Epwin Share Discussion Threads

[cwa1] 03/2/2015 14:46

Thanks for that speedsgh.

[speedsgh] 03/2/2015 12:12

EPWN just been reaffirmed as a Buy in a short update by Simon Thompson on IC website...

"But even if Epwin only delivers on what to me look like cautious analyst forecasts for the 2015 fiscal year, then its shares are hardly highly rated on little over 8 times earnings estimates and underpinned by a well covered dividend. Trading on a bid-offer spread of 90p to 92p, giving the company a market value of £124m, I remain a firm buyer of Epwin's shares ahead of the forthcoming full-year results."

[speedsgh] 03/2/2015 11:28

Thanks guys.

[cwa1] 03/2/2015 09:58

and just a spot more from it:-

Valuation appeal: Admitted to AIM in July last year at 100p, Epwin’s share price traded above this level for most of last year – outperforming the FTSE All-Share Index in the process – but has fallen to current levels during December and January. On existing estimates (unchanged since its listing), Epwin is trading on a 7.8x P/E for 2014 and a c 3.3% yield on the final dividend (c 2.8p) alone. While our estimates currently reflect a modest growth path, the FY15 P/E and yield are approaching parity (ie 7.6x and 7.5% respectively, 1.7x covered). This ungeared, UK-focused RMI play has capacity to develop its business in a broadly favourable trading environment and the current rating is appealing.

[18bt] 03/2/2015 09:30

Edison summary FWIW:

Epwin Group - Approaching P/E and yield parity
After a steady share price performance since its AIM debut in July, Epwin has been trading below its 100p listing price for the last six weeks or so. An in-line IMS update suggests this low volume share price move is unwarranted and we note that the FY15 valuation is now approaching P/E and yield parity. FY14 results are scheduled for 16 April

[skyship] 02/2/2015 15:03

LG - as I said back on P. No.33 - "Yes, looks like a single seller managed to unload a few this morning. Don't know why I should think its Chelverton, but I do. They had a few in their Small Companies Dividend Trust (SDV). May have held those but selling a few elsewhere in the Management group for whatever reason. Perhaps a client lost heavily on the Swiss Franc!"

We'll see when they've finished. I believe the seller doesn't have to declare their position until they've finished their selling order...

[lord gnome] 02/2/2015 14:46

Thanks speedsgh. That begs the question as to where all these shares have come from.

[speedsgh] 02/2/2015 13:36

From the Admission Document...



14. Interests in Ordinary Shares and Lock In Arrangements
At Admission, the Directors and Proposed Directors will in aggregate be interested in, directly and indirectly, 588,500 Ordinary Shares representing approximately 0.44 per cent. of the Enlarged Ordinary Share Capital.

The Directors will also have an interest in the Management Incentive Plan, further details of which are set out in paragraph 6 of Part V of this document.

Each of the Directors, the Proposed Directors and Selling Shareholders have undertaken, pursuant to the Placing Agreement, not to dispose of any of the Ordinary Shares in which they are interested at Admission within 18 months of Admission, with disposal in the period after the first 12 months permitted only with the permission of Zeus Capital and co-ordinated by Zeus Capital.

[redartbmud] 02/2/2015 11:58

tilts

I think that is a repeat pattern. There is a seller out there IMH. Just depends how much they want to unload.


red

[lord gnome] 02/2/2015 11:57

Were the original shareholders subject to any form of lock-in? The recent weakness has all the hallmarks of one of the original shareholders selling down or out. Hopefully this has now come to an end.

[tiltonboy] 02/2/2015 11:36

Some big trades going through. Looks like a cross of 400k at 92p, followed by a few buyers...and then a large seller hits the market at 90p!

[badtime] 02/2/2015 10:01

Lol@CWA....looks ok to me..i'll keep this on my radar

[cwa1] 02/2/2015 08:56

If I can find a reliable 7% yielder, with a fairly upbeat TS and without much capital loss I'll be quite happy :-) Don't ask for much, do I.....

[redartbmud] 02/2/2015 08:53

I'll drink to that.

[steviebaby] 02/2/2015 08:24

All depends on people's expectations I suppose.
Would have been nice to report "exceeding" rather than "in-line", but having said that, pretty much confirms performance is on track = 7% div for 2015.

[redartbmud] 02/2/2015 08:22

LG

Absolutely.

red

[lord gnome] 02/2/2015 08:16

No problems there then. Let's just hope that the share price responds favourably.

[redartbmud] 02/2/2015 07:57

Sky

Mike o'Leary must have teflon trousers. He slides on and off boardroom seats with alarming regularity. He must need a PA to tell him where he is from hour to hour.
Positive noise in the RNS but the only fact is £1.9m dividends paid.
The rest is normal noise, but sounds encouraging.

red

[skyship] 02/2/2015 07:35

"Cash flow has been strong and the Group has ended the year with a net cash balance, having already paid dividends of GBP1.9m in H2 2014."

So cash flow even better than expected - better than Edison's projection...

[cwa1] 02/2/2015 07:23

Sounds encouraging on the face of it(my bold):-

Year End Trading Update and Board Changes

Epwin Group Plc (AIM: EPWN) ("Epwin" or the "Group"), the vertically integrated manufacturer of extrusions, mouldings and fabricated low maintenance building products, supplying the Repair, Maintenance and Improvement ("RMI"), new build property and social housing sectors, today provides the following update:

- Results for the year are in line with expectations and the Directors' are pleased with the progress that the business has made and are positive about the future outlook.

- Cash flow has been strong and the Group has ended the year with a net cash balance, having already paid dividends of GBP1.9m in H2 2014.
- Mike O'Leary will join the Board as a Non-executive Director from 1 March 2015

- The Company will announce its audited results for the year ended 31 December 2014 on 16 April 2015.

Epwin is pleased to announce the appointment of Mike O'Leary to the Board as Non-executive Director with effect from 1 March 2015. Mike was joint COO at Misys plc between 1986 and 2000, running both their UK Insurance Division and US Healthcare Division. He was then CEO of Huon Corporation and also Marlborough Stirling plc. Since 2005 he has undertaken a number of non-executive roles. He is currently non-executive Chairman of EMIS Group plc and a Non-executive Director of Headlam Group plc, where he has served since March 2006.

Michael Kevin O'Leary, 62, has held the following directorships in the past 5 years:

Current

EMIS Group plc

Headlam Group plc

Oxford United Football Club Limited

ENSCO 1070 Limited

Former

Orion Imaging Limited

Five Valleys Property Company Limited

Digital Healthcare Limited

Psion Holdings Limited

There is no further information on Mike O'Leary required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

Jon Bednall, Chief Executive Officer, Epwin Group said:

"The Group has had an exciting year, being admitted to trading on AIM on 24 July 2014, and is set to deliver favourable results for the year to 31 December 2014 that are in line with expectations for our maiden full year results."

"We are delighted that Mike has agreed to join the Board. He brings significant experience of working with quoted companies, having been a Non-executive Director of listed businesses since 2006 and this will strengthen the existing Board."

"We are enthusiastic about the future and look forward to the formal announcement of results for the year to 31 December 2014 on 16 April 2015."

[badtime] 29/1/2015 09:58

Think i will pass on this one for now.

[redartbmud] 29/1/2015 08:39

SKY

Aim company which is newly floated.
Institutions under water.
Limited financial information.
Directors lock in for now.

A lot is riding on forecasts and meeting targets. it might be better to wait until the results come out and they meet 'promises' on dividends.


red

[speedsgh] 28/1/2015 18:31

Yes, decent volume last few days. Plenty of stock changing hands. Fully invested here now so looking forward to breaking out of the current downtrend although my primary interest is the dividend... at least until it achieves a more sensible valuation.

[skyship] 28/1/2015 17:11

Another 600k trade today - this time @ 84.5p...

[skyship] 28/1/2015 10:18

Hi red - how so? My rather longer view you may have read - see below:



Are there negatives I should be taking into account?