Epwin (EPWN)

Epwin EPWN Logo

The low maintenance building products manufacturer, supplying businesses in the Repair, Maintenance and Improvement (“RMI”), new build and social housing sectors.

8-Feb-2018 – 77.8p – £111.2m – PER 7.27

Trading Update For The 12 Months To End December 2017 – In-line with market expectations.

The Dividend is great and if that can be maintained it’s one for income seekers, perhaps. Growth wise, it doesn’t seem like it’s going anywhere.

11-Apr-2018 – 79.5p – £113.6m – PER 7.43

Results For The 12 Months To End December 2017 – Headline is “Resilient performance despite subdued markets”.

To me these latest results look awful but looks like they may be priced in, based on a high 12 months ago of 125p or so. Stockopedia loves it (StockRank 93), but I do not, I’m Neutral at best here.

22-May-2018 – 80.55p – £115.1m – PER 7.38

AGM Statement – In-line.

Stockopedia still likes this (StockRank 94), but I will remain Neutral for now.

22-Aug-2018 – 71.05p – £101.5m – PER 6.35

H1 Trading Update – H1 better than anticipated, FY Adjusted PBT to be in-line –Despite the weather and challenging markets.

Stockopedia still likes this (StockRank 97) more than I do – I remain Neutral for now, although that Dividend is attractive!

12-Sep-2018 – 75.55p – £108.0m – PER 6.71

Interim Results For The 6 Months To End June 2018 – All metrics are down here but the board still expects FY Adjusted PBT to be in-line.

It seems cheap but much against the Stockopedia StockRank of 97 I have much less convictions and remain Neutral.

31-Jan-2019 – 76p – £109m – PER 7.1

Trading Update For The 12 Months To End December 2018 – “Revenue and underlying operating profit, before non-underlying items, exceptional items and discontinued operations, is anticipated to be within the range of market expectations, with leverage at less than 1x underlying EBITDA”. Not a particularly optimisitic outlook either.

Still has a high StockRank of 98 but I remain unconvinced here.

10-Apr-2019 – 73p – £104m – PER 7

Results For The 12 Months To End December 2018 – Revenue, Adjusted PBT, EPS, Dividend all down, Net Debt stable at £24.8m. Current trading is in-line.

The StockRank remains high (at 96) and I remain unconvinced.

21-May-2109 – 82p – £116m – PER 7.5

AGM Trading Update – Expects to meet FY expectations it seems.

Still commands a high StockRank (92) and still I remain unconvinced.

8-Aug-2019 – 73p – £104m – PER 6.7

H1 Trading Update – Expect H1 and FY to be in-line.

Looks like value here on a 2 Year view however, recovery (of EPS) is not to a new all time high (which I like to see) and this low margin business is also subject to contract losses/delays – So, tempting as it is, it’s not for me at present. Based on the latest Broker note this morning, in my opinion, this looks fairly valued on a 1 Year view and well undervalued on a 2 Year view.

11-Sep-2019 – 75p – £108m – PER 7.4

Interim Results For The 6 Months To End June 2019 – FY to be in-line.

Looks cheap but it’s a low margin business subject to contract losses/delays – Tempting but not for me.

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