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Tyman (TYMN)

Business description

Tyman’s product portfolio substantially addresses the residential RMI and building markets with increasing commercial sector exposure following acquisitions. It manufactures and sources window and door hardware and seals, reporting in three divisions.

Stock data

Market cap.£514.1m
Last close262.00p
High / Low (52 weeks)384.0p / 259.5p
Stock market listingLN
Forecast net debt (£m)195.3
Forecast gearing ratio (%)47
TeamIndustrials
SectorConstruction & Building Materials

Price performance

%1m3m12m
Actual(16.7)(23.5)(17.6)
Relative *(15.8)(17.3)(13)

* % Relative to local index

Other companies in sector Show

Company news

Investment summary

H118 progress was hard-earned, with pricing, some volume and acquisition effects all contributing to group revenue and EBIT growth with a slightly improved group margin (+6%, +8% and +30bp to 13.9%, respectively). North America remains the primary driver of underlying growth and acquisitions are also contributing to moving earnings forward. Good housekeeping with regard to ongoing operational footprint improvement and careful management of pricing against input cost rises are also important contributors to underlying business momentum. We lowered our UK EBIT expectation for the current year with no other underlying changes to estimates. Updating our model for the stronger US dollar (vs sterling) raised our overall group earnings estimates modestly in all years. A trading update is scheduled for 7 November.

Last updated on 26/10/2018

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 457.6 82.5 62.1 25.3 10.4 5.7
2017A 522.7 91.7 68.3 26.7 9.8 6.9
2018E 579.1 102.5 76.9 29.2 9.0 5.8
2019E 611.2 114.2 86.9 32.4 8.1 4.9

Last updated on 22/10/2018

Latest video

Analyst Interview - Tyman

Industry outlook

Leading North American and European markets are expected to grow modestly and the new-build sector has generally continued to be firmer than RMI spend which has been more patchy.

Last updated on 26/10/2018

Key management

Martin Towers, Chairman
Louis Eperjesi, CEO
James Brotherton, CFO

Company address

65 Buckingham Gate
London
SW1E 6AS
United Kingdom
020 7976 8000
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