The Pebble Group (LSE: PEBB)

Currency in GBP

Last close As at 26/05/2023


−5.00 (−4.65%)

Market capitalisation


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.

Pebble operates within the global promotional products market, estimated by management at $50bn. It is a highly competitive landscape, but distributor participants are predominantly small and local. The best statistics are available for the North American market, estimated by industry body PPAI to be worth over $25bn in FY22 (+13% y-o-y, and matching 2019 levels), with the total European market a little smaller. The industry resilience is based on its utility and effectiveness as an advertising medium.

Pebbles in wide calm Ocean



Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Key Management

  • Christopher Lee


  • Claire Thomson


Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.7) (1.9) (8.9)
Relative (6.1) 0.1 (10.6)
52 week high/low 118.5p/78.0p


The Pebble Group’s AGM statement outlines first-half trading likely to be up on the same period in FY22, with both of the group’s constituent businesses performing well. Facilisgroup, serving the US promotional product distribution market, is extending its offering and building market share in the substantial North American market. Brand Addition, which provides promotional products and associated services to major global brands, benefits from strong relationships built on trust, and is reported to have ‘robust’ order intake year-to-date. Our forecasts are unchanged for now and the valuation remains below peers.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 115.1 15.4 10.9 5.12 20.0 11.1
2022A 134.0 18.0 12.4 5.77 17.8 9.5
2023E 143.0 19.3 12.9 5.77 17.8 8.9
2024E 148.0 20.4 14.0 6.23 16.5 8.4



MediaWatch – April 2023

Digital Marketing and Internet Media Technology Platform


MediaWatch – January 2023


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