Epwin Group (AIM: EPWN)

Currency in GBP

Last close As at 25/01/2023


2.00 (2.70%)

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. UK newbuild fundamentals remain favourable also.

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 4.8 2.0 (22.1)
Relative 0.9 (7.7) (24.0)
52 week high/low 107.2p/68.0p


Epwin is well placed to leverage off a number of well-established growth trends that are set to continue to drive long-term demand for its energy efficient and low-maintenance building products. The recent interims highlighted how well management is coping with cost inflation, while the acquisition of Poly-Pure underscores the company’s ambition and ability to self-finance accretive expansion. Epwin trades on a P/E of 8.2x for FY23e versus a long-term average of 10.2x with clear potential to be valued at a higher level if margins can be raised, and/or further M&A is evident.

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 19.1 N/A
2021A 329.6 36.3 13.7 9.06 8.4 N/A
2022E 349.5 38.1 14.6 8.14 9.3 N/A
2023E 356.0 40.5 16.3 8.75 8.7 N/A



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