Epwin Group (AIM: EPWN)

Currency in GBP

Last close As at 21/09/2023

GBP0.69

−0.50 (−0.72%)

Market capitalisation

GBP102m

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 | Update

Epwin Group — Solid results highlight management action

Industrials | Update

Epwin Group — On course to hit full-year expectations

Industrials | Update

Epwin Group — Raised estimates and margin upside potential

Industrials | Outlook

Epwin Group — The best is yet to come

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)

17.4

Forecast gearing ratio (%)

16

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.1) (0.7) (11.0)
Relative (7.2) (2.0) (15.2)
52 week high/low 81.5p/67.0p

Financials

Epwin’s FY22 results highlight both the challenging trading environment and also management’s ability to successfully handle inflationary pressures. 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 acquisition of Poly-Pure and Mayfield underscore the company’s ambition and ability to self-finance accretive expansion. We anticipate further deals in the future. Epwin trades on a P/E of c 8.0x for FY23e versus a long-term average of 10.9x, 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 7.6 2.8
2022A 355.8 41.6 16.5 8.84 7.8 2.4
2023E 355.9 40.0 16.3 8.83 7.8 2.5
2024E 361.2 41.0 17.3 9.01 7.7 2.4

Research

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

Update

Industrials

Epwin Group — Responding to COVID-19

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