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4imprint Group (LSE: FOUR)

Last close As at 04/11/2024

GBP51.40

▲ 30.00 (0.59%)

Market capitalisation

GBP1,440m

4imprint is the leading direct marketer of promotional products in the United States, Canada, the UK and Ireland. In FY23, 98% of revenues were generated in the United States and Canada.

The US promotional products distribution market is highly fragmented and PPAI estimated its 2023 value at US$26.1bn, up 2.2% on the year, after a disappointing Q4. After a further dip in Q1, the market recovered lost ground in Q2 to be effectively flat over the half, implying further market share gains for 4imprint, already the largest player but with a share of just 5%. Some questions remain about confidence in the US corporate sector but the utility of promotional products is high and sector prospects remain positive.

Latest Insights

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TMT | Update

4imprint — Outperforming a challenging market

TMT | Update

4imprint Group — Solid start to the year

TMT | Update

4imprint Group — Continued market share gains

TMT | Update

4imprint Group — FY23 finishes strongly
4imprint-Group_resized
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Sector

TMT

Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Milo Bussell

Analyst, Consumer and TMT

Key Management

  • David Seekings

    FD

  • Kevin Lyons-Tarr

    CEO

Balance Sheet

Forecast net cash (US$m)

133.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.6 (16.4) 1.8
Relative 4.4 (13.4) (9.2)
52 week high/low 6540.0p/4255.0p

Financials

4imprint continued to trade better than its underlying market across H124, with revenues 5% ahead of H123. The gross margin improvement posted in H223 from pricing and mix continued in the period and looks to be sustainable. Operating profit was up by 10%, aided by the group’s marketing flexibility, with more TV/brand awareness in the mix. We trimmed our FY24 revenue forecast by 3% but lifted pre-tax profit by 2%, with consequent adjustments to FY25, where we look for 6.5% top-line growth, predicated on a stronger US economy. We also published our first thoughts on FY26 with similar growth and margin assumptions.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 1140.3 108.4 103.7 285.6 23.2 18.4
2023A 1326.5 142.6 140.7 377.9 17.6 11.2
2024E 1393.5 151.0 150.0 404.6 16.4 12.9
2025E 1484.0 160.4 159.3 423.3 15.7 11.8

Research

Update

TMT

4imprint Group — Solid start to the year

Update

TMT

4imprint Group — Continued market share gains

TMT

Update

4imprint — Outperforming a challenging market
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Further insights

insight

The Illuminator – May 2024

insight

Recharging returns: Illuminator fund goes full throttle

Thematics

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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