Edison Issues Outlook on Epwin Group (EPWN)
LONDON, May 11, 2017 /PRNewswire/ --
FY16 earnings showed a good step forward without much help from markets. Acquisitions played a part in this as Epwin further built out its product portfolio offering and developed its multi-channel distribution strategy. Market conditions are likely to remain subdued this year; we expect the company to redouble operational efforts to position the business for further progress, both organic and acquisitive.
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After trading much of the post-Brexit period in the 100-115p range, Epwin's share price has picked up since the FY16 results were announced to nearer pre-Brexit levels. The company's rating reflects the limited growth profile of revised estimates, with an FY17e P/E of 9.1x and EV/EBITDA of 5.8x. More positively, a trailing dividend yield of 5.2% (including 3.5% to come with the final, payable in May) will attract income-oriented investors. We acknowledge more moderate earnings growth but feel that the rating discount to peers is excessive and is likely to narrow.
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SOURCE Edison Investment Research
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