Epwin Group - Robust H1 performance in tough markets

Epwin's H124 trading update confirmed that management expects to achieve full-year expectations despite market headwinds. Long-term, well-established growth trends imply that the company is well-placed to leverage increasing demand for its energy-efficient and low-maintenance building products. It offers an attractive investment case with the potential for uplifts from additional self-funded M&A. It trades on an FY24e P/E ratio of 8.8x, materially below the long-term average of 10.5x, and yields nearly 6%. The share buyback programme should help support the share price.

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