4imprint Group - Self-promotion boost to strong organic growth
4imprint’s interims show revenue growth of 16% (all organic) and a further small tick up in underlying operating margin to 4.8% (H118: 4.7%). The brand promotion initiative, launched in H118, is delivering online traffic and conversion better than initial expectations. We have again lifted our FY19 revenue and EPS forecasts, by 4% and 3% respectively. For FY20e the EPS uplift is 5%. Management’s revenue target of $1bn by FY22e looks likely to be achieved ahead of schedule. The group has five-year average cash conversion of 103% and a cash-rich balance sheet and we regard the current share price as well underpinned, with further potential upside.4Imprint Group is a direct marketer of promotional products in the U.S., Canada, the U.K. and Ireland. Co. sells a range of promotional products including merchandise custom printed with the logo or name of an organization with the intention of promoting a brand, service, product or event. Co.'s product range comprises of individual products ranging from basic giveaways such as pens, bags and drinkware to items such as embroidered apparel, business gifts and full size trade show displays.
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