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Epwin Group (AIM: EPWN)

Last close As at 19/09/2024

GBP1.02

▲ 2.50 (2.51%)

Market capitalisation

GBP143m

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 with some optimistic signals beginning to emerge from new build for 2024.

Latest Insights

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Industrials | Update

Epwin Group — Third FY24 EPS uplift this year

Industrials | Flash note

Epwin Group — Robust H1 performance in tough markets

Industrials | Update

Epwin Group — Second earnings uplift this year after results exceed

Industrials | Update

Epwin Group — Solid H223 leads to useful earnings upgrade
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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)

18.5

Forecast gearing ratio (%)

18

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 17.2 12.1 47.8
Relative 18.1 11 36.1
52 week high/low 102.0p/63.0p

Financials

Epwin Group’s H124 results were robust, with management navigating inflationary pressures well. That said, we have reduced our revenue estimates reflecting the H1 performance, maintained underlying operating profit estimates and raised EPS forecasts due to the impact of the increased share buyback programme. Long-term, well-established growth trends imply that Epwin is well-placed to leverage increasing demand for its energy-efficient and low-maintenance building products. The company offers an attractive investment case with the potential for uplifts from additional self-funded M&A. It trades on an FY24e P/E ratio of 9.3x, below the long-term average of 10.5x, and yields more than 5%. The extended share buyback programme should help support the share price.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 355.8 41.6 16.5 8.84 11.5 N/A
2023A 345.4 50.1 18.0 9.58 10.6 N/A
2024E 326.2 43.8 19.3 10.43 9.8 N/A
2025E 336.0 44.0 19.5 10.87 9.4 N/A

Research

Flash note

Industrials

Epwin Group — Robust H1 performance in tough markets

Update

Industrials

Epwin Group — Second earnings uplift this year after results exceed

Industrials

Update

Epwin Group — Third FY24 EPS uplift this year

Update

Industrials

Epwin Group — Solid H223 leads to useful earnings upgrade

Update

Industrials

Epwin Group — Strategic progress in tough markets

Update

Industrials

Epwin Group — Solid results highlight management action

Update

Industrials

Epwin Group — On course to hit full-year expectations

Update

Industrials

Epwin Group — Raised estimates and margin upside potential

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
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