.7 16.5 9.8 7.1 3.9
2019A 282.1 26.4 15.0 8.5 8.2 2.9
2020E N/A N/A N/A N/A N/A N/A
2021E N/A N/A N/A N/A N/A N/A
Industry outlook

Epwin is exposed to both RMI (c 70% revenue) and newbuild (c 30%) in the UK housing market. Newbuild activity growth slowed at the end of 2019, while RMI demand has been more patchy. The Brexit debate weakened consumer confidence which appeared to recover following the general election result before the coronavirus lockdown occurred.

Last updated on 13/08/2020
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (4.0) (5.8) (5.8)
Relative* (4.7) (11.4) 8.3
52-week high/low 113.5p/58.4p
*% relative to local index
Key management
Jon Bednall CEO
Chris Empson FD

Content on Epwin Group