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Epwin Group (EPWN)

Business description

Epwin 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.

Stock data

Market cap.£114.3m
Last close80.00p
High / Low (52 weeks)111.0p / 65.5p
Stock market listingLN
Forecast net debt (£m)22.7
Forecast gearing ratio (%)23
TeamIndustrials
SectorConstruction & Building Materials

Price performance

%1m3m12m
Actual(0.3)(2)(27.3)
Relative *1.4(8.9)(29.3)

* % Relative to local index

Other companies in sector Show

Company news

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 293.2 33.3 24.3 14.7 5.4 3.7
2017A 298.3 30.3 20.5 12.4 6.5 5.7
2018E 282.6 27.8 18.1 10.3 7.8 4.7
2019E 285.8 28.9 19.1 10.9 7.3 4.1

Last updated on 30/05/2018

Investment summary

A short AGM update statement echoed previous management comments regarding market conditions and (unchanged) FY18 expectations. This suggests that the underlying trading environment is broadly stable and actions being taken to improve operational efficiency are proceeding to plan. The share price performance will be driven by delivery against these expectations and/or any indication of more robust market conditions, in our view. Ahead of such a catalyst, the prospective 6.6% dividend yield is a clear incentive to invest.

Last updated on 30/05/2018

Industry outlook

Epwin is exposed to both RMI (c 70% revenue) and newbuild (c 30%) in the UK housing market. Newbuild activity is clearly ahead y-o-y, while RMI demand has been more patchy. Referencing potential post Brexit consumer confidence, industry commentators have expressed near-term caution.

Last updated on 27/04/2018

Key management

Jon Bednall, CEO
Chris Empson, FD

Company address

1B Stratford Court
Cranmore Boulevard
Solihull
B90 4QT
United Kingdom
01242 243444
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