FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Epwin Group EPWN and Materials — GBP 1.13 at close 10 August 2021

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 10-Aug-2021 10-Aug-2021 10-Aug-2021

1.2 130 140 1D WTD MTD YTD

125 Absolute -1.1 -1.3 0.0 23.4 1.1 Rel.Sector -2.4 -2.6 -2.7 1.6 130 120 Rel.Market -1.5 -1.8 -1.9 10.3

1 115 120 VALUATION 110 0.9

105 Trailing Relative Price Relative Relative Price Relative 110 0.8 100 PE 63.0 Absolute Price (local currency) (local Price Absolute EV/EBITDA 9.3 95 100 0.7 PB 1.8 90 PCF 8.8 0.6 85 90 Div Yield - Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Price/Sales 0.7 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 1.1

100 90 100 Div Payout 0.0 90 80 90 ROE 2.9

80 70 80

Share Index) Share

Share Sector) Share - 70 - 70 60 DESCRIPTION 60 60 50 50 50 The Company is a vertically integrated manufacturer 40 RSI RSI (Absolute) 40 40 of extrusions, mouldings and fabricated low 30 maintenance building products, supplying the RMI, 30 30 new build property and social housing sectors.

20 20 20 RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 10 10 10 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021 Aug-2020 Nov-2020 Feb-2021 May-2021 Aug-2021

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Epwin Group 10 August 2021

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

30-Jul-2021 30-Jul-2021 30-Jul-2021 70 10 2.2

60 9 2

50 8 1.8 +1SD 40 7 1.6 +1SD 30 +1SD 6 1.4 Avg Avg 20 5 1.2 Avg -1SD 10 4 -1SD 1

0 -1SD 3 0.8 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020

Marshalls 120.0 Marshalls 29.8 5.3 Volution Group 96.6 Volution Group 26.8 Marshalls 5.1 Group 85.4 Genuit Group 26.0 Forterra 3.4 Balfour Beatty 67.5 Ibstock 19.5 Genuit Group 3.2 Forterra Epwin Group 63.0 18.1 2.5 Construction and Materials 10.0 Construction and Materials 2.1 Construction and Materials 52.4 Epwin Group 9.3 Epwin Group 1.8 -1.4 Severfield 7.9 Ricardo 1.6 Holdings -22.7 Norcros 6.1 Keller 1.6 Ibstock -31.3 Kier Group 5.5 Balfour Beatty 1.5 Ricardo -36.3 Keller 4.2 Galliford Try Holdings 1.5 Forterra -120.0 Galliford Try Holdings 0.0 Severfield 1.3 -150 -100 -50 0 50 100 150 0 5 10 15 20 25 30 35 0 1 2 3 4 5 6

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

30-Jul-2021 30-Jul-2021 30-Jul-2021 9 10 0.7 9 0.65 8 +1SD 8 0.6 +1SD 7 7 0.55 +1SD 6 Avg 0.5 6 Avg 5 0.45 Avg

5 4 -1SD 0.4 3 0.35 -1SD 4 -1SD 2 0.3 3 1 0.25 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020

Marshalls 80.0 Severfield 3.7 Volution Group 4.3 Genuit Group 33.0 Norcros 2.8 Genuit Group 4.0 Volution Group 23.8 Marshalls 3.1 Morgan Sindall Group 2.6 Ibstock 19.7 Ibstock 2.8 Forterra 17.1 CRH 2.3 Forterra 2.4 Construction and Materials 10.3 Construction and Materials 2.0 Construction and Materials 1.0 Epwin Group 8.8 Balfour Beatty 0.5 Epwin Group 0.7 Morgan Sindall Group 6.2 Volution Group 0.4 Morgan Sindall Group 0.4 Norcros 4.5 Keller 0.3 Kier Group 0.0 Keller 3.0 Balfour Beatty 0.3 Galliford Try Holdings -1.2 Galliford Try Holdings 0.0 Galliford Try Holdings 0.2 Kier Group -3.6 Epwin Group 0.0 Kier Group 0.1 -10 0 10 20 30 40 50 60 70 80 90 0 0.5 1 1.5 2 2.5 3 3.5 4 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: Epwin Group 10 August 2021

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

30-Jul-2021 30-Jul-2021 30-Jul-2021 1.2 100 25 1.1 90 1 80 20 +1SD +1SD 70 0.9 60 +1SD 15 0.8 Avg 50 0.7 40 10 0.6 Avg 30 Avg -1SD 0.5 20 5 0.4 10 0.3 0 0 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020

Kier Group 3.8 Marshalls 100.0 Norcros 11.9 Ricardo 1.1 Construction and Materials 100.0 Morgan Sindall Group 11.0 Epwin Group 1.1 CRH 80.5 Keller 10.6 CRH 0.7 Genuit Group 63.8 Severfield 9.2 Keller Construction and Materials 0.7 60.9 8.6 Severfield 51.4 Construction and Materials 3.8 Keller 0.6 Volution Group 0.0 Epwin Group 2.9 Morgan Sindall Group 0.3 Norcros 0.0 Galliford Try Holdings -1.8 Galliford Try Holdings 0.2 Forterra 0.0 Forterra -3.1 Severfield 0.2 Epwin Group 0.0 Ricardo -4.1 Genuit Group 0.1 Ibstock 0.0 Ibstock -6.5 Forterra 0.1 Ricardo 0.0 Kier Group -50.0 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 0 20 40 60 80 100 120 -60 -50 -40 -30 -20 -10 0 10 20

ROE vs. PB — sector Du Pont Analysis

5.5 3.5 25 FAN MSLH 5.0 3 20 4.5 2.5

4.0 15 2 3.5

PB FORT GEN 1.5 3.0 10

2.5 MGNS 1

IBST 5 Construction and CRH 2.0 Regression 0.5 EPWN TYMN RCDOKIE NXR 1.5 BBY KLR GFRD 0 0 SFR 2017 2018 2019 2020 2021 1.0 0 1 2 3 4 5 6 7 8 9 10 11 12 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: Epwin Group 10 August 2021

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales.

Epwi n Gr oup 10 August 2021 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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