Epwin Group

LN: EPWN

Market Cap£156.5m

Last Close 108p

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.

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Investment summary

Epwin has entered FY21 with positive revenue momentum, having successfully navigated some extreme market conditions in the prior year. The company has built a solid base from which to grow volumes, and a positive cash generation profile provides headroom to invest organically and via acquisition as post-pandemic markets begin to normalise.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 282.1 38.2 15.0 8.5 12.7 4.4
2020A 241.0 28.6 5.0 4.0 27.0 6.5
2021E 301.7 35.7 10.0 5.6 19.3 4.7
2022E 306.8 39.1 13.3 7.5 14.4 4.1
Industry outlook

Epwin is exposed to both RMI (c 70% revenue) and newbuild (c 30%) in the UK housing market. RMI activity is currently stronger that other sectors which are also recovering gradually. There is some caution associated with potential impacts of rising unemployment on consumer confidence.

Last updated on 21/06/2021
Content on Epwin Group
Epwin Group – Good end to FY20 and start to FY21
Industrials | Update | 15 June 2021
Epwin_Group (EPWN)
Epwin Group – Positive trading tone into Q4
Industrials | Update | 6 January 2021
Epwin_Group (EPWN)
Epwin Group – Rising activity levels as H1 closes
Industrials | Update | 7 August 2020
Epwin_Group (EPWN)
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 2.4 11.3 55.4
Relative* 1.8 5.8 34.6
52-week high/low 110.0p/64.1p
*% relative to local index
Key management
Jon Bednall CEO
Chris Empson FD