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4imprint Group (LSE: FOUR)

Currency in GBP

Last close As at 04/12/2023

GBP43.20

▲ 50.00 (1.17%)

Market capitalisation

GBP1,202m

4imprint is the leading direct marketer of promotional products in the United States, Canada, the UK and Ireland. In FY22, 98% of revenues were generated in the United States and Canada.

The US promotional products distribution market is highly fragmented and PPAI estimated its 2022 value at over US$25bn, up 13% on the year, well ahead of the GDP increase of 2.9%. Q123 growth moderated to +3.3%, with a pick up in Q2 to +5.6%, which will include some price inflation, so underlying volume growth is still likely limited. 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 | Outlook

4imprint Group — Further progress in Q323

TMT | Update

4imprint Group — Record H123 customer demand

TMT | Update

4imprint Group — Strong order intake and upgrades

TMT | Flash note

4imprint Group — Very strong demand
4imprint-Group_resized
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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

  • David Seekings

    FD

  • Kevin Lyons-Tarr

    CEO

Balance Sheet

Forecast net cash (US$m)

84

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (13.0) (14.7) 4.0
Relative (15.4) (14.3) 5.7
52 week high/low 5350.0p/4170.0p

Financials

4imprint’s Q323 trading update indicated further good growth, albeit moderating against comparatives getting tougher as the year progresses. Full year revenue guidance is maintained at ‘slightly above’ $1.3bn, with continuing high returns on marketing spend prompting a $5m uplift in PBT guidance to ‘not less than $130m’. 4imprint’s underlying markets reflect US corporate economic health, with any downside mitigated by the prospect of carrying on building market share as less well-funded firms struggle. Already the largest North American distributor of promotional products, 4imprint’s market share in H123 was just 5.9%, giving plenty to go for. The long-term growth record, strong cash generation and robust balance sheet underpin the rating.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 787.3 35.7 30.2 80.3 67.5 66.7
2022A 1140.3 108.4 103.7 285.0 19.0 15.0
2023E 1320.0 133.8 131.0 348.6 15.6 10.5
2024E 1430.0 147.1 142.0 382.2 14.2 10.8

Update

TMT

4imprint Group — Robust demand recovery

Update

TMT

4imprint Group — Upgrade from US reopening progress

Update

TMT

4imprint Group — Steady rebuild as economy reopens

Update

TMT

4imprint Group — Better Q4 order intake

Update

TMT

4imprint Group — Business model strengths play out

Outlook

TMT

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

Update

TMT

4imprint Group — Thaw in progress

Flash note

TMT

4imprint Group — COVID-19 update

Update

TMT

4imprint Group — Another year of strong growth

Update

TMT

4imprint Group — Self-promotion pays

Update

TMT

4imprint Group — Demand remains robust

Update

TMT

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

Update

TMT

4imprint Group — US growth promoters

edison tv

TMT

Bitesize briefing - 4imprint

Outlook

TMT

4imprint Group — Boxing clever

Update

TMT

4imprint Group — Branding awareness

Update

TMT

4imprint Group — Market leader

Update

TMT

4imprint Group — Branding evolution

Update

TMT

4imprint Group — Strong Q4, US tax change gains

Update

TMT

4imprint Group — Update 19 January 2017

Update

TMT

4imprint Group — Update 2 August 2016

Update

TMT

4imprint Group — Update 12 May 2016