4imprint Dividends - FOUR

4imprint Dividends - FOUR

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
4imprint Group Plc FOUR London Ordinary Share GB0006640972 ORD 38 6/13P
  Price Change Price Change % Stock Price Low Price High Price Open Price Close Price Last Trade
-50.00 -1.48% 3,330.00 3,310.00 3,400.00 3,370.00 3,380.00 16:29:51
more quote information »
Industry Sector

4imprint FOUR Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

snadgey: Yep, though Interims and of month. IMO share price a little ahead of itself, but if the growth story continues... Not sure how the "war" on plastic will affect this company - any thoughts..? All the best
erogenous jones: stephen1946, I have no idea what your gripe is about, but you appear to be droning on about some sort of censorship. The fact of the matter is that this company generate the bulk of their revenues and profits from overseas, have consistently produced a profit and pay a small dividend each year. This is reflected in a growing share price that has, to all intents and purposes risen 100% for each of the last 4 years. There is no evidence to suggest that this growth is stalling and thus remains a buy as far as I am concerned. But, of course, 2000p might prove a psychological barrier.
diggulden: Ennismore seem very hot on the stock. We wrote on 4imprint back in January 2012 and the company has gone from strength to strength in this time growing profits in the core business from GBP 7.7m in 2011 to GBP 11m in 2013. The company recently sold off its final non-core division (SPS, a small UK manufacturer of promotional goods) leaving a pure promotional goods marketing business with over 90% of sales in the United States. In the US, 4imprint is the number one player in a large (c. USD 12bn) but highly fragmented market with revenue of GBP 228m. The company sells a broad range of products – over 100,000 different items - ranging from clothing to tools and, of course, stationery. The company acquires its customers via various sources including 20m catalogues, samples sent to existing customers, online search, and emails. Finished products are then customised by 4imprint's suppliers to meet the end customer's specifications. Customers are mostly smaller businesses with none accounting for a significant share of revenues, while the supplier base is well diversified (the ten largest make about half of the products they sell) and competitively tendered. This is essentially a sales business with marketing costs accounting for 80% of operating costs. The impressive increase in the number of orders from existing customers has continued going from 226,000 in 2010 to 387,000 in 2013 and is key as prior customers have a much higher response rate (more than 30% repeat order in the first year) as opposed to less than 1% response rates for catalogues sent to potential new buyers. Therefore over time the same marketing spend will yield higher sales and profits and a larger marketing budget to reinvest in acquiring more direct customers, creating a virtuous circle. The company continues to grow revenues at about 15% a year, with only a small decline even in 2009 when the market for promotional products declined by about 20%, and we expect them be able to continue this for many years given their low market share combined with relative scale, at around twice the size of their nearest competitor. In the first quarter this year this trend continued with sales growing at 16%, and North America growing 23% in US dollars. The company, as is, has a track record of pretty consistent profit growth over the last eight years at almost 17% per annum and we see no reason why this can't continue into the medium term. Operating margins now sit at over 5%, however due to the very low capital requirement this converts to a post-tax return of around 100%. We expect margins to slowly increase due to better central cost coverage and some scale benefits. For further information please contact: Eleanor Scott, Ennismore Fund Management +44 (0) 20 7368 4219 subs@ennismorefunds.com For dealing please contact: Northern Trust International Fund Administration Services (Ireland) Ltd +353 (0) 1 434 5103 Ennismore_TA@ntrs.com Warning: This newsletter is issued by Ennismore Fund Management Limited, authorised and regulated by the Financial Conduct Authority. Past performance is not necessarily a guide to future performance. The value of shares can go down as well as up and is not guaranteed. Changes in rates of exchange may also cause the value of shares to fluctuate. Any reference to individual investments within this newsletter should not be taken as a recommendation to buy or sell. This newsletter should be read in conjunction with the full text and definitions section of the Prospectus dated 2 June 2011. Ennismore Fund Management Limited, Kensington Cloisters, 5 Kensington Church Street, London, W8 4LD Registered in England and Wales No. 3598371 Authorised and regulated by the Financial Conduct Authority At the current share price of 700p (versus 253p when we last wrote) 4imprint has rerated substantially however we are still a very enthusiastic shareholder. The stock now has an enterprise value of GBP 191m and we expect it to generate operating profit of around GBP 13.5m in 2014, a multiple of 17 times 2014 operating profit after tax. The stock still has a handy dividend yield of around 3% but we see no reason why the payout ratio shouldn't increase, due to the cash generative nature of the business, and move quickly towards a higher yield. We view 4imprint as a cash cow, with very little capital needs, but one that can grow at good double digit rates over the medium to long term in a huge market. The question is what multiple is fair for these unusual attributes. Due to these traits and continued evidence of the high quality execution from the US management we think a multiple of 20 times earnings for the core Direct Marketing business is conservative which, after taking out central costs, leaves upside of over 35% to the end of next year. http://www.ennismorefunds.com/documents/OEIC/OEIC%20-%20Most%20Recent%20NL.pdf
rik shaw: Lovely quiet board and share price still ticking up. rik
snadgey: Opener - IMO share price has already benefited from reduced pension risk and should continue to do so. Be interesting to see next pension valuation. This company has v.low CAPEX requirements (low risk) and is throwing off cash (look at Cashflow v EPS). Market for it's products is huge. We may see greater increase in div as we go forward - perhaps once the cover has regained the 2 x mark. Am holding this for as long as this growth and income story continues.
opener: It's pretty clear as other broadly comparable company results are being isued that pension deficits are beginning to shrink as a problem (as gilts yields increase). The deficit has been one of the big concerns at FOUR and has certainly held back the share price in the last few years.The company have taken action to address the issue through the last 2/3 years,so will the share price benefit as the deficit shrinks?
snadgey: Organic growth is the name of the game here so unlikely we'll get any RNSs other than the final, interim reports and trading statements. IMO any share price drift downwards between these should be seen as a buying opportunity.
calahan: Sold out my last batch of these this morning after holding around 7k at one point. I have faith that the management can continue to deliver good growth and profits for the company, but sadly I have no faith that the share price will ever reflect the true value here. Which I believe to be somewhere well north of 300p. And my fears are that it might only take one 'less than positive' set of results or trading statement for the share price to return to the sub 240p levels again (or lower). Meaning FOUR will get punished for the (hypothetical) bad times, but without ever having been rewarded for the good times. So I promised myself I'd sell up if these ever got close to the 300p barrier again, after having missed out twice in the past due to hesitation (June 2011 and Mar 2012. The latter was a huge 2 day spike that just screamed out to be top-sliced. Oh well, hopefully a lesson learnt) Best of luck to all holders, as I would like to see those with more patience than me rewarded by FOUR one day reaching the fabled Utopia that exists in the region of a 350p share price. I held for 2+ years at an average of around 245p, so I have no complaints overall. And if FOUR's story remains the same then I'll be happy to buy back in should the share price return to the silly sub 250p levels again. Good luck all, IMO, DYOR etc.
jbarker5555: Here`s my interpretation of current and future estimated earnings at £2.83 share price. Year EPS PEG DPS Current 21.15 n/a 14p 2012E 23.1 1.45 15.33p 2013E 28.7 0.51 16.1p Currently TDW estimate PEG and P/E are in line with the sector although divi is higher. Divi at nearly 5% should (I repeat should ;) ) proved good share price support when coupled with the 2013 potential growth IMO. £5m cash but does have pension deficit (although there are many companies running pension deficits) Director options at £3.00 (I think) so obviously the board see some upside and some director buys. Personally I think the high 2012 PEG and being in line with the sector would make them a sell and buy back in six months time, but the divi, future growth, restructuring and board interest makes me feel like holding to see how the news flow goes over the next year. Not sure how I`ll feel if it drops back to 2quid this summer though, and all IMO! O/T Apprentice was interesting, wonder how those lot would get on managing a portfolio of shares. :)
cfro: Come back in here today. It will probably only be a trade for me tho as this move to SETS is not a good idea as others have pointed out also. Also i've never been extremely bullish about FOUR's prospects as its business of selling promotional merchandise seems a fickle business to me. Nevertheless, i do think that FOUR is very undervalued at this price. A PE of 10 would put the shares on a share price of £3.50. And as interceptor2 points out, a trading update is due which imo can only be positive news.
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