reports
- Nick Spoliar
Audio Note: 4imprint Group - FY24A: solid progress, margins lifted, 25...
In this audio note, Zeus’ Nick Spoliar summarises the investment case for 4imprint Group. FY results from FOUR continue to demonstrate the company’s ability to progress, notwithstanding tough conditions, with PBT at $US154.4m marking another beat to expectations and margins lifted at both the gross and the operating levels.
- Nick Spoliar
4imprint Group (FOUR LN) - FY24A: solid progress, margins lifted, 250c...
FY results from FOUR this morning continue to demonstrate the company’s ability to progress, notwithstanding tough conditions, with PBT at $US154.4m marking another beat to expectations and margins lifted at both the gross and the operating levels. FOUR is a strong player in the highly fragmented c.$US26bn US promotional products market and continues to take market share, with enhanced opportunities in the current environment. The fundamental operational strength of the business is well reflecte...
- Stephane Foucaud
AUCTUS ON FRIDAY - 02/07/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Appraisal drilling results at Alberta Llanos unlock full field development with horizontal wells - Following the discovery well, Arrow has drilled two new vertical wells at Alberta Llanos, effectively delineating the field. The AB-2 well at the far northern limit of the field encountered multiple hydrocarbon-bearing intervals with good reservoir characteristics but came i...
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
EGY VAALCO ENERGY INC.
OMV OMV AG
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
DNO DNO ASA CLASS A
AOI AFRICA OIL CORP
AXL. ARROW EXPLORATION LTD
HHR HARTSHEAD RESOURCES NL
PRD PREDATOR OIL & GAS HOLDINGS PLC
PLSR PULSAR HELIUM INC.
- Nick Spoliar
Audio Note: 4imprint Group - Performing strongly despite challenges; a...
In this audio note, Zeus’ Nick Spoliar summarises the investment case for 4imprint Group. FOUR’s update this morning shows that the company is continuing to perform despite a challenging market, with “solid” operational progress and PBT to be no less than $US153m, above the top of the current range of expectations by some 2%.
- Charlie Cullen
4imprint Group (FOUR LN) - Performing strongly despite challenges; ahe...
FOUR’s update this morning shows that the company is continuing to perform despite a challenging market, with “solid” operational progress and PBT to be no less than $US153m, above the top of the current range of expectations by some 2%. With a c.5% market share, the company is a leading player in the fragmented $US25bn-plus US promotional products sector. Over a couple of decades, FOUR has reliably delivered double digit CAGR while always outperforming its underlying market, as in the past year...
- Fiona Orford-Williams
4imprint Group - Market-leading marketing
4imprint is the leading distributor of promotional product in North America, a very large (c $26bn) and highly fragmented market. The group’s core expertise is in the management of its marketing mix, driving new customer recruitment and stimulating existing customers’ spend. The underlying market has been difficult of late, reflecting geopolitical uncertainty and the lack of business confidence. Despite this, 4imprint has held gross margins at 32% and expects to deliver an operating margin in ‘d...
- Nick Spoliar
Audio Note: 4imprint Group - Quality holding offers upside
In this audio note, Zeus’ Nick Spoliar summarises the investment case for 4imprint Group. FOUR’s shares have largely traded sideways in the past three months, responding to well-rehearsed market challenges, but they have generated truly excellent outperformance on a longer term basis, having increased eightfold over the past decade and fourfold from the Covid lows to their current levels around 5,100p.
- Nick Spoliar
4imprint Group (FOUR LN) - Quality holding offers upside - Corporate
FOUR’s shares have largely traded sideways in the past three months, responding to well-rehearsed market challenges, but they have generated truly excellent outperformance on a longer term basis, having increased eightfold over the past decade and fourfold from the Covid lows to their current levels around 5,100p. Buyers of the shares who held their nerve during the pandemic have been richly rewarded as the company’s strong model, blending proprietary customer analytics / effective marketing too...
- Fiona Orford-Williams
4imprint Group - Good performance against a difficult backdrop
4imprint’s trading update indicates no change to full year guidance and estimates, despite a challenging trading backdrop of wavering corporate confidence in an unstable economic and political environment. This has affected new customer acquisition more than it has affected transactions by existing customers, which is testament to the quality of the latter group. This in turn is a function of the group’s flexible marketing mix, including brand awareness. 4imprint had cash resources of $137m at e...
- Nick Spoliar
4imprint Group (FOUR LN) - Continuing to deliver - Corporate
FOUR has published a 10-month update this morning which reflects continuing progress against a difficult environment, very similar to conditions which the company described back in August. FOUR is a leading player in the $US25bn-plus US promotional products sector; and while the sector presents challenges at present, it remains in our view an area of significant opportunity. Grasping this opportunity, and as illustrated in today’s announcement, the company continues to outperform peers, taking...
- Charlie Cullen
4imprint Group (FOUR LN)
FOUR’s H1 results this morning demonstrate a resilient performance in the face of markets negatively affected by the uncertain economic environment. Although still relatively small in relation to the $US25bn-plus promotional products sector, suggesting there is a large opportunity, FOUR is a leading player, and today’s announcement shows that the company continues to outperform peers, meaningfully taking market share. Margin enhancement during the first half at the gross and operating levels...
- Fiona Orford-Williams
4imprint Group - Outperforming a challenging market
4imprint has continued to trade better than its underlying market across H124, with revenues 5% ahead of H123. The North American promotional products market recovered lost ground in Q2 to be effectively flat over the half, implying further market share gains for 4imprint, already the largest player but with a share of just 5%. The gross margin improvement posted in H223 from pricing and mix has continued and looks to be sustainable. We have trimmed our FY24 revenue forecast by 3% but lifted our...
- Fiona Orford-Williams
4imprint Group - Solid start to the year
4imprint’s AGM trading update indicates a solid start to the year against a challenging market backdrop, with full-year expectations (and therefore our forecasts) unchanged. Group revenue growth of 6% over the prior year for the four months to end April is clearly ahead of the North American market, where Q124 industry revenue indications range from broadly flat to a small decline, indicating that the group is continuing to build market share. 4imprint is the largest distributor in North America...
- Fiona Orford-Williams
4imprint Group - Continued market share gains
4imprint’s FY23 results are as outlined in January’s trading update, with 16% top-line growth and a further step up in operating margin to 10.3% from 9.0%. Given that the trading backdrop became more difficult over the final few months, as shown in industry reports, this implies that the group continues to build share in its large and fragmented addressable market for promotional products. 4imprint ended the year with net cash and short-term deposits of $105m after particularly strong cash conve...
- Fiona Orford-Williams
4imprint Group - FY23 finishes strongly
4imprint’s year-end trading update indicates that 2023 was a strong year for the group’s financial performance. Revenue of $1.33bn is in line with guidance reiterated in November of ‘slightly above $1.3bn’, but PBT is now guided at ‘not below $140m’, above our previous expectation of $131m. We attribute the stronger profitability to a combination of higher gross margin and marketing efficiency. Strong cash performance resulted in the year-end balance of $105m exceeding our prior $84m estimate. O...
- Fiona Orford-Williams
4imprint Group - Further progress in Q323
4imprint’s Q323 trading update indicated further good growth, albeit moderating against comparatives getting tougher as the year progresses. Full year revenue guidance is maintained at ‘slightly above’ $1.3bn, with continuing high returns on marketing spend prompting a $5m uplift in PBT guidance to ‘not less than $130m’. 4imprint’s underlying markets reflect US corporate economic health, with any downside mitigated by the prospect of carrying on building market share as less well-funded firms st...
- Fiona Orford-Williams
4imprint Group - Record H123 customer demand
4imprint’s interim results reflect the narrative at last week’s trading update, being strong underlying demand, an uptick in gross margin as the supply chain bottlenecks ease and strong returns on each dollar of marketing spend. Having upgraded following the update, we have now ‘tidied up’ our modelling for FY23 and FY24. With the buy-in of the legacy defined benefit pension and the accelerated recovery contributions, plus payment of the special dividend, we expect 4imprint to end FY23 with net ...
- Fiona Orford-Williams
4imprint Group - Strong order intake and upgrades
Ahead of 4imprint’s interim results, scheduled for 9 August, the company has issued a half-year trading update indicating performance running well ahead of market expectations for the full year. This is in terms of volumes, gross margin, profitability and cash. The May AGM statement had also been very positive, but there was greater uncertainty at that time whether the buoyant conditions would persist and we held our forecasts. We have now lifted our revenue and earnings estimates for FY23 and F...
- Liberum Research Team
- Liberum Research Team
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.