St Ives (lon:siv)
St Ives Stable Share Price So Not An Obvious Opportunity But...


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Title: St Ives Stable Share Price So Not An Obvious Opportunity But...
Company: SIV - St Ives
Share Price Then: 53p
Author: Ian Smith
Date: Fri 21 Jul 2017
Comments: St Ives is a group of 18 independent businesses that operate both as standalone businesses and as referrers to other group companies where appropriate.

They describe themselves as a marketing services businesses, covering data, digital and consulting in one division, print and in-store marketing services in another and finally a books printing division.

They have a history of paying dividends all the way back to 1999, so although they may be hard to understand from the outside they appear to have a successful business model.

I don't recognise the names of any of the group companies, this isn't necessarily surprising but it does make it hard to understand the business.

Having looked at many of the groups websites I still struggle to understand, they look pretty and seem to have a lot of text and images but what actually do they do?

However marketing budgets in big companies are large, the group appears to have some large customers and I have never understood the willingness of marketing departments to spend.

I can certainly see the attractiveness of Joe in Company One saying that you need x,y,z and I can liaise with Sarah in Company Two to get that done rather than having to go to a company outside of the group where there are no established relationships.

Debt is about £70m but it has been recently reduced from £80m, although they recently sold a property for £4.2m that they were letting out for about £0.4m per year. I am not sure is this is good or bad as the group is not a property management company.

Personally I wonder if the whole digital marketing industry has peaked and if that is the case have the marketing departments realised that as well?

Since March 2017 the share price has remained pretty flat after a significant start of year drop, so is it ready for some growth as the group reports better results or is the group due for a few more difficult years?
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