Epwin Group

Epwin Group (AIM: EPWN)

Currency in GBP

Last close As at 21/09/2023

GBP0.69

▲ −0.50 (−0.72%)

Market capitalisation

GBP102m

Overview
Price performance
Financials
Research
Thematics

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

Industrials |
Update

05.05.23

Epwin Group — Solid results highlight management action

Industrials |
Update

22.11.22

Epwin Group — On course to hit full-year expectations

Industrials |
Update

19.04.22

Epwin Group — Raised estimates and margin upside potential

Industrials |
Outlook

11.03.22

Epwin Group — The best is yet to come

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Sector

Industrials

Equity Analyst

Andy Murphy

Director, Financials & Industrials

Key Management

Chris Empson

FD
Jon Bednall

CEO

Balance Sheet

Forecast net debt (£m)

17.4

Forecast gearing ratio (%)

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.