Epwin Group (AIM: EPWN)

Currency in GBP

Last close As at 07/02/2023


−0.50 (−0.66%)

Market capitalisation


Epwin Group supplies functional low-maintenance exterior building products (including windows, doors, roofline and rainwater goods) into a number of UK market segments and is a modest exporter.

Epwin is exposed to both repair, maintain, improve (RMI, c 70% revenue) and newbuild (c 30%) in the UK housing market. In the market recovery phase from the impact of the COVID-19 pandemic, RMI has clearly been the stronger sub-sector though UK newbuild fundamentals remain favourable.

Latest Insights

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Epwin Group — The best is yet to come


Epwin Group — Expectations raised



Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Chris Empson


  • Jon Bednall


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 4.1 5.2 (25.3)
Relative (0.2) (2.9) (25.6)
52 week high/low 107.2p/68.0p


Epwin’s H122 results highlighted double-digit revenue and profit growth with a static 6% margin, which is a good result in highly inflationary markets. Divisionally, Extrusion & Moulding saw good revenue growth in most core divisions and margins increased, though they remain below pre-pandemic levels. In Fabrication & Distribution revenue growth was achieved due to M&A and price increases. The other highlights were confirmed deleveraging in line with guidance and a DPS uplift. Since the half year, Epwin has announced the acquisition of PVC reprocessor Poly-Pure for £15m. Epwin remains on track to achieve revised FY22 expectations.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2020A 241.0 28.6 5.0 3.98 19.0 N/A
2021A 329.6 36.3 13.7 9.06 8.3 N/A
2022E 349.5 38.1 14.6 8.14 9.3 N/A
2023E 356.0 40.5 16.3 8.75 8.6 N/A


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