£487.6m market cap

248.5p 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

FY18 results were broadly in line with our estimates, with a 3% EPS uplift not really telling the story of another active year for organic and acquisitive progress. The year was characterised by variable market conditions both across and within regions. Nevertheless, management stuck closely to its well-flagged business improvement initiatives – especially footprint optimisation – and successfully completed four complementary acquisitions in the year (two in the UK, one US and one European), the largest of which was Ashland Hardware in the US, partly funded by new equity. When Tyman reports its next results it will be under the stewardship of new CEO Jo Hallas and the search for a new CFO is also underway to replace James Brotherton, who is leaving to take up another role with effect from 31 July. The AGM will be on 9 May.

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 9.3 6.6
2018A 591.5 98.5 72.7 27.5 9.0 5.6
2019E 625.8 111.8 83.8 31.1 8.0 4.9
2020E 642.5 119.9 92.0 34.1 7.3 4.2
Last updated on 22/05/2019
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 22/05/2019
Share price graph
Balance sheet
Forecast net debt (£m) 180.7
Forecast gearing ratio (%) 41
Price performance
Actual (2.0) 3.3 (25.2)
Relative* (0.2) 1.4 (19.3)
52-week high/low 358.0p/222.5p
*% relative to local index
Key management
Martin Towers Chairman
Jo Hallas CEO
Jason Ashton CFO