Research, Charts & Company Announcements
Research Tree offers EPWIN GROUP PLC research coverage from 4 professional analysts, and we have 22 reports on our platform.
Our simple but effective charting function allows for a quick scan of EPWIN GROUP PLC's performance over multiple time horizons.
|16/09/2016 15:44:47||London Stock Exchange||Holding(s) in Company|
|14/09/2016 07:00:09||London Stock Exchange||Half-year Report|
|09/09/2016 12:44:41||London Stock Exchange||Holding(s) in Company|
|12/08/2016 07:00:07||London Stock Exchange||Trading Update and Notice of Results|
|07/07/2016 11:41:24||London Stock Exchange||Issue of Shares|
|29/06/2016 12:02:18||London Stock Exchange||Price Monitoring Extension|
|24/05/2016 12:02:04||London Stock Exchange||Result of AGM|
Frequency of research reports
Research reports on EPWIN GROUP PLC
Providers covering EPWIN GROUP PLC
Panmure Morning Note 07-10-2016
07 Oct 16
A YoGov survey this morning shows that business confidence has returned to pre-referendum levels. But the recent collapse in sterling (down 16% against the $ since 23 June) points to a more fragile position. Therefore, the newly assembled Tory government is likely (for economic and political reasons) to increasingly push through economic expansionary policies. The government will reference large scale infrastructure projects (wanting to show they have a vision for the future). However, the true focus will be on projects that can deliver short term gains. Within the mix will be construction projects such as extra road and social housing repairs.
Making good headway
27 Sep 16
Epwin has a busy agenda of investment, new product development and bedding in acquisitions, but this has not been at the expense of underlying trading performance. Group forward momentum has been generated by management actions and there was no change to underlying earnings guidance before the beneficial impact of the National Plastics acquisition.
Panmure Morning Note 14-09-2016
14 Sep 16
Epwin, the low maintenance building products manufacturer, has delivered an in-line set of interim results (revenue +16%, EBIT +48%). The recent acquisitions (completed Nov-15 and Dec-15) are delivering to plan, contributing 30% to 1H16 EBIT. Today Epwin has announced its third acquisition since floating, extending its distribution capability with the purchase of “National Plastics” (total consideration: £10m). Given the fragmented nature of the building products market, we anticipate Epwin will pursue further M&A. Due to the groups strong cash flow and low level of leverage (0.8x Dec-16) we estimate Epwin could spend a further £60m on acquisitions over the next three years (without overly gearing the balance sheet).
Good performance in H1; FY17 and FY18 upgrades on acquisition
14 Sep 16
First half trading has been solid, leaving the business well placed to meet FY16 expectations and the acquisition of National Plastics (NP) in the period, leads to a further upgrade to earnings (+3.6%) in FY17 and FY18 (+3.1%). H1 revenue increased 15.5% to £143.3m (H115: £124.1m) driven by the continued good performance of the Extrusion and Moulding division that was underpinned by the acquisitions of Ecodek and Stormking at the end of FY15. Underlying operating profit increased 48% to £11.8m (HY15: £8.0m) as margins increased 180bps on operational improvements, changes in mix and acqusitions. Despite the RMI market remaining difficult, Epwin will derive c. 19% earnings growth in FY16 followed by c.8% in FY17. The Group’s growth is not reflected in the valuation. The c. 15% share price decline from the recent c. 130p high, leaves the shares trading on just 7.5x earnings with a 6.2% yield. Gearing at 0.6x EBITDA leaves the potential for further accretive acquisitions.
Clear drivers for progress
18 Aug 16
Coming either side of the Brexit result, H116 pre-close comments were less clear about FY16 prospects than those made at the AGM. Focus on operational improvements and the integration of 2015 acquisitions is continuing and progress will be the key determinant of the full-year outcome. Our estimates are unchanged and we continue to expect a good step forward in FY16 earnings.
Research on related companies
View the latest research on other companies in the sector, published by expert analysts across the city, at some of the best quality Banks, Brokers, and Independent Providers in the market.
Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
Doing things differently
25 Oct 16
Growing pains have impacted on its operational performance (EBIT margins 5.8% FY15 vs 12.2% FY13) and the HSS Hire valuation is at distressed levels (price to book 0.4x vs 1.3x at the time of the float). As the top-line catches up with the expanded cost base and the roll-out of the NDEC leads to greater efficiencies, margins and returns will rebound. Historical experience has shown that price to book ratios typically match these improvements (see Ashtead FY08-FY15, price to book expanded +196%). Therefore, we see scope for material upside in the share price as the expected operational recovery to progress. Our 12 month target of 115p equates to a 0.8x price to net operating assets
Risks discounted leaving significant upside
18 Oct 16
FY 2016 sales grew strongly at +22% but EPS growth lagged at +3% (our revised forecast -1%) as staff attrition and significant investment in new services held back profitability. Conversion of profit into cash improved significantly, at 240% in H2, as shorter payment terms and a lower level of extensions also benefited. We make no major changes to our forecasts and reiterate our view that Utilitywise is at the forefront of a changing energy market, supported by investment in innovative technology. The current valuation is entirely focused on the short-term challenges and ignores the growth potential supported by the new services.