Stock data
| Market cap. | £73m |
| Last close | 277.63p |
| High / Low (52 weeks) | 312.5p / 202.0p |
| Stock market listing | LSE |
| Forecast net cash (£m) | 11 |
| Forecast gearing ratio (%) | N/A |
| Team | Consumer |
| Sector | Media & Entertainment |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (0.49) | 4.37 | 8.45 |
| Relative * | 4.39 | 12.94 | 19.18 |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 143.7 | 8.3 | 5.8 | 17.1 | 16.2 | 6.9 |
| 2011A | 158.8 | 10.5 | 8.1 | 21.5 | 12.9 | 4.4 |
| 2012E | 181.8 | 11.7 | 10.0 | 23.1 | 12.0 | 9.9 |
| 2013E | 208.5 | 14.0 | 12.5 | 28.7 | 9.7 | 5.4 |
Last updated on 20/04/2012
Latest research
Q1 IMS – trading on track
Flash note | Media & Entertainment | 04/05/2012
Focused on growth
Update | Media & Entertainment | 16/03/2012
Strong growth continues
Flash note | Media & Entertainment | 18/01/2012
2011 on track
Flash note | Media & Entertainment | 01/11/2011
Self promotion
Outlook | Media & Entertainment | 05/10/2011
Investment summary
The Q1 IMS reports group revenue is up 15%, driven by the dominant US business (up 15%, or up 14% in dollar terms vs industry revenues up 6%). Trading is on track to meet our (unchanged) full year estimates. The shares have outperformed ytd, reflecting rising confidence in the growth outlook. The current modest (2%) P/E premium to the FTSE Media sector for 2012 falls to a discount of 11% for 2013.
Last updated on 04/05/2012
Industry outlook
The North American promotional products market outpaced the North American advertising market again in 2011, rising 6.5% vs a rise of 2.3% (2010: up 12% vs a rise of 2%). The outlook for North American advertising is positive. Zenith Optimedia (December 2011) expects annual growth of 3.6%, 3.7% and 4.4% respectively in 2012/13/14. This provides a positive background, although the key to company growth lies in its strategy of continued investment in marketing and in the efficiency of the direct marketing business.
Last updated on 23/04/2012
Key management
| John Poulter, Chairman |
| Gillian Davies, FD |
Company address
| 7/8 Market Place London W1W 8AG United Kingdom + 44 (0)207 299 7201 View website |
