Tyman

LN: TYMN

£491.6m market cap

250.5p 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

In the first four months of FY19, Tyman’s headline revenue increased by 15% y-o-y and was flat in underlying terms (excluding FX and acquisition effects). While activity levels were slightly lower than management expected, full year guidance and our estimates are unchanged. No specific reference was made to individual acquisitions; an additional two months or so of Ashland Hardware (USA/AmesburyTruth) at the start of the year will have been the most significant contributor, with lesser benefits in the UK/ERA (Zoo Hardware, Profab, Y-Cam) and RoW/SG (Reguitti) also.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2017A 522.7 91.7 68.3 26.7 9.4 6.6
2018A 591.5 98.5 72.7 27.5 9.1 5.6
2019E 625.8 111.8 83.8 31.1 8.1 4.9
2020E 642.5 119.9 92.0 34.1 7.3 4.3
Last updated on 17/07/2019
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 17/07/2019
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (£m) 180.7
Forecast gearing ratio (%) 41
Price performance
%
1m
3m
12m
Actual 6.1 (4.8) (26.0)
Relative* 3.7 (5.2) (24.4)
52-week high/low 358.0p/222.5p
*% relative to local index
Key management
Martin Towers Chairman
Jo Hallas CEO
Jason Ashton CFO