Epwin Group (AIM: EPWN)

Currency in GBP

Last close As at 24/03/2023


−0.50 (−0.68%)

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 (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



UK housebuilders

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