£494.5m market cap

252p last close

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.

Investment summary

Headline earnings growth was modest in 2018 but, in our view, steps taken during the year reinforced and extended the group’s strong strategic positioning in its leading markets. Our estimates are modestly lower and more in line with consensus now, we believe. The current valuation – with single-digit P/E multiples – looks unduly bearish and we continue to expect that the company will outperform its underlying markets.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2017A 522.7 91.7 68.3 26.7 9.4 6.7
2018A 591.5 98.5 72.7 27.5 9.2 5.7
2019E 625.8 111.8 83.8 31.1 8.1 4.9
2020E 642.5 119.9 92.0 34.1 7.4 4.3
Last updated on 21/03/2019
Industry outlook

Leading North American and European markets are expected to grow modestly and the new-build sector has generally continued to be firmer than RMI spend which has been more patchy.

Last updated on 21/03/2019
Share price graph
Balance sheet
Forecast net debt (£m) 180.7
Forecast gearing ratio (%) 41
Price performance
Actual 3.3 5.4 (16.6)
Relative* 1.0 (3.8) (19.2)
52-week high/low 358.0p/222.5p
*% relative to local index
Key management
Martin Towers Chairman
Louis Eperjesi CEO
James Brotherton CFO