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The Pebble Group (LSE: PEBB)

Last close As at 01/11/2024

GBP0.49

— 0.00 (0.00%)

Market capitalisation

GBP82m

The Pebble Group provides digital commerce, products and related services to the global promotional products industry through two focused, complementary and differentiated businesses: Facilisgroup and Brand Addition.

Pebble operates within the global promotional products market, estimated at $50bn. It is a highly competitive landscape, but distributor participants are predominantly small and local. The North American market is estimated by industry body PPAI to be worth $26.1bn in FY23 and to have grown by 2.2% in the year, slowing in H2. H124 performance is estimated to have been broadly flat. The total European market is a little smaller. The industry’s resilience is based on its utility and effectiveness as an advertising medium.

Latest Insights

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TMT | Update

The Pebble Group — Improved operational readiness

TMT | edison tv

The Pebble Group – executive interview

TMT | audiovisual

The Pebble Group in 60 seconds

TMT | Outlook

The Pebble Group — Two distinct businesses in one
Pebbles in wide calm Ocean
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Sector

TMT

Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Milo Bussell

Analyst, Consumer and TMT

Key Management

  • Christopher Lee

    CEO

  • Claire Thomson

    CFO

Balance Sheet

Forecast net cash (£m)

8.8

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (10.9) (12.5) (45.3)
Relative (10.3) (12.2) (52.4)
52 week high/low 88.5p/49.0p

Financials

Pebble’s H124 results put it on track to meet FY24 EBITDA market forecasts, set against continuing cautious industry sentiment. Management has been strengthening operations, including appointing a chief product officer at Facilisgroup and a global marketing director at Brand Addition. Client retention remains strong and forward indicators are positive at Facilisgroup. At Brand Addition, macro uncertainties mean clients remain circumspect, but financial performance is helped by better gross margins. The global promotional products market opportunity is substantial, and Pebble is well placed to make further inroads. Net cash of £4.9m at end June is expected to increase to £15.0m by the year-end.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 134.0 18.0 12.4 5.77 8.5 4.5
2023A 124.2 16.0 9.9 4.59 10.7 5.1
2024E 125.6 16.3 10.4 4.73 10.4 5.0
2025E 130.0 17.2 11.2 5.04 9.7 4.6

Research

edison tv

TMT

The Pebble Group – executive interview

audiovisual

TMT

The Pebble Group in 60 seconds

TMT

Update

The Pebble Group — Improved operational readiness
View All

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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