Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    AGBA

    MCap

    USD77m

    Last close

    USD1.03

    ▲ 0.63 (157.50%)

    Pharnext

    MCap

    1m

    Last close

    EUR0.10

    ▲ 0.03 (42.86%)

    Sareum Holdings

    MCap

    GBP28m

    Last close

    GBP0.27

    ▲ 6.25 (30.49%)

  • Sectors

    Sectors

  • Investment Strategy

    Investment Strategy

    View All

    Latest

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

Epwin Group (AIM: EPWN)

Last close As at 18/04/2024

GBP0.86

— 0.00 (0.00%)

Market capitalisation

GBP123m

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, which implies a relatively robust end to 2023 with some optimistic signals beginning to emerge from new build for 2024.

Latest Insights

View More

Industrials | Update

Epwin Group — Solid H223 leads to useful earnings upgrade

Industrials | Update

Epwin Group — Strategic progress in tough markets

Industrials | Update

Epwin Group — Solid results highlight management action

Industrials | Update

Epwin Group — On course to hit full-year expectations
Visit Website

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)

14.6

Forecast gearing ratio (%)

14

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 12.4 7.5 17.8
Relative 9.4 2.9 16.2
52 week high/low 87.0p/63.0p

Financials

Epwin Group’s H223 trading was robust and management has navigated inflationary pressures well. As a result we have increased our FY23 and FY24 underlying operating profit estimates by 13.6% and 10.3%, respectively. Longer term, well-established growth trends imply that Epwin is well placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. Management action contributed to overall margin expansion, a feature that we expect to continue in FY24. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A. It trades on a P/E ratio of 7.8x, c 30% below the long-term average of 10.7x, and yields c 6%.

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 9.5 3.4
2022A 355.8 41.6 16.5 8.84 9.7 3.0
2023E 349.7 42.0 18.3 9.89 8.7 3.0
2024E 354.9 42.5 19.0 9.85 8.7 2.9

Research

Update

Industrials

Epwin Group — Rising activity levels as H1 closes

Update

Industrials

Epwin Group — Resuming operations

Industrials

Update

Epwin Group — Positive trading tone into Q4

Update

Industrials

Epwin Group — Business resilience and appropriate actions

Update

Industrials

Epwin Group — Responding to COVID-19

Update

Industrials

Epwin Group — Making progress in soft markets

Update

Industrials

Epwin Group — Improving ongoing business footprint

Update

Industrials

Epwin Group — In-line year-end update

Update

Industrials

Epwin Group — Some positive trading aspects in lower H1

Update

Industrials

Epwin Group — Existing guidance maintained

Update

Industrials

Epwin Group — Doing a decent job in tough markets

Update

Industrials

Epwin Group — FY17 in line with expectations

research

Industrials

Epwin Group — FY17 starts in line with expectations

Outlook

Industrials

Epwin Group — Good progress, cautious outlook

Update

Industrials

Epwin Group — Update 7 February 2017

research

Industrials

Epwin Group — Update 28 September 2016

Update

Industrials

Epwin Group — Update 27 September 2016

Update

Industrials

Epwin Group — Update 18 August 2016

Update

Industrials

Epwin Group — Update 4 May 2016

Update

Industrials

Epwin Group — Update 7 January 2016

Update

Industrials

Epwin Group — Update 3 November 2015
Concept of energy storage unit consisting of multiple conected containers with batteries. 3d rednering.

thematic

Industrials

Battery energy storage

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

thematic

Industrials

A new paradigm for space

thematic

Industrials

The emergence of mega-constellations

thematic

Industrials

Internet in the sky

thematic

Industrials

Truth creates light

thematic

Industrials

All-seeing eye in the sky

thematic

Consumer

Circular economy business models

thematic

Industrials

BayWa – Focus on sustainability

thematic

Industrials

Investment themes: IPO boom in London

thematic

Industrials

The circular economy

thematic

Industrials

EV outlook #1 – Growth, policy and net zero

thematic

Industrials

Battery charge: The rise of lithium-ion – options and implications

thematic

Industrials

Water – The real liquidity crisis

thematic

Industrials

Greece – Changing the narrative

thematic

Consumer

Illuminator: August Update

thematic

Industrials

Renewables rising – Sector primer

thematic

Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

Industrials

German Mittelstand Conference

thematic

Industrials

German industrials spotlight: Sand in the gears

thematic

Industrials

German industrials spotlight: Industrial machinery

thematic

Industrials

German industrials: Global ambitions

thematic

Industrials

DSEi: Feedback and thoughts