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Epwin Group (AIM: EPWN)

Currency in GBP

Last close As at 07/02/2023

GBP0.76

▲ −0.50 (−0.66%)

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 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.

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Industrials

Epwin Group — On course to hit full-year expectations

Industrials

Epwin Group — Raised estimates and margin upside potential

Industrials

Epwin Group — The best is yet to come

Industrials

Epwin Group — Expectations raised
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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)

22.4

Forecast gearing ratio (%)

22

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

Financials

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

Research

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Thematics

Concept of energy storage unit consisting of multiple conected containers with batteries. 3d rednering.

Industrials

Battery energy storage

Consumer

IPO apocalypse

TMT

ESG, moving beyond the box tick

Industrials

The emergence of mega-constellations
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