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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.£113.3m
Last close79.30p
High / Low (52 weeks)90.0p / 71.0p
Stock market listingLN
Forecast net debt (£m)25.1
Forecast gearing ratio (%)27
SectorConstruction & Building Materials

Price performance

Relative *(1)19.414.3

* % 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 3.6
2017A 298.3 30.3 20.5 12.4 6.4 5.7
2018E 292.2 27.2 17.0 9.7 8.2 5.1
2019E 295.8 28.2 17.9 10.2 7.8 4.2

Last updated on 22/10/2018

Investment summary

Lower H118 profit and a greater H2 bias were both well trailed by management. Each reporting division had its trading headwinds but also saw some positive underlying performances. Footprint consolidation projects are progressing and these developments should complement the usual seasonal improvement in H2 profitability. That said, we elected to trim our margin expectations resulting in 5-6% forecast EPS reductions. Even with subdued earnings, investors can access a 6%+ dividend yield.

Last updated on 26/10/2018

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 26/10/2018

Key management

Jon Bednall, CEO
Chris Empson, FD

Company address

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