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4imprint Group (LSE: FOUR)

Last close As at 15/11/2024

GBP53.30

▲ 180.00 (3.50%)

Market capitalisation

GBP1,502m

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 | Flash note

4imprint Group — Good performance against a difficult backdrop

TMT | Update

4imprint — Outperforming a challenging market

TMT | Update

4imprint Group — Solid start to the year

TMT | Update

4imprint Group — Continued market share gains
4imprint-Group_resized
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Sector

TMT

Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, 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 5.1 (0.7) 19.8
Relative 7.8 1.7 10.0
52 week high/low 6540.0p/4265.0p

Financials

4imprint’s trading update indicates no change to full year guidance and estimates, despite a challenging trading backdrop of wavering corporate confidence in an unstable economic and political environment. This has affected new customer acquisition more than it has affected transactions by existing customers, which is testament to the quality of the latter group. This in turn is a function of the group’s flexible marketing mix, including brand awareness. 4imprint had cash resources of $137m at end October (lease debt only) and has completed its programme to extend its main distribution centre, which should allow for a meaningful uplift in the dividend.

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 24.2 19.2
2023A 1326.5 142.6 140.7 377.9 18.3 11.7
2024E 1393.5 151.0 150.0 404.6 17.1 13.4
2025E 1484.0 160.4 159.3 423.3 16.4 12.3

Research

Update

TMT

4imprint — Outperforming a challenging market

Update

TMT

4imprint Group — Solid start to the year

TMT

Flash note

4imprint Group — Good performance against a difficult backdrop
View All

Further insights

insight

The Illuminator – May 2024

insight

Recharging returns: Illuminator fund goes full throttle

Thematics

thematic

TMT

MediaWatch – One step forward, two steps back

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat
View All

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