reports
- Toby Thorrington
Epwin Group - Second earnings uplift this year after results exceed
Epwin’s FY23 results were robust and management navigated inflationary pressures well. Despite some market headwinds, we have increased our FY24 and FY25 underlying operating profit estimates for the second time this year. Long-term, well-established growth trends imply that Epwin is well-placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A...
- Andy Hanson
Audio Note: Epwin – Strong performance in difficult markets with EBIT ...
for Epwin. Epwin’s FY23 results show a strong performance in both absolute and relative terms with operating profit increasing 19% yoy to £25.5m (FY22: £21.5m) as the margin expanded 140bps yoy to 7.4%. Listen to the audio note below, and read the full research here.
Hybridan Small Cap Feast - 10 April 2024
10th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio...
- Andy Hanson
- Andy Hanson
- Carl Smith
- Andy Hanson
Audio Note: Epwin - FY23 results at the top end of consensus expectati...
In this audio note, Zeus’ Andy Hanson summarises the investment case for Epwin Epwin has released a trading update for the year to the end of December 2023 confirming that results will be towards the top end of consensus expectations (range of £22.0m - £25.0m) for operating profit. Listen to the audio note below, and read the full research here.
- Toby Thorrington
Epwin Group - Solid H223 leads to useful earnings upgrade
Epwin Group’s H223 trading was robust and management has navigated inflationary pressures well. As a result we have increased our FY23 and FY24 underlying operating profit estimates by 13.6% and 10.3%, respectively. Longer term, well-established growth trends imply that Epwin is well placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. Management action contributed to overall margin expansion, a feature that we expect to continue in FY24. Epwin...
Hybridan Small Cap Feast - 25 Jan 24
25th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Andy Hanson
Epwin (EPWN LN) - FY23 results at the top end of consensus expectation...
Epwin has released a trading update for the year to the end of December 2023 confirming that results will be towards the top end of consensus expectations (range of £22.0m - £25.0m) for operating profit. Zeus’ estimate of £24.4m implies EBIT has grown c. 13.5% in a year when industry volumes have declined and many competitors have seen falling profitability. Revenue is also in line with consensus expectations of £349.8m (Zeus estimate £348.2m) and broadly flat yoy (FY22: £355.8m) despite a volat...
- Andy Hanson
- Carl Smith
Zeus Real Estate, Building Products & Merchants Quarterly – December 2...
Zeus presents the latest edition of the Real Estate, Building Products & Merchants quarterly summary of valuation, performance and earnings momentum. Key observations are as follows: • House prices stabilise but transaction volumes remain depressed: A downward shift in interest rate expectations has flowed through to lower average mortgage rates, which, when combined with low supply of for-sale homes, has led to stabilising house prices. Average house prices saw small monthly increases in Octob...
Hybridan Small Cap Feast - 27/11/23
27th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
- Andy Hanson
Epwin (EPWN LN) - Confirmation of FY23 estimates and buyback announced
Epwin has released a brief trading update confirming that it is on track to meet FY23 estimates. It has also announced its intention to start a buyback, indicating the Board’s confidence in the business going into FY24, despite the volatile operating environment. Zeus leave profit estimates unchanged across the forecast period. This is a continuation of the performance over the last few years, the business has met or beaten consensus numbers since FY20, has not raised equity and managed its bala...
- Toby Thorrington
Epwin Group - Strategic progress in tough markets
Epwin’s H123 results confirmed a solid performance that was characterised by weaker volumes offset by cost control, higher prices and some contribution from M&A in tough markets. Longer term, well-established growth trends imply that Epwin is well placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. Management action contributed to overall margin expansion, a feature that we expect to continue in FY23 and FY24 as material cost pressures become ...
- Andy Hanson
Audio Note: Epwin - Interim results
In this audio note, Zeus’ Andy Hanson summarises the investment case for Epwin. Epwin has released an excellent set of interim results showing operating profit increasing 11% yoy to £11.9m (HY22: £10.7m) on revenue up c. 1%, to £180m (HY22: £178.0m). Listen to the audio note below, and read the full research here.
- Andy Hanson
Epwin (EPWN LN) - Interim results
Epwin has released an excellent set of interim results showing operating profit increasing 11% yoy to £11.9m (HY22: £10.7m) on revenue up c. 1%, to £180m (HY22: £178.0m). H1 results benefitted from the Group’s multi-channel approach to the market and effective pricing and cost management. Recent acquisitions, in particular Poly-Pure, offers scope for future margin improvement as Epwin diversifies its raw material costs through the increased use and sale of recycled materials.
- Andy Hanson
Zeus Real Estate, Building Products & Merchants Quarterly
House prices continue to tumble as transactional volumes fall: Nationwide House Price Index recorded an annual drop of 5.3% in August, the weakest rate since July 2009. Halifax House Price Index experienced a similar annual decrease of 4.6%. This has resulted in house prices decreasing between £14k - £15k YoY, according to the two indexes. While there are many possible reasons for this, we see the affordability for first-time buyers being a key driver. While markets are pricing in only 1-2 more ...
- Andy Hanson
Epwin (EPWN LN) - Trading ahead of 2022, full year on track
Epwin has released a half year trading update confirming that trading continues to be ahead of the strong prior year comparator and management remain confident in meeting full year market expectations. Zeus forecasts are therefore unchanged. Inflationary pressures in raw materials continue to ease and Epwin is managing other cost pressures through pricing discipline. We think that Epwin’s subdued share price reflects broader negative sentiment towards the RMI sector, despite the strong ongoing p...
- Andy Hanson
Audio Note: Epwin – Good momentum maintained in the early part of the ...
In this audio note, Zeus’ Andy Hanson summarises the investment case for Epwin. This morning’s AGM statement confirms trading year to date is in line with expectations. Listen to the audio note below, and read the full research here.
- Andy Hanson
Epwin (EPWN LN) - Good momentum maintained in the early part of the ye...
This morning’s AGM statement confirms trading year to date is in line with expectations. Revenue is 3% ahead yoy against a strong FY22 comparator, a good performance considering the market backdrop. With industry volumes under pressure, Zeus assume that Epwin’s management has done an exceptional job in managing pricing. Inflationary pressures are easing, however, PVC resin continues to remain at stable but elevated pricing levels. Short term macro-economic headwinds remain concerning, especiall...
- Toby Thorrington
Epwin Group - Solid results highlight management action
Epwin’s FY22 results highlight both the challenging trading environment but also management’s ability to successfully handle inflationary pressures. Well-established long-term growth trends imply that Epwin is well placed to leverage off increasing demand for its energy efficient and low-maintenance building products. The acquisition of Poly-Pure and Mayfield underscore the company’s ambition and ability to self-finance accretive expansion. We anticipate further deals in the foreseeable future. ...
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