- 4Imprint Group
- 19 April 2024 17:21:49
Source: Sharecast
Liberum said there has been "good momentum" at 4imprint, with July 2021 orders at 112% of those seen in July 2019 amid what appears to be "an element of pent-up demand".
The analysts also increased their full-year 2021 earnings per share estimates by 6% on the back of 4imprint's recent results, despite maintaining "a cautious view" on margin progress and higher tax.
"There are still a number of uncertainties, but we believe recovered EPS in the range of 134c (97p) to 211c (152p) is achievable in FY 23. The middle of the range of 173c would represent 32% upside to our current estimate," said Liberum, which also reiterated their 'buy' rating on the stock.
"We expect a much stronger recovery from Covid than the GFC. At the results, we reduced our FY 21 net cash (excluding leases) estimate of $55m to $50m due to the interim dividend, but we expect management to continue to maintain a cash buffer."