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The Pebble Group (LSE: PEBB)

Last close As at 02/07/2024

GBP0.59

— 0.00 (0.00%)

Market capitalisation

GBP98m

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.

The Pebble Group 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. Q124 growth is estimated at 1.5%. 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 | audiovisual

The Pebble Group in 60 seconds

TMT | Outlook

The Pebble Group — Two distinct businesses in one

TMT | Update

The Pebble Group — Positioned to benefit from re-emerging confidence

TMT | Flash note

The Pebble Group — FY23 trading update
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)

10.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.9) (12.7) (37.1)
Relative (7.0) (16.2) (43.3)
52 week high/low 98.0p/51.0p

Financials

Pebble’s end April AGM update confirmed trading in line with FY24 expectations, with attractive opportunities for both its businesses. Facilisgroup is a SaaS business, helping North American distributors to optimise their operations, with access to an approved supplier roster. Brand Addition services global brands’ needs for branded product for in-house and external programmes. The well-publicised dip in tech sector marketing spend was a key factor in Pebble’s Q423 outlook revision. Both segments are now well placed to benefit from improving corporate confidence, although timing is uncertain. Pebble is well funded, with £15.9m of net cash (excluding leases) at end FY23, and a £5.0m share buyback is now operational (over £0.5m transacted to date).

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 10.1 5.4
2023A 124.2 16.0 9.9 4.59 12.7 6.1
2024E 128.5 16.3 10.4 4.69 12.5 6.0
2025E 133.0 17.2 11.2 5.02 11.7 5.3