Tyman is the holding company of the Tyman group of companies, which is engaged as a supplier of engineered components to the door and window industry. Co. operates in three divisions: North American, which operates as AmesburyTruth, a manufacturer of window and door hardware components, extrusions and sealing systems; U.K. and Ireland, which operates as Era, a designer, developer, manufacturer and distributor of solutions for the residential building and home improvement markets; and Schlegel International, which comprises sealing and extrusion businesses outside North America, together with Giesse, Co.'s Italy-based manufacturer of hardware products for aluminum doors and windows.
  • TickerTYMN
  • ISINGB00B29H4253
  • ExchangeLondon Stock Exchange
  • SectorConstruction & Materials
  • CountryUnited Kingdom

Analysts

Philip Morrish

Value Indicator - UK Construction & Materials 14102019

Currently '(TM)Value Indicator - UK construction & materials' is a value analysis of the Construction & Materials super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 14102019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Construction & Materials 07102019

Currently '(TM)Value Indicator - UK construction & materials' is a value analysis of the Construction & Materials super sector of companies quoted on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 07102019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Construction & Materials 30092019

Currently '(TM)Value Indicator - UK construction & materials' is a value analysis of the Construction & Materials super sector of quoted companies on the London StockExchange's main market that provides the reader with indicative longer-term target prices.

Toby Thorrington

Tyman - Focus on US fix ahead of setting a new agenda

In the near term, Tyman’s new management team is tasked with rectifying production-related issues in North America that have caused us to reduce our earnings estimates in all three forecast years. A strategy update is scheduled for mid-2020 and a reduced target gearing range perhaps suggests greater focus on internal/organic performance for the time being. Tyman’s rating is now sub 10x on a P/E basis with a prospective 6.1% dividend yield for the current year.

Toby Thorrington

Tyman - Guidance unchanged

In the first four months of FY19, Tyman’s headline revenue increased by 15% y-o-y and was flat in underlying terms (excluding FX and acquisition effects). While activity levels were slightly lower than management expected, full year operating profit guidance and our estimates are unchanged. Earnings multiples remain in single digit territory and Tyman now offers a prospective 5.6% dividend yield also.

Toby Thorrington

Tyman - Focus on strategic progress and position

Headline earnings growth was modest in 2018 but, in our view, steps taken during the year reinforced and extended the group’s strong strategic positioning in its leading markets. Our estimates are modestly lower and more in line with consensus now, we believe. The current valuation – with single-digit P/E multiples – looks unduly bearish and we continue to expect that the company will outperform its underlying markets.

Toby Thorrington

Tyman - Trading reasonable but share price weak

Tyman’s trading update referenced firmer demand in two important European markets, some short-term input cost drag in North America and two small acquisitions, which enhance the group’s commercial and residential offerings respectively. Our small net EPS reduction for FY18 is followed by slightly larger upgrades in the following two years and, after a weak share price period, leaves Tyman trading on 7.7x P/E and 6.0x EV/EBITDA multiples in FY19 (first full year of acquisition contributions). Separately, Tyman has announced a CEO succession path with Louis Eperjesi to retire in June 2019, to be...

Toby Thorrington

Tyman - Well positioned going into H2

North American growth remains the primary driver of underlying growth and acquisitions are also contributing to moving earnings forward. Good housekeeping with regard to ongoing operational footprint improvement and careful management of pricing against input cost rises are also important contributors to underlying business momentum. Investor sentiment should remain supportive, especially given a favourable US economic growth outlook.

1 director bought

A director at Tyman bought 25,965 shares at 202p and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members alo...

Philip Morrish

Value Indicator - UK Construction & Materials 14102019

Currently '(TM)Value Indicator - UK construction & materials' is a value analysis of the Construction & Materials super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 14102019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Construction & Materials 07102019

Currently '(TM)Value Indicator - UK construction & materials' is a value analysis of the Construction & Materials super sector of companies quoted on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 07102019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Construction & Materials 30092019

Currently '(TM)Value Indicator - UK construction & materials' is a value analysis of the Construction & Materials super sector of quoted companies on the London StockExchange's main market that provides the reader with indicative longer-term target prices.

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