4imprint Group (LSE: FOUR)

Last close As at 19/04/2024

GBP62.00

−80.00 (−1.27%)

Market capitalisation

GBP1,747m

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 over US$26bn, up 3.1% on the year, but effectively flat in Q4. With US inflation for 2023 estimated at 3.4%, this implies very limited underlying volume growth. 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

4imprint Group — Continued market share gains

TMT | Update

4imprint Group — FY23 finishes strongly

TMT | Outlook

4imprint Group — Further progress in Q323

TMT | Update

4imprint Group — Record H123 customer demand

4imprint-Group_resized

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)

125

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.8 33.8 39.3
Relative 0.1 27.2 39.6
52 week high/low 6540.0p/4200.0p

Financials

4imprint’s FY23 results were as outlined in January’s trading update, with 16% top-line growth and a further step up in operating margin to 10.3% from 9.0%. Given that the trading backdrop became more difficult over the final few months, as shown in industry reports, this implies that the group continues to build share in its large and fragmented addressable market for promotional products. 4imprint ended the year with net cash and short-term deposits of $105m after particularly strong cash conversion in H2. This amply allows for the expansion project at the main Oshkosh distribution centre as well as a good uplift in the final dividend, making 215 cents for the year, with the shares trading at a yield of approximately 3%.

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 27.5 21.8
2023A 1326.5 142.6 140.7 377.9 20.8 13.2
2024E 1430.0 149.9 146.5 395.2 19.9 16.3
2025E 1500.0 157.0 153.8 408.7 19.2 13.6

Update

TMT

4imprint Group — Strong trading recovery

Outlook

TMT

4imprint Group — Moving on up

Update

TMT

4imprint Group — Robust demand recovery

Update

TMT

4imprint Group — Better Q4 order intake

Update

TMT

4imprint Group — Thaw in progress

Flash note

TMT

4imprint Group — COVID-19 update

Update

TMT

4imprint Group — Self-promotion pays

Update

TMT

4imprint Group — Demand remains robust

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 — Update 19 January 2017

Update

TMT

4imprint Group — Update 2 August 2016

Update

TMT

4imprint Group — Update 12 May 2016