Epwin Group (AIM: EPWN)

Currency in GBP

Last close As at 30/03/2023

GBP0.72

−1.00 (−1.37%)

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

View More

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 (10.0) (0.7) (18.6)
Relative (5.9) (0.9) (16.8)
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 18.1 N/A
2021A 329.6 36.3 13.7 9.06 7.9 N/A
2022E 349.5 38.1 14.6 8.14 8.8 N/A
2023E 356.0 40.5 16.3 8.75 8.2 N/A

Research

Industrials

Epwin Group — Responding to COVID-19

Industrials

Epwin Group — In-line year-end update

Industrials

Epwin Group — Existing guidance maintained

Industrials

Epwin Group — FY17 in line with expectations

Industrials

Epwin Group — Update 7 February 2017

Industrials

Epwin Group — Update 28 September 2016

Industrials

Epwin Group — Update 27 September 2016

Industrials

Epwin Group — Update 18 August 2016

Industrials

Epwin Group — Update 4 May 2016

Industrials

Epwin Group — Update 7 January 2016

Industrials

Epwin Group — Update 3 November 2015

Industrials

The emergence of mega-constellations

Industrials

Internet in the sky

Industrials

Truth creates light

Industrials

All-seeing eye in the sky

Consumer

Circular economy business models

Industrials

BayWa – Focus on sustainability

Industrials

Investment themes: IPO boom in London

Industrials

The circular economy

Industrials

EV outlook #1 – Growth, policy and net zero

Industrials

Water – The real liquidity crisis

Industrials

Greece – Changing the narrative

Consumer

Illuminator: August Update

Industrials

Renewables rising – Sector primer

Industrials

German Mittelstand Conference

Industrials

German industrials: Global ambitions

Industrials

DSEi: Feedback and thoughts