The leading direct marketer of promotional products.
8-May-2018 – 1770p – £497.1m – PER 19.3
AGM Statement – First four months of 2018 above Board’s expectations, with Revenue growth of 16% and order intake up 15% over prior year. Board is very pleased to see that the early indications are encouraging and say it is likely FY Revenue will be higher than current market consensus and Operating Profit, guided to be flat will be higher.
I just can’t work out if this is fairly priced or under priced, but, on a PER of 19.3, I am erring on the side of the latter for now – So will remain Neutral.
1-Nov-2018 – 1810p – £508.3m – PER 16.4
Trading Update – FY Revenue and Underlying Operating Profit will be towards the upper end of current market forecasts (too much trouble to tell us what the feck they are eh!).
I’m Neutral here at the moment but this looks like it may be worth a closer look (so, I will check out Broker notes and forecasts here to see if there’s value at this level).
17-Jan-2019 – 1855p – £522m – PER 16.6
Trading Update – FY Underlying PBT expected to be at least at the upper end of the range of current market forecasts.
Looks like some value is to be had here including a decent yield, for now though – I will remain Neutral.
7-May-2019 – 2580p – £724m – PER 22.1
AGM Statement – In a strong position to hit £1bn in Revenue by 2022, first 4 months of 2019 strong with Revenue up 16%, early in the year but Board confident of delivering on FY expectations.
Looks fairly valued here to me.