Shares in FOUR have fallen from 1940p at the time of the March results to below 1700p (-13%). This represents a modest recovery from the floor (1580p), but still puts the stock on a significant PE discount to its typical forward PE over the past ten years. Even allowing for investment in marketing causing PBT forecasts to tread water for CY18E, the business will easily maintain its decade-long double digit earnings CAGR achievement, we believe. Sales exited 2017 at +14%, reflecting good momentum ....
26 Apr 2018
Share price remains an opportunity, competitive situation good
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Share price remains an opportunity, competitive situation good
4imprint Group plc (FOUR:LON) | 6,265 1879.5 0.5% | Mkt Cap: 1,765m
- Published:
26 Apr 2018 -
Author:
Nick Spoliar -
Pages:
5
Shares in FOUR have fallen from 1940p at the time of the March results to below 1700p (-13%). This represents a modest recovery from the floor (1580p), but still puts the stock on a significant PE discount to its typical forward PE over the past ten years. Even allowing for investment in marketing causing PBT forecasts to tread water for CY18E, the business will easily maintain its decade-long double digit earnings CAGR achievement, we believe. Sales exited 2017 at +14%, reflecting good momentum ....