Market Cap£744.9m

Last Close 379.5p

Tyman’s product portfolio substantially addresses the residential RMI and building markets with increasing commercial sector exposure following acquisitions. It manufactures and sources window and door hardware and seals, reporting in three divisions.

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Investment summary

Underlying residential sector end market demand has remained firm in all three of Tyman’s divisions in the first four months of H2. That said, supply chain constraints have affected industry top line growth. Consequently compared to pre-pandemic FY19, Tyman’s like-for-like revenue growth has slowed for the 10 months ytd compared to H1 in North America and UK/Ireland although International has accelerated further and is clearly taking market share. Management caution when reporting H1 in July was prudent and appears to have been well placed. Tyman continues to work closely with customers and pull the levers available (including price rises, investment and balance sheet flexibility) to mitigate operational pressures.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 613.7 100.8 71.0 27.3 13.9 6.6
2020A 572.8 94.9 68.4 27.1 14.0 6.7
2021E 629.4 103.4 78.8 30.9 12.3 9.1
2022E 645.5 110.0 86.2 33.4 11.4 6.6
Industry outlook

Prior to the COVID-19 outbreak, leading North American and European markets were expected to grow modestly and the new-build sector has generally been firmer than RMI spend which has been more patchy. Subsequently, RMI has recovered faster than newbuild.

Last updated on 21/01/2022
Content on Tyman
Tyman – Regional variation in resilient markets
Industrials | Update | 25 November 2021
Tyman Hero Banner
Tyman – More upgrades from ongoing trading momentum
Industrials | Update | 12 May 2021
Tyman Hero Banner
Tyman – Strong end to FY20, positive start to FY21
Industrials | Update | 29 March 2021
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Share price graph
Balance sheet
Forecast net debt (£m) 76.7
Forecast gearing ratio (%) 16
Price performance
Actual (4.7) (0.8) 8.9
Relative* (6.3) (3.5) (1.8)
52-week high/low 507.0p/330.0p
*% relative to local index
Key management
Martin Towers Chairman
Jo Hallas CEO
Jason Ashton CFO