Good morning! I'll try a (hopefully) improved format today - let me know what you think in the comments - does the mkt cap info at the top, and the sub-headings make it easier to follow?

4imprint (LON:FOUR)

Share price: 695p
No. shares: 27.966m
Market Cap: £194.4m

Interim results for the six months to 28 Jun 2014 look impressive to me. This company makes promotional marketing products for its customers - so things they can give to staff & customers to promote their brand, examples in the photo on the right, taken from 4Imprint's 2013 Annual Report.

There is a small UK division, but the overwhelming bulk of turnover & profit comes from its N.American operations, so this should really be seen as an American company that has a UK Listing, in my view. Nothing wrong with that, it's a proper business which makes profit & pays divis.

As you can see from the Stockopedia graphs below, the company's performance in the last four years has been excellent, with big increases in turnover & profits, although the valuation & divi yield have been getting more expensive, as the shares were steadily re-rated over this timeframe - so the ideal scenario of rising profits, and a re-rating to a higher PER happening at the same time.

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So these two factors of higher profits and a higher PER rating are reflected in a stellar share price performance over the last five years, massively out-performing the FTSE Smallcap Ex Investment Trusts Index (FTSE:SMXX) (the beige comparison line):

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Earnings - Is it worth buying now though? Today's interims show a superb 33% increase in "underlying" EPS to 16.0p (from 12.0p). There is a heavy H2 weighting to the financial year, with a 1:2 ratio for H1:H2 profits last year, which might be difficult to replicate this year. So broker consensus of 33.4p EPS this year (ending 28 Dec 2014), looks about right in my opinion.

Valuation - with the shares at 695p, the valuation therefore seems to be on a PER of 20.8, based on the broker consensus EPS figure of 33.4p. That's a fairly high PER, but it seems justified here, as the company is delivering excellent organic growth in profits - also…

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