Epwin Group - Doing a decent job in tough markets

FY17 was a difficult trading year for Epwin – and some effects flow into this financial year – but management has stuck resolutely to a business improvement programme from which the benefits should also be progressively felt. Slightly lower estimates and a reduced prospective near-term dividend payout are our interpretation of the latest newsflow. As before, Epwin does have the financial flexibility to enhance earnings prospects via acquisitions, which may refocus investor attention back on to low current earnings multiples.