4imprint Share Discussion Threads

[snadgey] 02/4/2015 07:39

Held this company for many years. Find any widening of the spread is usually down to a dip in the bid price with the offer remaining firm. This may tell you something. All the best. I'm not selling you any of my shares!

[discodave4] 01/4/2015 22:06

glenowen,PS would be a buy and hold, not a punt.DD

[discodave4] 01/4/2015 21:59

glenowen,Appreciate your honest feedback (refreshing to hear unbiased thoughts from a holder), many thanks.Was thinking of anything less than £10 would be reasonable, based on future growth/eps, but given its momentum I'm not too certain it will ever fall back to that level - would understand if you don't reply, but what are your thoughts? as you say it's a tad expensive at the moment (PE 21).Thanks again and good luck.DD

[gargleblaster] 01/4/2015 21:15

Another excellent leg up today

[glenowen] 01/4/2015 21:04

Hi DD

I've been a shareholder in 4imprint for several years and can't recall this happening before. I was only alerted to this by a "slump" in my ADVFN-operated portfolio, since they use the bid price in calculating values, rather than the mid-market price. So, I was relieved to find it was only this, rather than a genuine slump!

I did get my fingers burned with a Carpetright spread bet a few years ago, when exactly this type of situation occurred. I thought I was being prudent by having an automatic stop-loss in place, only for my position to be closed out because of a wholly inexplicable reduction in the closing bid price, at way below the prevailing mid-market price. So, no more spread-betting for me! Even if this is the first time it has happened in 4imprint, it is likely to happen again so I would tread with great care if I were thinking of having a punt.

Safer to just buy the shares and tuck them away for the long-term, although the price is a bit high at the moment.

Cheers

Glen

[discodave4] 01/4/2015 19:56

glenowen,That's some spread (24%)!, would you know if that happens a lot here?. Interested in a long position, spread usually about 2% - 3% which has put me off slightly (or at least made me wait in the hope of a decent dip)......if happens a lot then may just stay away altogether.ThanksGLDD

[glenowen] 01/4/2015 18:48

This reminds me of why I will never again indulge in spread betting. The selling price of 4imprint reduced to a mere 865p - without any sensible or logical reason - when the mid-market price remains miles higher. And no actual deal carried out today at anywhere close to 865p. No doubt some punters will have been forced to close their bets because of such nonsense.

I wonder which market markers/spread betting company are responsible for this and whether any regulator cares. I doubt it!

[snadgey] 12/3/2015 17:33

I can't help to clarify the complexities of company pension arrangements - I think you'd need to be in the business to understand what they are doing. Perhaps email four with your queries? The pension situation appears in better shape than 3 years ago when I 1st invested in FOUR, so I'm happier now! All the best.

[housemartin2] 11/3/2015 18:03

Wow - that must be bottom line growth of about 40% which implies they are still able to grow margin. Or accelerating revenue growth ? IMV of course; I could have got carried away.

On the pension, I am still confused. If 79% of the Liability is insured, then their actions imply that it must be cheaper to shovel cash into the scheme (aiming to reduce the deficit all other things being equal) than insure the remaining 21% of the liability.
- and I thought I understood the position last year !

[snadgey] 10/3/2015 22:28

For what they are worth - latest broker consensus forecast puts company on a p/e of 14 for next year....according to Morningstar.

[snadgey] 09/3/2015 21:25

The pension liability has been reduced. 79% insured with " The Schedule of Contributions, which was agreed in December 2013, sets out a GBP3.28m contribution to the Scheme in 2014, increasing at 3% annually. This recovery plan would close the deficit in 6.3 years (by 30 April 2020)."

The pension has been a large cloud hanging over this company. I feel happier now that it seems to be being addressed. Lets hope their calculations prove good....

[housemartin2] 08/3/2015 18:18

The takeaways from the results that stood out to me were -

The significant continued revenue growth came from both new customers and repeat business

Margin expansion due I believe to better resource utilisation over higher activity. Not sure if this can continue to grow (probably not) but at least this should be the new normal (until the next downturn of course). This put on $6.2m which dropped straight to pbt ie 2/3 of the increase over PY.

The implications of the pension deficit. It cost 26m to reduce the defict by 3m. This is real cash not an accounting provision. I had previously been quite nonchalant about the pension liability thinking it was dropping out of significance. The contribution is almost all the operating cash flow. However note 5 seems to be saying that 78% of the liabilities are covered by insurances which is of course very significant in understanding the true liability to the company. Can anyone help my understanding here ??

[housemartin2] 06/3/2015 07:50

Ah Snadgey, you caught me ! Mrs HM2 tells me that I sometimes have a humour problem.
As a buy and hold investor generally I am more excited by investment for growth in my companies than special divis and buy backs, so to me this company just gets better & better at each reporting. I have not read the detailed report yet but will do so by the end of the weekend - looks like its going to be a good time !

[snadgey] 05/3/2015 22:46

Had tongue in cheek Housemartin. Particularly like their expansion plans to accommodate next 5 years of growth and ROCE of 176%! Potential there considering the clear success of their business model/marketing and fragmented market. getting the pension sorted should eventually release more cash. All the best.

[housemartin2] 05/3/2015 07:31

Bit of an understatement Snadgey - but depends what were your expectations from this company I guess !!
Just love it

[snadgey] 04/3/2015 07:09

Results not bad ;-)

[napoleon 14th] 03/3/2015 22:57

We've all done that at some time, if it's consolation in any way.

I know dudes who bought ASOS @ 4p & felt great when they sold them @ 16p!!!

[jeffian] 03/3/2015 19:17

#1337,

If it makes you feel any better, I sold 'em at 45p!!!


8-(

[gco1133a] 03/3/2015 16:34

results tomorrow

[davemac3] 03/3/2015 14:38

whenever I look at these I think why did I sell them around £2 grrrr!

[napoleon 14th] 15/2/2015 13:54

Fab share. Paid 235p, mine stashed in ISA 4 yrs ago.
I also like/hold BPI, ETO, PHTM & TRB in the same vein....

[housemartin2] 10/2/2015 09:13

Thanks Snadgey. That was my understanding. As always with these situations, I always wish I had bought more years ago when these came to my notice ! GL

[snadgey] 10/2/2015 07:14

Housemartin, I think FOUR is amongst the largest of companies in US selling promotional goods, yet represents less than 10% of the market. Plenty of scope for further % gains. All the best.

[housemartin2] 23/1/2015 07:34

The US market is fragmented with many small players. I bought FOUR as a consolidator and have not been disappointed over the last few years. However this is likely to be only a short distance down that road. IMV As Snadgey says, just watch this grow.
By the way, has anyone come across similar companies in US who are also big in this sector ? I have not, only smaller ones but I don't live in US. Interested in keeping an eye on competitors.