Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on 4IMPRINT GROUP PLC. We currently have 26 research reports from 5 professional analysts.
|09Dec16 04:35||RNS||Price Monitoring Extension|
|08Dec16 04:12||RNS||EBT Purchase|
|28Nov16 12:01||RNS||EBT Purchase|
|22Nov16 11:03||RNS||EBT Purchase|
|09Nov16 12:07||RNS||Second Price Monitoring Extn|
|09Nov16 12:02||RNS||Price Monitoring Extension|
|02Nov16 07:00||RNS||Trading Update|
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4IMPRINT GROUP PLC
4IMPRINT GROUP PLC
17 Nov 16
Topic of the quarter: Following on from our last quarterly we have delved further into the potential and challenges that the Internet of Things present the sector. Having spoken to a wide variety of companies from the sector (large and small, UK and overseas) it is apparent that there is going to be a very significant increase in the amount of data either generated by or available to Support Service companies. The key to generating value from this change will be breaking down the silos in which data is currently held, attracting and investing in the right skills and talent, seeing beyond the short-term investment that is likely to be needed and engaging with clients on a higher, more strategic level. If the sector doesn’t react, then the door is wide open for the Technology sector.
Interims and dividend increase
02 Aug 16
4imprint continues to grow its top line well ahead of US GDP and market, driven by ongoing investment in marketing, people and systems. Like-for-like H116 revenues were up over 15%, compared with our unchanged FY16 forecast of +13%. The large but fragmented market, estimated at over US$25bn, gives a substantial further opportunity, with organic growth the preferred (and proven) route. With the pension situation addressed and marketing spend well supported, the interim dividend has been lifted 35%.
02 Aug 16
Flowtech Fluidpower (FLO): Pre-close trading update, bolt-on acquisition (BUY) | Avingtrans^ (AVG): EDF contract (BUY) | 4imprint (FOUR): Valuing the cash flow (BUY) | Europa Oil & Gas* (EOG): FEL licence extensions (CORP) | Ithaca Energy (IAE): Vorlich and Austen acquisitions (BUY) | LSL Property Services (LSL): Impaired vision (U/R)
02 Jun 16
Highlights this quarter: Topic of the quarter: A significant proportion of the Support Services industry is characterised by regular, scheduled visits driven by fear that something might be about to go wrong. Maintenance schedules by Facilities Managers or visits by Home Carers for example. An entire cost base dedicated to continuously rotating skills around a client base (preventative) sits alongside another cost base focused on fixing a problem when the safety net fails (reactive). But what if you could tell that a part is about to fail or a particular service is about to be needed (predictive)? The Internet of Things holds enormous potential for the Support Services sector. Those fleets of white vans that currently monotonously tour clients will only be seen when they are on-route to a specific need, laden with precisely the right part. Economic indicators: The outlook remains weak. While services PMIs remain better than manufacturing, service sector growth in the UK weakened in April. Labour markets remain strong but uncertainty in the UK, driven in part by the potential Brexit, has resulted in a switch from permanent hiring to temporary, despite the National Living Wage driving the sharpest rise in temporary pay since mid-2007. Sector newsflow: People skills are in demand this quarter with takeover bids for Penna and Sweett Group (following on from ISG and Xchanging last quarter). Serco continues on its recovery path with contract renegotiations yielding benefits, and Babcock has extended its track record of delivery with another good set of results and solid outlook. MITIE highlighted lower UK growth rates with further government spending cuts, increasing labour costs and uncertainty relating to the EU referendum. HSS has seen some signs of softness in the UK and Lakehouse revised down its expectations again. Sector valuation: The sector has underperformed the All Share by -0.8% in 2016 with smaller companies reversing some of the significant outperformance from 2015. Logistics (driven by Menzies and the mail providers) and Equipment Rental (as Aggreko and HSS started to reverse significant declines in 2015) are the best relative performers to date. Other outperformers are Consultants (we highlight Utilitywise in this note), Distributors (Acal is also set to benefit from IoT) and Self Storage (where we continue to highlight Lok'nStore as the best way to play structural growth here, supported by relative valuation).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
N+1 Singer - Morning Song 09-12-2016
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.
Zwillenberg moves his first chess piece
09 Dec 16
New CEO Paul Zwillenberg has followed up swiftly on the strategy update of a week ago with his opening move: cutting DMGT’s stake in Euromoney from 67% to 49% via a placing and buyback by Euromoney. Chess players might see this as something of a queen’s gambit, sacrificing something upfront (EPS dilution of c7%, c2% reduction to SOTP, significant reduction in reported FCF) in exchange for increased future financial flexibility (both for DMGT and Euromoney). We see this as a sound move strategically. Even so, we move back from Buy to Hold, reflecting the recent rally in the shares, a valuation no longer obviously cheap relative to peers (just under 15x calendar 17E EPS following this deal), plus lower confidence on long term growth prospects for the portfolio. Near term we see better value in a DMGT “synthetic” (one third each INF/ASCL/ITV) offering similar macro-exposures at a lower multiple (under 13x EPS).
Leveraging brands and data
24 Nov 16
Future is building and widening its revenue streams based on strong global brands and on a scalable delivery platform. Growth of revenues in categories such as eCommerce, events and digital advertising resulted in broadly maintained group FY16 revenues, while the margin has started to build, helped by operating leverage. The Imagine purchase, post year-end, brings further scale and efficiency. The lengthening record of delivery against expectations and the premium projected earnings growth are making the multiple increasingly attractive.