4imprint Group - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

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

12.11.24

4imprint Group — Good performance against a difficult backdrop

TMT |
Update

07.08.24

4imprint — Outperforming a challenging market

TMT |
Update

22.05.24

4imprint Group — Solid start to the year

TMT |
Update

13.03.24

4imprint Group — Continued market share gains

4imprint-Group_resized

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	(6.6)	(6.6)	13.1
Relative	(3.3)	(4.2)	4.7
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	22.4	17.7
2023A	1326.5	142.6	140.7	377.9	16.9	10.8
2024E	1393.5	151.0	150.0	404.6	15.8	12.4
2025E	1484.0	160.4	159.3	423.3	15.1	11.4

Research

Update

TMT

15.03.23

4imprint Group — Brand investment turbocharges growth

Update

TMT

20.01.23

4imprint Group — Strong finish to FY22 prompts further upgrade

TMT

Flash note

4imprint Group — Very strong demand

Update

TMT

04.11.22

4imprint Group — Buoyant orders support further upgrade

Update

TMT

10.08.22

4imprint Group — Big gains in marketing productivity

Update

TMT

09.05.22

4imprint Group — Back on track for $1bn revenue

Update

TMT

16.03.22

4imprint Group — Strong trading recovery

Outlook

TMT

28.02.22

4imprint Group — Moving on up

Update

TMT

11.08.21

4imprint Group — Robust demand recovery

Update

TMT

18.05.21

4imprint Group — Upgrade from US reopening progress

Update

TMT

16.03.21

4imprint Group — Steady rebuild as economy reopens

Update

TMT

21.01.21

4imprint Group — Better Q4 order intake

Update

TMT

30.10.20

4imprint Group — Business model strengths play out

Outlook

TMT

11.09.20

4imprint Group — Watching and waiting for the US to unlock

Update

TMT

22.06.20

4imprint Group — Thaw in progress

Flash note

TMT

19.03.20

4imprint Group — COVID-19 update

Update

TMT

03.03.20

4imprint Group — Another year of strong growth

Update

TMT

16.01.20

4imprint Group — Self-promotion pays

Update

TMT

04.11.19

4imprint Group — Demand remains robust

Update

TMT

31.07.19

4imprint Group — Self-promotion boost to strong organic growth

Update

TMT

05.03.19

4imprint Group — US growth promoters

edison tv

TMT

05.02.19

Bitesize briefing - 4imprint

Outlook

TMT

24.01.19

4imprint Group — Boxing clever

Update

TMT

01.11.18

4imprint Group — Branding awareness

Update

TMT

31.07.18

4imprint Group — Market leader

Update

TMT

09.03.18

4imprint Group — Branding evolution

Update

TMT

17.01.18

4imprint Group — Strong Q4, US tax change gains

Update

TMT

19.01.17

4imprint Group — Update 19 January 2017

Update

TMT

02.08.16

4imprint Group — Update 2 August 2016

Update

TMT

12.05.16

4imprint Group — Update 12 May 2016

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