Epwin Group


£103.8m market cap

72.6p 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

Epwin’s H119 update reiterated existing guidance. Markets remain soft but business improvement activities, including new facility and product development investment, are ongoing and should be reflected in earnings improvement. The company remains conservatively funded and in a good position to continue to develop. An excellent dividend yield and modest rating at an earnings low represent good entry points for investors.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 292.8 32.1 22.4 13.4 5.4 5.7
2018A 281.1 27.0 16.5 9.8 7.4 4.0
2019E 291.3 28.2 17.6 10.1 7.2 4.4
2020E 296.2 29.5 18.7 10.7 6.8 3.9
Last updated on 15/08/2019
Industry outlook

Epwin is exposed to both RMI (c 70% revenue) and newbuild (c 30%) in the UK housing market. Newbuild activity is clearly still growing, while RMI demand has been more patchy. Referencing potential post-Brexit consumer confidence, industry commentators have expressed near-term caution.

Last updated on 15/08/2019
Share price graph
Balance sheet
Forecast net debt (£m) 17.3
Forecast gearing ratio (%) 17
Price performance
Actual 3.7 (10.7) 1.8
Relative* 10.2 (7.7) 8.6
52-week high/low 87.2p/68.0p
*% relative to local index
Key management
Jon Bednall CEO
Chris Empson FD

Content on Epwin Group