reports
- Andy Hanson
- Andy Hanson
Epwin (EPWN LN) - FY24 ahead of expectations - Corporate
Epwin has announced a strong finish to the year despite the difficult operating environment, with growth in both operating and pretax profit. The pre-close statement today indicates that operating profit is ahead of consensus expectations of £25.8m (Zeus: £25.7m) suggesting the operating margin increased c. 50bps yoy indicating that management have continued to manage volume and price effectively whilst focusing on improving the operational efficiency of the business. This is in stark contrast t...
- Andy Hanson
Audio Note: Epwin - H1 results in line, extension of buyback programme
In this audio note, Zeus’ Andy Hanson summarises the investment case for Epwin Epwin’s pre-close trading update already provided an outline on how well the business had operated during H1-24 and reiterated that trading was in line with FY24 expectations; H1 results add detail.
- Toby Thorrington
Epwin Group - Third FY24 EPS uplift this year
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 ...
- Andy Hanson
Epwin (EPWN LN) - H1 results in line, extension of buyback programme
Epwin’s pre-close trading update (6th August) already provided an outline on how well the business had operated during H1-24 and reiterated that trading was in line with FY24 expectations; today’s results add detail. As expected, revenue declined yoy to £158.0m (HY23: £180.0m) due to a reduction in resin surcharges, weaker industry demand and management’s focus on managing volume and margin. The success of the latter is reflected in operating margin increasing 100bps to 7.6% (HY23: 6.6%) and abs...
- Andy Hanson
Zeus Building Products Round-up - 6 September 2024
Monthly sector update August has been a quiet month for industry newsflow as companies gear up for half year announcements and markets await commentary on current trading and outlooks as we exit the summer period. On the macro data front, there has been positive movements on mortgage approvals with July seeing banks approve 62k mortgages, the highest since September 2022 as it closes in on the pre-pandemic average of c. 66k. Whilst consumer confidence was flat in August at -13, personal finance ...
- Toby Thorrington
Epwin Group - Robust H1 performance in tough markets
Epwin’s H124 trading update confirmed that management expects to achieve full-year expectations despite market headwinds. Long-term, well-established growth trends imply that the company is well-placed to leverage increasing demand for its energy-efficient and low-maintenance building products. It offers an attractive investment case with the potential for uplifts from additional self-funded M&A. It trades on an FY24e P/E ratio of 8.8x, materially below the long-term average of 10.5x, and yields...
- Andy Hanson
Building Products and Construction Round-Up - 7 August 2024
Collectively, the Building Products and Construction sectors had a strong performance over July, no doubt supported by positive statements made from the newly appointed Labour government, continued expansion in Construction PMI and the highly anticipated 25bp interest rate cut.
Hybridan Small Cap Feast - 6 August 2024
6th August 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, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet*** AIREA 25p £9.6m (AIEA.L) The flooring company, supplying b...
- Andy Hanson
Epwin (EPWN LN)
Epwin has released an encouraging half year trading update to June period end confirming operating profit remains in line with expectations. H1 adj. EBIT was flat yoy against a strong comparator, implying c. £11.9m was achieved in the period. As flagged in its May AGM statement and in line with what the market is reporting, underlying revenue was down 8%. Zeus adjust revenue forecasts slightly but importantly keep adj. EBIT unchanged, causing a 40bps margin expansion to 7.8% as management focus ...
- Andy Hanson
Zeus Building Products and Construction Round-Up - 2 July 2024
As we close off the first half of 2024, economic data has provided mixed signals with signs of improvements, albeit from a low base. GDP grew 0.7% in Q1 (QoQ), however, a timelier monthly estimate for April indicated no growth due to a rise in Services being offset by a fall in Production and Construction. This slightly contradicts what Construction PMI is reporting however, which saw activity rise at fastest pace in 2 years, with the index at 54.7 (April: 53.0). Residential projects grew only m...
- Andy Hanson
- Carl Smith
Real Estate, Building Products & Merchants - Quarterly Valuation Summa...
Housing data: House prices have remained resilient over the last quarter with Halifax’s HPI showing only a -0.3% quarterly change (seasonally adjusted) to May-24 and a +1.5% annual change. House prices look to be supported by strong buyer demand as UK property transactions show sequential MoM improvements since the start of the year and currently stand at the highest levels since March last year.
- Andy Hanson
Epwin (EPWN LN) - Continuing to perform
Epwin’s AGM statement confirms it is continuing to trade in line with expectations despite the volatile operating environment. Competitors, as well as other building products peers, have warned recently that trading in the first months of 2024 has been below expectations, putting pressure on estimates. The fact Epwin has not warned is testament to how well the business has been managed. It came out of the pandemic in a strong commercial position providing flexibility to manage the business in th...
- 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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.