4imprint’s trading update shows the spring 2018 brand marketing campaign continuing to generate supplementary revenues, as was the case at the interims. We have again edged our forecasts ahead (around 1% at both the revenue and earnings levels), to the higher end of the previous range of market estimates. There is still a substantial opportunity to exploit, given the market size (estimated by ASI at US$23.6bn) and the group’s leading position. While the group trades at a premium to the UK marketing sector, the drift in the share price has made the valuation more attractive, particularly on a DCF basis. The group remains highly cash-generative, with funding growth and a progressive dividend.
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