Epwin Group - Edison 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

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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

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 (%)

18

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.

Y/E Dec	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (fd) (p)	P/E (x)	P/CF (x)
2022A	355.8	41.6	16.5	8.84	12.1	N/A
2023A	345.4	50.1	18.0	9.58	11.2	N/A
2024E	326.2	43.8	19.3	10.43	10.3	N/A
2025E	336.0	44.0	19.5	10.87	9.8	N/A

Research

Update

Industrials

13.08.21

Epwin Group — Expectations raised

Update

Industrials

15.06.21

Epwin Group — Good end to FY20 and start to FY21

Industrials

Outlook

Epwin Group — The best is yet to come

Update

Industrials

06.01.21

Epwin Group — Positive trading tone into Q4

Update

Industrials

07.08.20

Epwin Group — Rising activity levels as H1 closes

Update

Industrials

01.06.20

Epwin Group — Resuming operations

Update

Industrials

01.05.20

Epwin Group — Business resilience and appropriate actions

Update

Industrials

03.04.20

Epwin Group — Responding to COVID-19

Update

Industrials

12.08.19

Epwin Group — Making progress in soft markets

Update

Industrials

07.05.19

Epwin Group — Improving ongoing business footprint

Update

Industrials

06.02.19

Epwin Group — In-line year-end update

Update

Industrials

26.09.18

Epwin Group — Some positive trading aspects in lower H1

Update

Industrials

30.05.18

Epwin Group — Existing guidance maintained

Update

Industrials

24.04.18

Epwin Group — Doing a decent job in tough markets

Update

Industrials

15.02.18

Epwin Group — FY17 in line with expectations

research

Industrials

26.05.17

Epwin Group — FY17 starts in line with expectations

Outlook

Industrials

11.05.17

Epwin Group — Good progress, cautious outlook

Update

Industrials

07.02.17

Epwin Group — Update 7 February 2017

research

Industrials

28.09.16

Epwin Group — Update 28 September 2016

Update

Industrials

27.09.16

Epwin Group — Update 27 September 2016

Update

Industrials

18.08.16

Epwin Group — Update 18 August 2016

Update

Industrials

04.05.16

Epwin Group — Update 4 May 2016

Update

Industrials

08.01.16

Epwin Group — Update 7 January 2016

Update

Industrials

04.11.15

Epwin Group — Update 3 November 2015

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