Share Name Share Symbol Market Type Share ISIN Share Description
Epwin Group Plc LSE:EPWN London Ordinary Share GB00BNGY4Y86 ORD 0.05P
  Price Change % Change Share Price Shares Traded Last Trade
  1.50 1.29% 117.50 19,209 16:35:29
Bid Price Offer Price High Price Low Price Open Price
116.00 119.00 118.50 117.00 118.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 282.10 12.40 7.49 15.7 170
Last Trade Time Trade Type Trade Size Trade Price Currency
17:05:56 O 2,500 118.451 GBX

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Date Time Title Posts
15/9/202108:01EPWIN Group689
13/8/201411:41Epwin Group plc3

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Epwin Daily Update: Epwin Group Plc is listed in the Construction & Materials sector of the London Stock Exchange with ticker EPWN. The last closing price for Epwin was 116p.
Epwin Group Plc has a 4 week average price of 114.50p and a 12 week average price of 100p.
The 1 year high share price is 121p while the 1 year low share price is currently 64p.
There are currently 144,909,556 shares in issue and the average daily traded volume is 75,179 shares. The market capitalisation of Epwin Group Plc is £170,268,728.30.
mattboxy: Epwin Group Plc Half year results for the six months to 30 June 2021 Strong trading continues, actively managing cost pressures Epwin Group Plc (AIM: EPWN) ("Epwin" or the "Group"), the leading manufacturer of low maintenance building products, supplying the Repair, Maintenance and Improvement ("RMI"), new build and social housing sectors, announces its half year results for the six months to 30 June 2021 ("H1 2021"). Financial highlights£mH1 2021 H1 2020 H1 2019Revenue157.893.3140.0Underlying operating profit/(loss) 19.4(1.8)9.4Underlying operating margin6.0%-6.7%Adjusted profit/(loss) before tax 17.1(4.1)7.3Profit/(loss) before taxAdjusted EPS 1Basic EPS6.64.06p3.72p(4.8)(2.24)p(2.73)p6.74.20p3.78pDividend per share1.75p-1.75pCovenant net debt(15.8)(21.3)(29.2)Covenant net debt to adjusted EBITDA0.6x1.4x1.1xNet debt (including IFRS 16: Leases)(92.1)(81.7)(88.4)Underlying operating cash conversion 2158.5%-156.4% (1) Stated before amortisation of acquired other intangible assets, share-based payments and other non-underlying items.(2) Underlying operating cash conversion is pre-tax operating cash flow as a percentage of underlying operating profit. Financial headlines· Strong trading performance, despite pandemic operational challenges:o High RMI demand continued into H1 2021o Revenues 69% ahead of 2020 and 13% up on the same period in 2019o Underlying operating profit of £9.4 million recovered to 2019 level· Financial position remains strong:o Covenant net debt reduced to £15.8 million (HY20: £21.3 million; FY20: £18.5 million); 0.6x adjusted EBITDAo Includes cost of £4.6 million on acquisitions in H1 2021o Significant headroom on banking facilities, in excess of £60 million at the half year end· Interim dividend of 1.75 pence per share declared Operational and strategic headlines· Health and safety remains a priority· Continued strategic progress:o Site consolidation and rationalisation programme:§ Construction completed on new Telford distribution and finishing facility, with final payment of £5.2 million received during H1 2021§ Full relocation of inventories to the new facility in 2022 after exceptionally high demand levels in 2021o Value enhancing acquisitions - SBS acquired in January 2021 and PBS in June 2021:§ Both well-established regional independent distributors of plastic building products, increasing access to the Group's product offer§ Adds 12 trade counters in Cumbria, Northumberland, Southern Scotland and Norfolko New product development:§ Aluminium window profile and PVC decking sales building encouraging momentum· Ongoing development of ESG framework and sustainability agenda Current Trading and Outlook· Trading in line with analysts' forecasts increased at the July 2021 trading update· Strong demand from customers serving the RMI market, which represents around 70% of historic Group revenues, is expected to continue for the foreseeable future· Continue to actively manage ongoing supply chains and logistics pressures:o PVC raw materials in particular impacted, exacerbated by supplier plant issues restricting availability and driving up the price of resino Steps have been, and continue to be, taken to recover these costs in the market in an equitable mannero Labour availability and wage inflation presenting some challenges· Medium and long-term drivers for the RMI market remain positive· Further potential bolt-on M&A opportunities continue to emerge· Well positioned as operating conditions improve and pent-up demand takes effect Jon Bednall, Chief Executive Officer, said:"I would again like to recognise and thank all of our people for their continued effort and hard work during the ongoing pandemic disruption.Our trading performance during the first half has been encouraging and we have continued to make good strategic progress. This has been underpinned by ongoing strong demand from our key RMI markets, together with proactive management of raw material cost inflation and supply chain issues.We are optimistic for trading prospects in the second half and expect to make further gains in market share, whilst continuing to manage the challenges that the pandemic presents. Looking further ahead, we remain confident that we can take advantage of future opportunities, supported by the positive medium and long-term drivers for the Group's products."
davebowler: Zeus; Further strong upgrades as demand more than offsets cost input pressures Since Epwin reintroduced guidance back into the market in September 2020 demand has consistently exceeded expectations. This has continued in H1 FY21 with today’s statement indicating that profit before tax for the current will be materially ahead of current expectations. The strength of trading in the first seven months of the year lead to an 11% upgrade in revenue and a 17% increase in profitability to £12.9m (prev. £11.0m). Raw material and cost input pressures lead to more conservative increases to FY22 and FY23 profitability. However, this could prove conservative should cost inflation subside later this year and the price increases and surcharges implemented to mitigate cost input pressures come through. The shares trade on 14.8x current year earnings and yield 3.4%. The business has a strong balance sheet with less than 0.5x net debt to pre IFRS 16 EBITDA. § Third upgrade since guidance reintroduced in Q3 2020: In H1 21, revenue is 13% ahead of that achieved in H1 19 at £157.8m. Since ZC estimates were reintroduced in September last year FY21 forecasts have been increased three times. This has taken revenue expectations from £239.7m to today’s new estimate of £312.1m. This shows 30% growth yoy but, more importantly, a 10.6% uplift on the £282.1m achieved in FY19. Profit forecasts have increased 65% over the same time with the new ZC estimate for FY21 of £12.9m. Net debt also improves on higher assumed profitability, falling from £15.5m to £13.4m. Detail of the changes to forecasts can be seen on page 2. § Recovery in demand continues at pace: The strength of demand continues to come from private sector RMI as consumers increase spending on home improvements. The double-digit level of growth on FY19 experienced by Epwin in H1 is in line with peers across the UK building products space suggesting it is at least maintaining market share, we suspect that it is increasing share at the expense of smaller operators. Longer term, as the industry continues to consolidate and the major players have more control, this should improve the pricing dynamics of the extrusion industry. § Raw material costs and global shortages putting pressure on supply chains are proving a headwind: Despite the strong recovery in demand post Spring last year, there have been issues that have impacted and continue to impact the building product industry. Raw material prices have experienced material increases. Resin has been trading at all-time highs, materially above the prevailing price in FY19 and FY20, and the cost of items such as hardware has increased due to commodity and shipping costs increasing. These pressures could abate later in the year, but management has implemented price increases and surcharges to offset their impact. The extent of the impact can be seen from the fact that ZC FY21 revenue is now forecast to be materially higher than FY19 (+10%) but operating profit is c. 20% below as margin is 200bps lower. § Valuation: On FY21 earnings, Epwin is trading on sub 15.0x with the potential for further upgrades should demand remain strong and cost pressures abate. Recommencement of dividend payments also mean investors can look forward to a c. 3.4% yield in FY21 with the potential for it to grow as earnings continue to recover.
sphere25: Almost sounds like EPWN are abit more bullish than at the full year results last month. Granted companies don't say as much in the AGM update's, but it sounds like the pricing power is there on the back of cost pressures, which bodes well for the near term. The market isn't keen on moving either way on that update with the price absolutely flat. That could be a sign the market is content with this multiple around the 10 mark and bouncing around at these levels. I guess we wait and see if anything happens in the days and weeks ahead to see if the market is confident enough to expand the multiple. I'd still have a stop in place just in case there was wider market plunge. This market has allowed us to be lax with our stops, you can almost give enormous leeway on proper company trades almost knowing that they will come back up if they wobble. It won't be like that in the future, where moves down will continue down and it will cause a much greater challenge with possible capitulation losses being incurred rather than having more sensible stops in play. The importance of stops will definitely come more to the fore, but at the moment the US continually gets bought up to hold support levels. It bends but never breaks, and whilst that keeps happening, the long trades and positions will continue to work. All imo DYOR
sphere25: There have been buyers in size here at 100-102p mopping up the sells to allow the price to form at least a consolidatory base near recent highs. Just edging higher at the moment and about to test a breakout. The market demand here is suggesting the EPWN 2022 multiple can expand beyond 10 so possibly 11-12? Too bullish to be up near 12? I guess we'll find out. When it is quiet like this, just need to be sure everyone is involved too. Sometimes there are wide spreads in the morning and the odd buy goes through well above what needs to be paid. You can also have the odd little move higher or some rogue order bidding higher suggesting the price is stronger than it is and then everyone gets involved and the price can come back down. If it isn't moving too fast, good idea to check the previous day's spreads to see how they compare so as to not be paying more than needed. DMA is always there but not always easy to get filled in shares like EPWN so it does vary from share to share. All imo DYOR
sphere25: Taken a few here. It looks well bid and some decent buying coming in with a large iceberg (blocks of 9450) cleared at 100p. If that is the major seller here done, then it could push on. We often see pops through psychological marks as sellers congregate there. Price is trying to breakout and close above that key psychological 100p mark. Possible steady gap close to 115p if it can push on the back of the update. As per SFE post, the market is clearly looking forward to at least 2022 with the multiple falling to 10. EPWN hasn't commanded a massive multiple, but some decent demand and an interesting chart so I'm in for a trade. All imo DYOR
davebowler: Zeus- RMI demand patterns remain strong leading to further increases to FY21 estimates Today’s FY20 results are better than the guidance provided in the pre-close trading update (Dec 16th, 2020). The strong trading alluded to in that statement continued through the year end into Q1 2021. The better than expected trading leads to an upgrade to estimates in FY21, pre tax increases c. 12%, and new forecasts are introduced for FY22 and FY23. The announcement that a final dividend will be paid for FY20 is welcome and signifies management’s intentions. ZC estimates factor in a resumption of the 50% pay-out ratio utilised prior to the impact of COVID-19. Despite the double-digit upgrade, forecasts assume an element of conservatism due to movement in raw material costs. The majority should prove short term but if inflation persists current estimates are discounting the current environment. On upgraded forecasts, the shares are trading on c. 16x FY21 earnings falling to 10.3x in FY22. § FY20 recovery picked up pace during H2: Back in September 2020 when ZC reintroduced FY20 estimates, H2 revenue was forecast to decline 5%. The actual performance was growth of 4% resulting in £241.0m for the year, a decline of c. 15% yoy. Adj. pre-tax profit of £5.0m was ahead of the £4.8m forecast, and materially better than the £2.6m number introduced in September. The change in consumer spending habits undoubtedly under pinned the strong performance. However, the speed of the recovery along with measures introduced to allow for safer working practices during the pandemic created cost headwinds. Without these the recovery in profitability would have been stronger. § Forecasts increase on the strength of demand: The strong demand seen in Q3 and Q4 last year has continued into Q1 of the current year with trading ahead of expectations. The c. 80% upgrade to profitability seen in December reflected operational gearing. Today’s increase is predicated on better trading with revenue increasing c. 9% to £282.0m (prev. £259.2m) and pre-tax profit up c. 12% to £11.0m. The only cloud on the horizon currently is raw material cost input pressures. Resin has been trading at all-time highs, materially above the prevailing price in FY19 and FY20, and the cost of things such as hardware has increased due to commodity and shipping costs increasing. These pressures are likely to abate during the year, without them today’s revenue increase would have resulted in an even larger impact to earnings. § Best in class execution during the pandemic: Epwin was early to formally reinstate guidance relative to peers in the building product sector, particularly with regards its intention to recommence dividend payments. This stemmed from the strong operational performance of the business during the first lockdown. It had low gearing going into lockdown, significant financing headroom and hasn’t needed a waiver on its covenants, let alone a rescue rights issue. § Valuation: On FY21 earnings, Epwin is trading on a recovery rating of c. 16.0x with the potential for further upgrades should the economic recovery continue in FY21. Recommencement of dividend payments also mean investors can look forward to a c. 3% yield in FY21 with the potential for it to grow as earnings continue to recover.
rumbers2: Thanks sphere I appreciate your advice. Managing the 'exit strategy' on these day trades in reality means being transfixed to the screen all day. I don't think i could keep that up for long. The lions' share of my pot is still available to invest in the event we do plumb new lows. That might not happen as you say- so looking at solid, well managed companies -preferably with little debt- to buy into long term at these crazy valuations. That's where you have been very helpful. You have a great sixth sense for sniffing out these gems. Perhaps you were a champion terrier in a previous incarnation. Nothing goes unnoticed on your watch!
rumbers2: You are the man with the midas touch sphere. You've made some really good calls this week. I purchased NXR made a profit but bowed out too early this afternoon, due to nervousness over what calamity might envelop us over Easter lol. I also bought APP which I'm still holding. I followed you into EPWN (with diligent research of course) as did many others judging by the prompt flurry of buyers after your post, but think I will hold on to this one also. You may recall i had large exposure to SDY and sold about 40% of my holding at 75-85p just before the drubbing in March. As it went into free fall and drifting in and out of auction during the panic i managed to pick up over 130k at 35-40p so done well on those. I have just realized some of that profit today selling at 55p. I look forward to your daily posts. You have helped me become more adventurous in my investment planning rather than vegetate as a buy and hold shareholder after so many years. Have a happy and safe Easter!
haywards26: Strong share price increases here over the last few days on top of two increased holdings notifications. Looking much more positive and am now back to a break-even investment position, with the high divi income as a nice addition.
thorpematt: I thought that the presentation on the IRFS numbers was very well put together - hats of the the FD and team. So many other companies have been less than transparent IMV. Quielty getting on with operational improvements and significant savings against a pretty weak marketplace. This should make EPWN harder to compete against price-wise moving forward. On track with forecasts. The gearing did indeed hit 1x EBITDA so good terms on the loans and with £29m coming down with those cashflow improvements. Looks pretty strong to me. Got a very tidy yield at ths price.
Epwin share price data is direct from the London Stock Exchange
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