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4imprint Group (FOUR)

Business description

4imprint is the leading direct marketer of promotional products in the US, Canada, the UK and Ireland. 97% of 2017 revenues were generated in the US and Canada.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 558.2 40.8 38.4 98.7 24.3 14.4
2017A 627.5 45.1 42.5 107.7 22.2 15.0
2018E 707.5 47.1 44.0 122.0 19.6 14.9
2019E 778.3 54.3 51.2 140.1 17.1 12.6

Last updated on 08/05/2018

Latest research

Continued momentum

Update | Media | 08/05/2018

Branding evolution

Update | Media | 09/03/2018

Strong Q4, US tax change gains

Update | Media | 17/01/2018

Market share gains continue

Update | Media | 01/08/2017

Online catalogue of success

Update | Media | 10/03/2017

Premium growth continues

Update | Media | 19/01/2017

Interims and dividend increase

Update | Media | 02/08/2016

Strong promotion

Update | Media | 12/05/2016

Daily comment

Institutional Comment | Media | 04/03/2015

Outmarketing the market

Update | Media | 07/03/2013

Strong finish to 2012

Update | Media | 24/01/2013

On target

Update | Media | 08/11/2012

Investment summary

An upbeat AGM statement indicates good momentum continuing through the early weeks of the new financial year. We have edged up our forecasts to reflect revenues to date running ahead of budget at +16% year-on-year. It is still too early to assess the impact of the additional marketing spend on brand awareness that was factored in at the time of the finals. Even without any benefit from this initiative, earnings are set to increase by a CAGR of over 12% for FY18-19e. Strong cash generation is funding the brand and marketing investment, as well as paying out a progressive dividend, on top of the supplementary payment made for FY17.

Last updated on 08/05/2018

Industry outlook

The US promotional products market is very large, estimated at a value of c $25bn, with a handful of larger distributors and a vast number of smaller, localised operators. The main longer-term trend is faster growth among the mid-sized and larger operators, benefiting from their larger marketing muscle and the increasing prevalence of online browsing and ordering. Market growth for the distributor segment was an estimated 3.2% for 2017. The IMF has projected US GDP to grow at 2.2% in 2017, 2.3% in 2018 and 1.9% in 2019.

Last updated on 27/04/2018

Key management

Kevin Lyons-Tarr, CEO
David Seekings, FD

Company address

7/8 Market Place
London
W1W 8AG
United Kingdom
+ 44 (0)207 299 7201
View website