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Currency in GBP
Last close As at 26/05/2023
GBP1.03
▲ −5.00 (−4.65%)
Market capitalisation
GBP172m
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.
Director, TMT
Christopher Lee
CEO
Claire Thomson
CFO
Forecast net cash (£m)
8.7
Forecast gearing ratio (%)
N/A
| % | 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 |
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