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EDISON INVESTMENT RESEARCH LIMITED Edison Investment Research Limited: Edison issues outlook on 4imprint Group (FOUR)

Directive transparence : information réglementée

11/09/2020 11:23

Edison Investment Research Limited
Edison Investment Research Limited: Edison issues outlook on 4imprint Group (FOUR)

11-Sep-2020 / 10:23 GMT/BST


 

London, UK, 11 September 2020

Edison issues outlook on 4imprint Group (FOUR)

4imprint's first half trading was heavily affected by the commercial repercussions of the COVID-19 pandemic as it spread across the US. With uncertainty over the speed and extent of the reopening of the US economy, projections for the remainder of the year (and for FY21) are more tentative than usual. Despite the difficult trading circumstances, 4imprint retains a strong, cash positive balance sheet, and has low fixed costs and capital requirements. We believe that it retains its long-term attractions in a large, fragmented market and should rebuild quickly as the economy recovers.

 

With so much uncertainty regarding how and at what speed the US economy will continue to recover our earnings forecasts are tentative and valuation judgements based on them are subjective. 4imprint has a market-leading position, a low fixed cost base and limited capital requirements, attractive cash flow characteristics and a cash positive balance sheet, all of which justify its premium rating. 4imprint trades on an FY19 EV/EBITDA of 12.0x, compared to marketing services stocks on 7.2x


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About Edison: 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, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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1130463  11-Sep-2020 

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