Cimpress plc (CMPR) | Investment Case

1. Company Snapshot

1.a. Company Description

Cimpress plc provides various mass customization of printing and related products in North America, Europe, and internationally.The company operates through five segments: Vistaprint, PrintBrothers, The Print Group, National Pen, and All Other Businesses.It offers printed and digital marketing products; internet-based canvas-print wall décor, business signage, and other printed products; business cards; and marketing materials, such as flyers and postcards, digital and marketing services, writing instruments, decorated apparel, promotional products and gifts, packaging, design services, textiles, and magazines and catalogs.

The company also manufactures and markets custom writing instruments and promotional products, apparels, and gifts; and provides professional desktop publishing skill sets for local printers, print resellers, graphic artists, advertising agencies, and other customers.In addition, it offers graphic design services, do-it-yourself (DIY) design services, website services, and corporate solutions under the VistaPrint, VistaCreate, 99designs by Vista, Vista Corporate Solutions, and Vista x Wix brand names; and online printing solutions.Further, the company provides promotional and packaging products, logo apparel, books and magazines, wall decors, photo merchandise, invitations and announcements, and other categories; and website design and hosting, and email marketing services, as well as order referral and other third-party offerings.

The company serves various businesses, graphic designers, resellers, and printers, as well as teams, associations, groups, consumers, and families.Cimpress plc was founded in 1994 and is based in Dundalk, Ireland.

Show Full description

1.b. Last Insights on CMPR

Cimpress plc's recent performance was driven by a 4% revenue rise in Q4, surpassing estimates. The company's growth momentum was fueled by a strong quarterly earnings report, despite a loss per share of $1.02. A solid revenue beat and a robust Q&A call with investors showcased the company's confidence. Cimpress's industrials sector outperformance, with a 9% return year-to-date, also contributed positively. Additionally, the company's focus on growth and analyst optimism, as noted by industry experts, has been a key driver.

1.c. Company Highlights

Last Price	69.32
Change Percentage	-1.65%
Open	70.56
Previous Close	70.48
Market Cap ( Millions)	1710
Volume	206972
Year High	82.43
Year Low	35.21
M A 50	74.57
M A 200	63.7

FCF Yield	11.31%
Dividend Yield	0.00%
ROE	-4.18%
Debt / Equity	-329.83%
Net Debt / EBIDTA	416.79%
Price To Book	-3.21
Price Earnings Ratio	72.71
Price To FCF	8.84
Price To sales	0.48
EV / EBITDA	8.94

2. VistaPrint's Strong Q2 Earnings: A Path to $600 Million EBITDA by 2028

The company's Q2 earnings report was a resounding success, with revenues exceeding $1 billion for the first time, representing an 11% increase on a reported basis and 4% on an organic constant currency basis. Adjusted EBITDA increased by $6 million year over year, with Q2 profit dollars rising 8% on a consolidated basis. The company's EPS came in at $1.95, beating analyst estimates of $1.61. Vista's variable gross profit per customer grew 9% year over year, driven by strong performance in North America.

Publication Date: Mar -05

                                    📋 Highlights
                                    Q2 Revenue & Growth::
                                                Exceeded $1 billion in quarterly revenue for the first time, with organic constant currency growth of 4% in H1, ahead of guidance; revenue grew 11% reported, 4% organic.
EBITDA & Guidance::
                                                Adjusted EBITDA rose $6M YoY; raised full-year guidance for revenue, EBITDA, and free cash flow; net leverage fell to 2.97x trailing EBITDA.
Product & Customer Performance::
                                                Double-digit growth in promotional products, apparel, gifts; top 2% of customers generated as much profit as the bottom 80% combined.
Strategic M&A & CapEx::
                                                $10.4M tuck-in acquisition for Print Brothers; $25M allocated to share repurchases at < $70/share; $38M in H2 free cash flow for CapEx and growth.
2028 Targets::
                                                Maintains $600M EBITDA and 45% free cash flow conversion goals; FY26 EBITDA growth updated to +$10M, with $10M in EBITDA growth expected in H2.

                                

Key Drivers of Growth

The company's growth was driven by elevated products, cross-Sympress fulfillment (XCF), and shared technology. Vista's organic constant currency growth was 5%, with strong performance in North America. The company's investments in elevated products and manufacturing capabilities have allowed it to be competitive in areas such as promotional products, apparel, gifts, and packaging. As Sean Quinn noted, "The top 2% of customers generate as much total variable gross profit as the bottom 80% combined, and we are focusing on growing wallet share with these high-value customers."

Valuation and Outlook

Vista's valuation metrics indicate a relatively low level, with a P/E Ratio of 73.63, P/S Ratio of 0.49, and EV/EBITDA of 9.0. The company's Net Debt / EBITDA ratio is 4.17, indicating a significant amount of leverage. However, the company is committed to deleveraging its balance sheet, with a target of slightly below 3.1 times by the end of the year. Analysts estimate next year's revenue growth at 5.5%, and the company is confident in its path to FY '28 EBITDA of at least $600 million.

Operational Highlights

The company has made significant progress in its operational initiatives, including the integration of its tuck-in acquisition in the Print Brothers segment. The company's cross-enterprise fulfillment (XCF) capabilities have grown from $40 million in the first half of FY25 to over $80 million in the first half of this year. Vista has also announced a collaboration between Vista, National Pen, and Build A Sign, which will accelerate XCF and other types of collaboration.

Capital Allocation

The company has allocated over $25 million for share repurchases in Q2, with an average price below $70. The company plans to continue repurchases in H2, although at a lower intensity. Vista has a healthy pipeline of potential tuck-in M&A opportunities, but the amount of capital it will allocate will depend on other opportunities. The company's valuation is at a low level, making it likely that tuck-in M&A deals in the pipeline will exceed a 15% hurdle rate.

3. NewsRoom

4 Stocks With Increasing Cash Flows to Bet on This Earnings Season

Feb -04

Source: zacks.com

Cimpress (CMPR) Is a Great Choice for 'Trend' Investors, Here's Why

Jan -30

Source: zacks.com

Cimpress (NASDAQ:CMPR) Reaches New 12-Month High Following Strong Earnings

Jan -30

Source: defenseworld.net

Cimpress Q2 Earnings Beat Estimates, Revenues Increase Y/Y

Jan -29

Source: zacks.com

Cimpress plc (CMPR) Q2 2026 Earnings Call Transcript

Jan -29

Source: seekingalpha.com

Cimpress (CMPR) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

Jan -29

Source: zacks.com

Cimpress (CMPR) Beats Q2 Earnings and Revenue Estimates

Jan -28

Source: zacks.com

Cimpress Reports Second Quarter Fiscal Year 2026 Financial Results

Jan -28

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.69%)

6. Segments

Vista

Expected Growth: 5%

Vista's 5% growth is driven by increasing demand for digital marketing solutions, expansion into new markets, and strategic acquisitions. The company's focus on customer experience, innovative product offerings, and operational efficiency also contribute to its growth. Additionally, the rising trend of online presence and e-commerce adoption among small and medium-sized businesses fuels Vista's growth.

Print Brothers

Expected Growth: 4%

Print Brothers' 4% growth is driven by increasing demand for customized printing products, expansion into new markets, and strategic investments in e-commerce platforms. Additionally, the company's focus on operational efficiency and cost savings initiatives have contributed to its growth. Furthermore, the rise of digital marketing and the need for businesses to establish a strong online presence have fueled demand for Print Brothers' services.

National Pen

Expected Growth: 5%

National Pen's 5% growth is driven by increasing demand for personalized promotional products, expansion into new markets, and strategic acquisitions. Additionally, Cimpress' investment in e-commerce platforms and digital marketing capabilities has enhanced customer experience, leading to higher sales and retention rates.

The Print Group

Expected Growth: 5%

The Print Group's 5% growth is driven by increasing demand for customized print products, expansion into new markets, and strategic acquisitions. Additionally, investments in digital marketing and e-commerce platforms have improved customer engagement and retention. Furthermore, the group's focus on operational efficiency and cost savings has enabled it to maintain profitability while investing in growth initiatives.

All Other

Expected Growth: 4%

Cimpress plc's 'All Other' segment growth is driven by increasing demand for mass customization and digital marketing solutions, expansion into new markets, strategic acquisitions, and investments in e-commerce platforms. Additionally, the segment benefits from the company's focus on operational efficiency and cost savings initiatives, which enable it to reinvest in growth opportunities.

Inter-segment Eliminations

Expected Growth: 0%

Cimpress plc's Inter-segment Eliminations with 0% growth is driven by the absence of significant transactions between segments, stable business operations, and a lack of material eliminations. This suggests a well-integrated business model with minimal interdependencies, allowing for efficient resource allocation and a focus on core operations.

7. Detailed Products

Vistaprint Business Cards

Customizable business cards for professionals and entrepreneurs

Vistaprint Marketing Materials

Customizable brochures, flyers, and posters for marketing campaigns

National Pen Promotional Products

Customizable pens, mugs, and other promotional items for businesses

Wix Website Creation

DIY website creation platform for small businesses and entrepreneurs

Webs Digital Services

Website design, development, and hosting services for small businesses

Albumprinter Photo Books

Customizable photo books and albums for personal and professional use

8. Cimpress plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Cimpress plc operates in a highly competitive market, but the threat of substitutes is mitigated by the company's strong brand recognition and customer loyalty.

Bargaining Power Of Customers

Cimpress plc's customers have a high bargaining power due to the availability of alternative products and services, which puts pressure on the company's pricing and profitability.

Bargaining Power Of Suppliers

Cimpress plc has a diversified supplier base, which reduces the bargaining power of individual suppliers, and the company's scale of operations gives it negotiating power.

Threat Of New Entrants

While there are barriers to entry in the industry, new entrants can still disrupt the market, and Cimpress plc needs to continuously innovate to stay ahead of the competition.

Intensity Of Rivalry

The industry in which Cimpress plc operates is highly competitive, with many players competing for market share, which leads to intense rivalry and pricing pressure.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	154.96%
Debt Cost	3.95%
Equity Weight	-54.96%
Equity Cost	13.67%
WACC	-1.40%
Leverage	-281.95%

11. Quality Control: Cimpress plc passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

JCDecaux

A-Score: 5.3/10

Value: 7.5

Growth: 4.7

Quality: 4.8

Yield: 3.1

Momentum: 5.5

Volatility: 6.0

1-Year Total Return ->

Ströer

A-Score: 5.2/10

Value: 6.0

Growth: 5.6

Quality: 5.5

Yield: 7.5

Momentum: 1.0

Volatility: 5.7

1-Year Total Return ->

Elisa

A-Score: 5.0/10

Value: 4.0

Growth: 4.0

Quality: 6.9

Yield: 8.1

Momentum: 2.0

Volatility: 4.7

1-Year Total Return ->

WPP

A-Score: 4.5/10

Value: 8.7

Growth: 3.6

Quality: 3.5

Yield: 8.8

Momentum: 0.0

Volatility: 2.7

1-Year Total Return ->

FL Entertainment

A-Score: 3.4/10

Value: 3.6

Growth: 5.1

Quality: 4.3

Yield: 0.0

Momentum: 4.0

Volatility: 3.3

1-Year Total Return ->

VistaPrint

A-Score: 3.2/10

Value: 6.5

Growth: 4.8

Quality: 4.2

Yield: 0.0

Momentum: 2.5

Volatility: 1.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-15.45%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

-1.40%

Cimpress plc - IE00BKYC3F77

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on CMPR

1.c. Company Highlights

Strong Momentum

More Volatile

Lower Yield

Earnings Miss

Revenues Miss

Average Growth

Earnings Beats

Revenues Beats

Stable Momentum

Average Yield

Fairly Valued

Cheaper

Weak Momentum

Higher Growth

2. VistaPrint's Strong Q2 Earnings: A Path to $600 Million EBITDA by 2028

Key Drivers of Growth

Valuation and Outlook

Operational Highlights

Capital Allocation

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.69%)

6. Segments

Vista

Expected Growth: 5%

Print Brothers

Expected Growth: 4%

National Pen

Expected Growth: 5%

The Print Group

Expected Growth: 5%

All Other

Expected Growth: 4%

Inter-segment Eliminations

Expected Growth: 0%

7. Detailed Products

Vistaprint Business Cards

Vistaprint Marketing Materials

National Pen Promotional Products

Wix Website Creation

Webs Digital Services

Albumprinter Photo Books

8. Cimpress plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Cimpress plc passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

69.32$

12.e Scoring ^Insights

12.f DCF ^BETA