“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”
Currency in GBP
Last close As at 24/03/2023
GBP0.73
▲ −0.50 (−0.68%)
Market capitalisation
GBP107m
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.
Industrials
Industrials
Director, Financials & Industrials
Chris Empson
FD
Jon Bednall
CEO
Forecast net debt (£m)
22.4
Forecast gearing ratio (%)
22
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (8.5) | 0.7 | (20.8) |
| Relative | (4.1) | (0.4) | (20.0) |
| 52 week high/low | 95.2p/68.0p |
Epwin’s FY22 trading update confirmed that revenue for the year increased by around 8% to £355m, driven mainly by inflationary price increases and bolt-on acquisitions. It also confirmed that despite the inflationary headwinds, it expects to report significantly higher profit versus FY21. Year end net debt rose to £18m, which was better than market expectations. In the second half of the year, Epwin announced the acquisition of PVC reprocessor Poly-Pure for £15m and the purchase of Hampton Decking for £4m, both in line with its strategy. Epwin remains on track to achieve revised FY22 expectations and will report full year results on 4 April.
| 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 | 18.2 | N/A |
| 2021A | 329.6 | 36.3 | 13.7 | 9.06 | 8.0 | N/A |
| 2022E | 349.5 | 38.1 | 14.6 | 8.14 | 8.9 | N/A |
| 2023E | 356.0 | 40.5 | 16.3 | 8.75 | 8.3 | N/A |
Get access to the very latest content matched to your personal investment style.
