Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EPWIN GROUP PLC. We currently have 22 research reports from 4 professional analysts.
|16Sep16 03:44||RNS||Holding(s) in Company|
|14Sep16 07:00||RNS||Half-year Report|
|09Sep16 12:44||RNS||Holding(s) in Company|
|12Aug16 07:00||RNS||Trading Update and Notice of Results|
|07Jul16 11:41||RNS||Issue of Shares|
|29Jun16 12:02||RNS||Price Monitoring Extension|
Frequency of research reports
Research reports on
EPWIN GROUP PLC
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.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.