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The Pebble Group (LSE: PEBB)

Last close As at 04/05/2024

GBP0.57

— 0.00 (0.00%)

Market capitalisation

GBP96m

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 over $26bn in FY23 and to have grown by 2.2% in the year, slowing in H2. 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

Associate Analyst, Consumer and Media

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 (14.9) (4.2) (47.0)
Relative (16.5) (9.8) (48.6)
52 week high/low 107.5p/51.0p

Financials

The Pebble Group’s AGM update confirms that trading is in line with FY24 expectations, with attractive opportunities for its two distinct businesses in the large, fragmented promotional products sector. 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. The FY23 dividend doubled to 1.2p, and a £5.0m share buyback is now in place to enhance shareholder value.

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 9.9 5.3
2023A 124.2 16.0 9.9 4.59 12.4 6.0
2024E 128.5 16.3 10.4 4.69 12.2 5.9
2025E 133.0 17.2 11.2 5.02 11.4 5.2