Epwin Share Discussion Threads

[speedsgh] 27/9/2016 13:04

New Edison research note released today...

Making good headway -

[thorpematt] 18/9/2016 15:47

OK so there's some discussion here FWIW~:-



I have beem looking closer at the numbers and have concluded that on valuation terms using a number of measures it's pretty cheap. In terms of quality and balance sheet it may miss a number of screens because its sales growth over 5 years is lacking and that recent acquisiton has increased debt. What's interesting however is its marin growth which in turn has led to a large growth in terms of profitablility. Also the stock is cash generative to the extent that £5.0m of that debt has already been re-paid along side that very healty dividend (which in itself is covered well considering the high yield)

The increase in sales this past period is acquisition-led of course and the dip in price of late (related to BREXIT) has yet to recover. I suspect this has been a bit of a buying opportunity because EPWN looks to have astute management which is capable of building the business.

[lord gnome] 17/9/2016 09:58

Aagh... please make it stop!

[thorpematt] 17/9/2016 01:09

This_is_me,

Do you have chickens on your small holding?

I was just wondering if you will be supplying those free range eggs.

I like those.... although the other day when I stopped at a local outlet and asked: "can I have some of you range-eggs", the lady seemed to want to charge me for them (which was disapointing).

----------------------------------

Meanwhile I have been thinking that shares in EPWN might be worth at least 140 pence each.

(I will be egging it on).

[standish11] 15/9/2016 20:25

Simon T's made detailed comment on the results. His final sentence being:

A dividend yield of 6 per cent is attractive in my view as is an earnings multiple half that of peers. There is clear value in the shares and I maintain my buy recommendation.

[elmfield] 15/9/2016 18:53

SImon T been highlighting these today?

[this_is_me] 15/9/2016 11:25

I picked up a small holding this morning. It seems undervalued.

[18bt] 14/9/2016 08:03

All the growth came from acquisitions, but that's not necessarily bad as the acquisitions look well timed and priced. It still looks cheap IMHO

[sphere25] 14/9/2016 07:56

Always a keen onlooker her as have traded this stock well in the past (chart lends itself).

The question I am asking myself with these results is whether a fall from 140 to 107 (-24%) is warranted based on these results. Considering the points highlighted above by Clive, the strong operating cash flow, well covered dividend and the introduction of Optima, I don't believe it is.

There are issues in the Fabrication and Distribution division, but actions are underway to resolve those. Also have the higher margin acquisitions making that division less influential.

Report also states they are expecting to make further progress in the remainder of 2016. Overall then, with a move down of 24%, I'd have expected a big profit warning at the least here.

Market is pricing in alot of caution imo.

I'm a buyer on break of 110

All imo

DYOR yada yada

[clive205] 14/9/2016 07:46

Look good to me:

Financial headlines

· Revenues up 16% and underlying operating profit up 48%

· Good contribution to half year performance from businesses acquired in 2015

· Continued margin improvement: operating margins up 180bps

· Resilient underlying performance in challenging conditions

· Strong cash performance and balance sheet supports investment in products and acquisitions

· 3.8% increase in interim dividend

[imranawan] 14/9/2016 07:43

What do people make of the results. I thought they were decent given their current markets. Still looks cheap based on fundamentals, lets see what the market makes of it this am.

[mfhmfh] 02/9/2016 11:34

I think MCS has caused the general fall everywhere today. IMHO.

[mfhmfh] 02/9/2016 11:14

tree shake, bought some more today.

[psmith1110] 02/9/2016 11:03

Looks like tree shake - results on the 14th

[sphere25] 02/9/2016 10:50

Quiet Friday morning + holiday season + illiquid stock = prone to moves like this from time to time. This one has the potential to be a tree shake too.

Been watching and waiting here, tried to buy in on that drop in the low 90's, but the pesky thing just ran away. Now it's back at 105!

Can't see much value out in the market now, with alot of stocks having recovered well from the referendum plunge so it'd have been extra nice to get in down at 90p!

Back to watching ha

[57andrewjh] 02/9/2016 10:38

It is climbing again - maybe a glitch.

[imranawan] 02/9/2016 10:32

Any ideas why the share price has fallen 8% on no news. Did I miss something.

[imranawan] 31/8/2016 14:06

Thanks Sphere.

[sphere25] 31/8/2016 13:40

Imran,

It's the link Speed posted:


speedsgh
18 Aug '16 - 14:21 - 312 of 317 0 0
New Edison research note...

Clear drivers for progress -

[imranawan] 31/8/2016 13:20

Sphere - where did you get your cash-flow metrics from. TIA

[sphere25] 31/8/2016 12:24

Yes speed, the dividend looks well covered also considering the amount of cash EPWN are expected to throw off.

There's an institutional fund mangler or two sat around that 110 mark. Once cleared, this will fly because of how illiquid the stock has been in the past. It can rally 10% on minimal volume.

Right to exercise caution on the rating, but surely not this much.

[speedsgh] 31/8/2016 11:16

@Sphere25 - Not to mention the forecast 6% yield at the current price...

[sphere25] 31/8/2016 10:26

EPWN are one of the few companies to not recover much from the Brexit plunge. Looks very interesting down at this price:

Just looking at some of the key cash flow metrics:

Mcap @ 105p = £149m

Expected operating cash flow this year £29m and £33m next year, so we're looking at respective multiples of 5.1 and 4.5. Expected to be back into a net cash position next year too so scope for more earnings enhancing acquistions.

Looks very pessimistic!

100-110 looks like the current range.

Watching on for half decent results on the 14th and a break of 110 to pile in!

[mfhmfh] 18/8/2016 15:17

solid company with a chunky dividend