Tyman - Guidance unchanged
In the first four months of FY19, Tyman’s headline revenue increased by 15% y-o-y and was flat in underlying terms (excluding FX and acquisition effects). While activity levels were slightly lower than management expected, full year operating profit guidance and our estimates are unchanged. Earnings multiples remain in single digit territory and Tyman now offers a prospective 5.6% dividend yield also.Tyman is the holding company of the Tyman group of companies, which is engaged as a supplier of engineered components to the door and window industry. Co. operates in three divisions: North American, which operates as AmesburyTruth, a manufacturer of window and door hardware components, extrusions and sealing systems; U.K. and Ireland, which operates as Era, a designer, developer, manufacturer and distributor of solutions for the residential building and home improvement markets; and Schlegel International, which comprises sealing and extrusion businesses outside North America, together with Giesse, Co.'s Italy-based manufacturer of hardware products for aluminum doors and windows.
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