Tyman - Momentum accelerates in Q3
After COVID-19 affected Q2/H1 trading, recovering market conditions in Q3 led to Tyman achieving +3% like-for-like revenue growth in the quarter (and flat in reported terms). In addition, net debt continues to track down. With improved momentum going into Q4, we have reintroduced earnings estimates, which show a c 13% y-o-y reduction in FY20 EPS followed by a 9% rebound in FY21. We have factored in dividends resuming next year, although management is to consider a modest FY20 final payout depending on prospects at the turn of the year.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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