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. For Q124, the PPAI are indicating sales up 1.5%, but the other industry body, ASI, indicating a dip of 0.9%. Given US inflation for Q124 of 3.5%, this implies a further dip in volumes. 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

22.05.24

4imprint Group — Solid start to the year

TMT |
Update

13.03.24

4imprint Group — Continued market share gains

TMT |
Update

19.01.24

4imprint Group — FY23 finishes strongly

TMT |
Outlook

24.11.23

4imprint Group — Further progress in Q323

4imprint-Group_resized

Sector

TMT

Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Analyst, Consumer and TMT

Key Management

David Seekings

FD
Kevin Lyons-Tarr

CEO

Balance Sheet

Forecast net cash (US$m)

125

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(3.6)	(5.1)	20.7
Relative	(2.3)	(8.4)	9.0
52 week high/low	6540.0p/4255.0p

Financials

4imprint’s AGM trading update in May indicated a solid start to the year against a challenging market backdrop, with FY24 expectations (and therefore our forecasts) unchanged. Group revenue growth of 6% over the prior year for the four months to end-April is clearly ahead of the North American market, where Q124 industry revenue indications range from broadly flat to a small decline, indicating that the group is continuing to build market share. 4imprint is the largest distributor in North America, yet still only has a market share of around 5%, giving it plenty of runway for growth. CFO David Seekings has announced his intention to retire before the end of 2025, giving ample time for a suitable succession to be arranged.

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	25.6	20.2
2023A	1326.5	142.6	140.7	377.9	19.3	12.3
2024E	1430.0	149.9	146.5	395.2	18.5	15.2
2025E	1500.0	157.0	153.8	408.7	17.9	12.6

Research

Update

TMT

04.11.22

4imprint Group — Buoyant orders support further upgrade

Update

TMT

10.08.22

4imprint Group — Big gains in marketing productivity

TMT

Update

4imprint Group — Strong finish to FY22 prompts further upgrade

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

Further insights

insight

21.05.24

The Illuminator – May 2024

insight

09.01.24

Recharging returns: Illuminator fund goes full throttle

thematic

TMT

07.11.23

MediaWatch – Still waiting…

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

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10.08.22

ESG, moving beyond the box tick

thematic

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11.05.22

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24.03.22

Circular economy business models

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European video games: A safe haven in troubled times

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27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back