Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>4imprint has again posted strong results, with FY16 revenue increase well ahead of the market growth of 2-3% and a tick up in operating margin. Second half performance was good, with revenues up 8%, which would have been higher but for market uncertainty around the US presidential elections. December returned to normal trading patterns. As indicated at the interims, there has been a 35% uplift in the dividend, reflecting the de-risking of the pension position and marketing spend at appropriate levels. With strong cash generation, a cash positive balance sheet and good earnings and dividend growth, the premium rating is clearly merited.</p>

4imprint has again posted strong results, with FY16 revenue increase well ahead of the market growth of 2-3% and a tick up in operating margin. Second half performance was good, with revenues up 8%, which would have been higher but for market uncertainty around the US presidential elections. December returned to normal trading patterns. As indicated at the interims, there has been a 35% uplift in the dividend, reflecting the de-risking of the pension position and marketing spend at appropriate levels. With strong cash generation, a cash positive balance sheet and good earnings and dividend growth, the premium rating is clearly merited.

<p>4imprint continues to deliver premium growth as it builds market share across its large and fragmented market, estimated to be worth around $25bn. The group&rsquo;s data-driven marketing investment approach and efficient fulfilment are supporting this profitable (and organically scalable) growth, while the strong cash generation has allowed the historic pension issues to be fully addressed with a one-off contribution of $14.5m in the period. The group ended the year with net cash of $21.5m, up from $18.4m at end FY15. With our 35% forecast increase in the FY16 dividend (in line with the interim), the valuation premium continues to look well supported.</p>

4imprint continues to deliver premium growth as it builds market share across its large and fragmented market, estimated to be worth around $25bn. The group&rsquo;s data-driven marketing investment approach and efficient fulfilment are supporting this profitable (and organically scalable) growth, while the strong cash generation has allowed the historic pension issues to be fully addressed with a one-off contribution of $14.5m in the period. The group ended the year with net cash of $21.5m, up from $18.4m at end FY15. With our 35% forecast increase in the FY16 dividend (in line with the interim), the valuation premium continues to look well supported.

United Kingdom

4imprint Group PLC supplies imprinted promotional merchandise via the Internet and over the phone. The Company offers a wide range of imprinted products ranging from clothing and caps to pens and pencils.

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4imprint (FOUR LN)

Online catalogue of success

4imprint has again posted strong results, with FY16 revenue increase well ahead of the market growth of 2-3% and a tick up in operating margin....

Edison Investment Research

Premium growth continues

4imprint continues to deliver premium growth as it builds market share across its large and fragmented market, estimated to be worth around $25bn....

Edison Investment Research

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