Epwin Group: Edison
Industrials: Construction and materials – AIM – M cap £129m – Price 93.00p – Update
FY24 results suggest a more optimistic outlook
FY24 results were robust and modestly ahead of market expectations, and FY25 trading appears to have begun with some optimistic trends. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A. Long-term, well-established growth trends imply that the company is well placed to leverage off increasing demand for its energy-efficient and low-maintenance building products. It trades on an FY25e P/E ratio of 8.7x, materially below the long-term average of 10.5x, and yields nearly 6%. The share buyback programme should continue to support the share price and could be extended again in due course.
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