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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.£107.3m
Last close75.05p
High / Low (52 weeks)90.0p / 71.0p
Stock market listingLN
Forecast net debt (£m)25.1
Forecast gearing ratio (%)27
TeamIndustrials
SectorConstruction & Building Materials

Price performance

%1m3m12m
Actual(0.1)(5.2)(15.2)
Relative *(3.4)(8.9)(14.5)

* % 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 5.1 3.4
2017A 298.3 30.3 20.5 12.4 6.1 5.4
2018E 292.2 27.2 17.0 9.7 7.7 4.8
2019E 295.8 28.2 17.9 10.2 7.4 4.0

Last updated on 30/01/2019

Investment summary

Consistent messaging from the Epwin management team continued with a year-end update that confirmed that FY18 trading had been in line with market expectations. The theme of self-help given market headwinds is ongoing with tangible evidence of actions taken and planned. Market backdrop uncertainty is reflected in Epwin’s rating multiples. A dividend yield approaching 7% (c 1.9x covered) should be of interest to investors.

Last updated on 06/02/2019

Industry outlook

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

Last updated on 01/02/2019

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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