The Pebble Group (LSE: PEBB)

Last close As at 21/02/2024

GBP0.55

0.50 (0.93%)

Market capitalisation

GBP92m

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 $25bn in FY22 and to have grown by 3.1% in FY23, 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 | Flash note

The Pebble Group — FY23 trading update

TMT | Update

The Pebble Group — Market headwinds in H2

TMT | Flash note

The Pebble Group — Facilisgroup leads H123 performance

Pebbles in wide calm Ocean

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)

6.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (9.17) (37.71) (47.85)
Relative (11.35) (39.34) (45.73)
52 week high/low 118.5p/51.0p

Financials

The Pebble Group’s year-end trading update confirmed that the outturn has been in line with the revised guidance from November’s update, with revenue of £124m and adjusted EBITDA of around £16m, also reflected in our modelling. The only divergence is in cash generation, which has been better than we anticipated, with a year-end net cash balance (excluding leases) of £15.9m, against our modelled £15.1m. The results announcement is set for 19 March, at which point the outlook for the current year should be clearer. The fundamental proposition of both business segments remains sound, with higher growth prospects in the digital commerce SaaS business, Facilisgroup.

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 10.6 5.9
2022A 134.0 18.0 12.4 5.77 9.4 5.0
2023E 124.0 16.0 9.7 4.49 12.1 5.7
2024E 128.5 16.5 10.1 4.55 12.0 5.5

Thematics

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