Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Epwin Group Plc manufactures and sells building products in the United Kingdom, rest of Europe, and internationally. The company operates through two segments, Extrusion and Moulding, and Fabrication and Distribution. Its products include windows, entrance doors, patio doors, cavity closers, curtain walling, rooflines, claddings, trims, rainwater goods, drainage products, window cills, bifoldings, recycled products, conservatories, sealed double glazed units, and related building materials. The company is also involved in the extrusion of PVC-U and PVC-UE materials; supply of plastic building products; assembly and supply of insulated glass units; extrusion of wood plastic composite decking products; molding of glass reinforced plastic building components; and fabrication of PVC-U products. The company offers its products under the brand names of CET, DB Glass, Indigo Products, Kestrel, PatioMaster, Permadoor, Plaslyne, Plastal, Profile 22, Quay Plastics, Safedoor, Safeware, Shepherds, Sierra Windows, Spectus, Swish Building products, Swish Window & Door Systems, Venture Building Plastics, Window Store, Windowbuild, and Wrekin Windows. It primarily serves trade, retail, new build, social housing, and DIY markets. The company operates approximately 16 window stores. Epwin Group Plc was founded in 1976 and is based in Solihull, the United Kingdom.

<p>Epwin Group’s 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.</p>

Epwin Group’s 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.

Epwin Group — FY24 results suggest a more optimistic outlook

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>China has suspended Boeing jet deliveries in retaliation to US tariffs, escalating the trade war and dealing a major blow to Boeing’s global business.</li>
<li>India and the US have signed terms for the first phase of a trade pact, setting the stage for $500 billion in trade and deeper economic collaboration.</li>
<li>
<a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels (IH IN)</a> has expanded its portfolio to 380 hotels in FY25 with national growth, reinforcing its leadership and targeting 120% upside of Rs. 15,000 crore rev by 2030.</li>
</ul>


China has suspended Boeing jet deliveries in retaliation to US tariffs, escalating the trade war and dealing a major blow to Boeing’s global business.
India and the US have signed terms for the first phase of a trade pact, setting the stage for $500 billion in trade and deeper economic collaboration.

Indian Hotels (IH IN) has expanded its portfolio to 380 hotels in FY25 with national growth, reinforcing its leadership and targeting 120% upside of Rs. 15,000 crore rev by 2030.


#135 India Insights: Boeing Blocked by China, India-US Trade Pact Phase 1, IHCL's 120% Rev Upside?

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

PostNL NV collects, transports, stores, sorts, and distributes letters, printed matter, parcels, documents, and freight items.  The Company provides mail and logistics services domestically and internationally.

<ul><li>In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF</li></ul>

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF

HK/China Equity Long-Short

Osbert Tang, CFA

SITC International Holdings Company Ltd. offers marine shipping services.  The Company offers container liner shipping, freight forwarding, customs clearance, shipping agency, and ship brokerage services.  SITC operates in Asia.

<ul>
<li>A "Long <a href="https://www.smartkarma.com/entities/sitc-international-holdings" target="_blank" data-smartkarma-citation="entities:15301:1" rel="noopener">SITC Intl (1308 HK)</a>, Short <a href="https://www.smartkarma.com/entities/orient-overseas-international" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">OOIL (316 HK)</a>" pair trade should benefit from the more resilient intra-Asia trade and capture the tariff-induced challenges on Trans-Pacific trade. </li>
<li>OOIL derived 28.3% of its volume and 38.7% of its revenue from the Trans-Pacific route in 1Q25. Instead, SITC generated 100% of its revenue from the Asian market.</li>
<li>While OOIL's 0.7x P/B is cheaper than SITC's 2.5x, its FY25 ROE of 10.6% is lower than SITC's 34.6%. SITC's dividend yield is also trending up, against OOIL's down.</li>
</ul>


A "Long SITC Intl (1308 HK), Short OOIL (316 HK)" pair trade should benefit from the more resilient intra-Asia trade and capture the tariff-induced challenges on Trans-Pacific trade. 
OOIL derived 28.3% of its volume and 38.7% of its revenue from the Trans-Pacific route in 1Q25. Instead, SITC generated 100% of its revenue from the Asian market.
While OOIL's 0.7x P/B is cheaper than SITC's 2.5x, its FY25 ROE of 10.6% is lower than SITC's 34.6%. SITC's dividend yield is also trending up, against OOIL's down.


China Pair Trade: Long SITC Intl (1308 HK), Short OOIL (316 HK)

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

De La Rue plc group specializes in the supply of cash handling equipment and security products.  The Company produces approximately 150 national currencies, electric transaction solutions and identity systems.  Their various security items include stamps, vouchers, passports, travelers checks, drivers licenses and ATM mechanisms, as well as security papers, threads and tear tapes.

<ul>
<li>Atlas’s offer for perennial takeover target <a href="https://www.smartkarma.com/entities/de-la-rue-plc" target="_blank" data-smartkarma-citation="entities:21901:1" rel="noopener">De La Rue PLC (DLAR LN)</a> is underpinned by a historic brand, strong order book, and post-sale cash buffer, with pension resolution and execution certainty.</li>
<li>The £263m all-cash bid implies a 12.47x EV/EBITDA multiple, offering shareholders a 130p exit, cum-dividend, strong execution certainty, and over 40% committed shareholder support.</li>
<li>With 91.7% market-implied completion probability and an annualized return of 4.5% at 128.5p, the deal presents an attractive, de-risked arbitrage opportunity with limited downside and credible upside closure.</li>
</ul>


Atlas’s offer for perennial takeover target De La Rue PLC (DLAR LN) is underpinned by a historic brand, strong order book, and post-sale cash buffer, with pension resolution and execution certainty.
The £263m all-cash bid implies a 12.47x EV/EBITDA multiple, offering shareholders a 130p exit, cum-dividend, strong execution certainty, and over 40% committed shareholder support.
With 91.7% market-implied completion probability and an annualized return of 4.5% at 128.5p, the deal presents an attractive, de-risked arbitrage opportunity with limited downside and credible upside closure.


A Note-Worthy Exit: Atlas Takes Over De La Rue

Industrials
Industrials Insights

Epwin Group — FY24 results suggest a more optimistic outlook

Epwin Group’s FY24 results were robust and modestly ahead of market expectations, and FY25 trading appears to have begun with some optimistic...

Edison Investment Research

#135 India Insights: Boeing Blocked by China, India-US Trade Pact Phase 1, IHCL's 120% Rev Upside?

China suspends Boeing deliveries in response to US tariffs, India and US sign trade pact for $500 billion trade potential, Indian Hotels targets...

Sudarshan Bhandari

PostNL NV - What's New(s) in Amsterdam

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding...

The IDEA!

China Pair Trade: Long SITC Intl (1308 HK), Short OOIL (316 HK)

A Long SITC Intl, short OOIL pair trade could benefit from resilient intra-Asia trade and challenges on Trans-Pacific route. SITC's higher ROE and...

Osbert Tang, CFA

A Note-Worthy Exit: Atlas Takes Over De La Rue

Atlas offers 130p per share for De La Rue, unlocking value from a historic banknote maker through pension de-risking, operational upside, and the...

Jesus Rodriguez Aguilar

Epwin Group — FY24 results suggest a more optimistic outlook

Epwin Group’s FY24 results were robust and modestly ahead of market expectations, and FY25 trading appears to have begun with some optimistic...

Edison Investment Research

#135 India Insights: Boeing Blocked by China, India-US Trade Pact Phase 1, IHCL's 120% Rev Upside?

​China suspends Boeing deliveries in response to US tariffs, India and US sign trade pact for $500 billion trade potential, Indian Hotels targets...

Sudarshan Bhandari

PostNL NV - What's New(s) in Amsterdam

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding...

The IDEA!

China Pair Trade: Long SITC Intl (1308 HK), Short OOIL (316 HK)

​A Long SITC Intl, short OOIL pair trade could benefit from resilient intra-Asia trade and challenges on Trans-Pacific route. SITC's higher ROE and...

Osbert Tang, CFA

A Note-Worthy Exit: Atlas Takes Over De La Rue

Atlas offers 130p per share for De La Rue, unlocking value from a historic banknote maker through pension de-risking, operational upside, and the...

Jesus Rodriguez Aguilar

China suspends Boeing deliveries in response to US tariffs, India and US sign trade pact for $500 billion trade potential, Indian Hotels targets...

A Long SITC Intl, short OOIL pair trade could benefit from resilient intra-Asia trade and challenges on Trans-Pacific route. SITC's higher ROE and...