Market Cap£905.7m

Last Close 461.5p

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

A strong end to FY20 has continued with all three divisions performing ahead of management’s expectations in the first four months of FY21. Moreover, the company has become more optimistic about the outlook for the remainder of the year. Following raised FY21 guidance we increased our expected contributions from all three divisions and for all three estimate years resulting in an FY21 EPS uplift of c 11%, followed by +9% in each of the following two years. A subsequent capital markets event (20 May) expanded upon the company’s ‘Focus, Define, Grow’ value creation strategy through further organic development of strong regional market positions (eg through product development, customer service and channel expansion) and potentially acquisitions.

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 16.9 8.1
2020A 572.8 94.9 68.4 27.1 17.0 8.2
2021E 620.0 104.7 80.1 31.5 14.7 9.5
2022E 635.8 108.9 85.1 33.0 14.0 8.0
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.

Last updated on 21/06/2021
Content on Tyman
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
Tyman Hero Banner
Tyman – Solid end to a challenging year
Industrials | Update | 15 December 2020
Tyman Hero Banner
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Share price graph
Balance sheet
Forecast net debt (£m) 74
Forecast gearing ratio (%) 16
Price performance
Actual (5.4) 24.6 133.1
Relative* (6.0) 18.3 101.8
52-week high/low 507.0p/171.0p
*% relative to local index
Key management
Martin Towers Chairman
Jo Hallas CEO
Jason Ashton CFO