Epwin Group

Overview
Price performance
Financials
Research
Thematics

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 with some optimistic signals beginning to emerge from new build for 2024.

Latest Insights

Industrials |
Update

17.09.24

Epwin Group — Third FY24 EPS uplift this year

Industrials |
Flash note

28.08.24

Epwin Group — Robust H1 performance in tough markets

Industrials |
Update

29.04.24

Epwin Group — Second earnings uplift this year after results exceed

Industrials |
Update

30.01.24

Epwin Group — Solid H223 leads to useful earnings upgrade

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Sector

Industrials

Equity Analyst

Andy Murphy

Director, Financials & Industrials

Key Management

Chris Empson

FD
Jon Bednall

CEO

Balance Sheet

Forecast net debt (£m)

18.5

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	1.9	18.9	60.9
Relative	5.5	21.9	48.9
52 week high/low	108.0p/66.5p

Financials

Epwin Group’s H124 results were robust, with management navigating inflationary pressures well. That said, we have reduced our revenue estimates reflecting the H1 performance, maintained underlying operating profit estimates and raised EPS forecasts due to the impact of the increased share buyback programme. Long-term, well-established growth trends imply that Epwin is well-placed to leverage increasing demand for its energy-efficient and low-maintenance building products. The company offers an attractive investment case with the potential for uplifts from additional self-funded M&A. The extended share buyback programme should help support the share price.