£476.9m market cap

243p 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

With a share price that has been under pressure this year, an in-line trading performance should provide some reassurance to investors. A lack of improvement in Tyman’s underlying markets should come as no surprise but, with steps being taken in each division, overall group progress is anticipated for the year as a whole. This provides grounds for greater confidence in the company’s prospects, in our view.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 522.7 91.7 68.3 26.7 9.1 6.4
2018A 591.5 98.5 72.7 27.5 8.8 5.5
2019E 621.0 101.1 70.0 26.1 9.3 4.9
2020E 629.1 105.5 74.3 27.7 8.8 4.3
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 19/11/2019
Share price graph
Balance sheet
Forecast net debt (£m) 182.1
Forecast gearing ratio (%) 43
Price performance
Actual 16.3 18.0 (6.0)
Relative* 13.7 14.8 (10.9)
52-week high/low 264.0p/195.6p
*% relative to local index
Key management
Martin Towers Chairman
Jo Hallas CEO
Jason Ashton CFO

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