Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    DFR Gold

    MCap

    CAD10m

    Last close

    CAD0.06

    ▲ 0.05 (81.82%)

    Biodexa Pharmaceuticals

    MCap

    USD3m

    Last close

    USD5.11

    ▲ 1.61 (46.00%)

    Quadrise

    MCap

    GBP22m

    Last close

    GBP0.03

    ▲ 0.77 (43.02%)

  • Sectors

    Sectors

  • Investment Strategy

    Investment Strategy

    View All

    Latest

  • Thematics

    Thematics

    View All Thematics

    Latest

The Pebble Group (LSE: PEBB)

Currency in GBP

Last close As at 04/12/2023

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 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: Q123 growth lower at 3.3%, Q223 improved at 5.6%), with the total European market a little smaller. The industry’s resilience is based on its utility and effectiveness as an advertising medium.

Latest Insights

View More

TMT | Update

The Pebble Group — Market headwinds in H2

TMT | Flash note

The Pebble Group — Facilisgroup leads H123 performance

TMT | Flash note

The Pebble Group — On track to deliver FY23 expectations

TMT | Update

The Pebble Group — H123 trading ahead of prior year
Pebbles in wide calm Ocean
Visit Website

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 (38.6) (36.8) (36.1)
Relative (40.3) (36.5) (35.0)
52 week high/low 118.5p/55.0p

Financials

The Pebble Group is experiencing tougher trading conditions in its second half year, particularly in its Brand Addition segment, which provides global brands with their promotional goods requirements. As has been the case more widely across the sector, spending from tech, and some consumer, clients has been under pressure, given the macroeconomic backdrop. We have aligned our FY23 forecasts with the revised guidance and adjusted FY24 from the lower base. The fundamental proposition of both business segments remains sound, with higher growth prospects in the digital commerce SaaS business, Facilisgroup. The group has a strong balance sheet, with end-FY23 net cash (excluding leases) set to be around £15.1m.

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 10.5 5.9
2022A 134.0 18.0 12.4 5.77 9.4 5.0
2023E 124.0 16.0 9.7 4.49 12.0 5.6
2024E 128.5 16.5 10.1 4.55 11.9 5.5

Research

Flash note

TMT

The Pebble Group — Facilisgroup leads H123 performance

Flash note

TMT

The Pebble Group — On track to deliver FY23 expectations
Pebbles in wide calm Ocean

TMT

Update

The Pebble Group — Market headwinds in H2

Pebbles in wide calm Ocean
View All

Thematics

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – November 2023: Still waiting…

thematic

TMT

MediaWatch – July 2023
View All

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free