Epwin Group (AIM: EPWN)

Last close As at 23/02/2024

GBP0.77

0.00 (0.00%)

Market capitalisation

GBP109m

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 new build (c 30%) in the UK housing market. Despite the expected weakness in new build, demand from the RMI market has remained more resilient, which implies a relatively robust end to 2023 with some optimistic signals beginning to emerge from new build for 2024.

Latest Insights

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Industrials | Update

Epwin Group — Solid H223 leads to useful earnings upgrade

Industrials | Update

Epwin Group — Strategic progress in tough markets

Industrials | Update

Epwin Group — Solid results highlight management action

Industrials | Update

Epwin Group — On course to hit full-year expectations

Sector

Industrials

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Chris Empson

    FD

  • Jon Bednall

    CEO

Balance Sheet

Forecast net debt (£m)

14.6

Forecast gearing ratio (%)

14

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.3) 12.6 (6.8)
Relative (0.7) 8.7 (2.9)
52 week high/low 83.0p/63.0p

Financials

Epwin’s H2 to date trading update confirmed variable end-market conditions in September and October, but that it also expected to hit FY consensus. Although market pressures clearly remain, well-established long-term growth trends imply that Epwin is well placed to leverage off increasing demand for its energy efficient and low-maintenance building products. The integration of recent acquisitions underscore the company’s ambition and ability to self-finance accretive expansions. We anticipate further deals in the future and note the recently announced modest share buyback programme. Epwin trades on a P/E of c 8.3x for FY23e versus a long-term average of 10.7x, with upside as and when margins recover further.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 329.6 36.3 13.7 9.06 8.4 3.0
2022A 355.8 41.6 16.5 8.84 8.6 2.6
2023E 349.7 42.0 18.3 9.89 7.7 2.6
2024E 354.9 42.5 19.0 9.85 7.7 2.6

Research

Update

Industrials

Epwin Group — On course to hit full-year expectations

Outlook

Industrials

Epwin Group — The best is yet to come

Update

Industrials

Epwin Group — Expectations raised

Update

Industrials

Epwin Group — Good end to FY20 and start to FY21

Update

Industrials

Epwin Group — Positive trading tone into Q4

Update

Industrials

Epwin Group — Rising activity levels as H1 closes

Update

Industrials

Epwin Group — Resuming operations

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