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

 
 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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(END) Dow Jones Newswires

September 11, 2020 05:23 ET (09:23 GMT)