Epwin Group (AIM: EPWN)

Currency in GBP

Last close As at 24/03/2023

GBP0.73

−0.50 (−0.68%)

Market capitalisation

GBP107m

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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Industrials

Epwin Group — The best is yet to come

Industrials

Epwin Group — Expectations raised

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 (8.5) 0.7 (20.8)
Relative (4.1) (0.4) (20.0)
52 week high/low 95.2p/68.0p

Financials

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

Thematics

Industrials

UK housebuilders

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

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