Cimpress (CMPR:NAS) Fundamental Valuation Report

Fundamental Valuation Report

Cimpress(CMPR:NAS)

Communication Services:Advertising Agencies

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$80.67 (USD) 09/16/2020

Weighted Valuation
$79.91 (USD)

Overall Rating
Fairly valued to slightly Overvalued by 0.9%

Valuation Models Discounted Cash Flow: $79.56 (USD)
Comparables: $80.43 (USD)
Valuation Methods This company is:
Cash Flow: Fairly valued on a Cash Flow Valuation
Comparable Company: Fairly valued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation
According to Analyst consensus at $125.00 this stock is Undervalued

Company Overview (CMPR:NAS USD)

Price 80.67
Range 79.41 – 81.79
52 week 43.86 – 144.29
Open 81.04
Vol / Avg. 137567/121835
Mkt cap 2.12B
P/E 27.27
Div/yield 0.00/0.00
EPS 3.00
Shares 25.89M
Beta 1.37

Company Description

Cimpress PLC invests in and builds customer-focused, entrepreneurial, mass-customization businesses for the long term. Mass customization seeks to produce goods and services to meet individual customer needs with near mass production efficiency. The company’s businesses include BuildASign, Drukwerkdeal, Exaprint, National Pen, Pixartprinting, Printi, Vistaprint and WIRmachenDRUCK.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for CMPR:NAS

Using a discounted cash flow model we generated an intrinsic value of $79.56 (USD) for CMPR:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

CMPR:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $79.56 1% 5% 1% 5%
WACC (or Ke) 8.43 $104.88 $62.13
Terminal Growth Rate 3.00 $63.86 $102.34
Tax Rate 0.27 $87.35 $71.77
Cash Flow 287,538,957 $72.74 $86.38
Capital Expenditures -67,310,400 $78.04 $81.08
Long Term Debt 791,884,000 $81.09 $78.03

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $80.43 (USD) for CMPR:NAS. We also generated a valuation of $47.36 (USD) using other metrics and comparables.
The comparable companies were Clear Channel Outdoor (CCO:NYS), Deluxe (DLX:NYS), Interpublic Gr of Cos (IPG:NYS), QuinStreet (QNST:NAS) and Bitauto Hldgs (BITA:NYS).

Company CMPR:NAS End Date Value
Earnings/Share $3.00 (USD)
Book Value/Share ($15.74) (USD)
Sales/Share $89.34 (USD)
Cash Flow/Share $12.19 (USD)
EBITDA/Share $8.89 (USD)
Price Based on Comps Adjustment Factor (%)
$89.64 (USD) 0.0
$0.00 (USD) 0.0
$73.76 (USD) 11.9
$34.06 (USD) -25.5
$302.33 (USD) 76.4
CMPR:NAS Ratios Used Average Values CCO:NYS DLX:NYS IPG:NYS QNST:NAS BITA:NYS
26.89 PE Ratio 29.88 0.00 0.00 15.97 43.79 0.00
0.00 PB Ratio 2.33 0.00 2.33 2.95 3.06 0.98
0.90 PS Ratio 0.83 0.28 0.60 0.74 1.62 0.89
6.62 PCF Ratio 7.61 4.68 3.91 7.48 16.70 5.30
14.89 EV to EBITDA 34.02 69.49 0.00 10.38 22.21 0.00

Multiples

Using a multiples approach we generated a valuation of  $146.00 (USD) for CMPR:NAS

Company CMPR:NAS End Date Value
Earnings/Share $3.00 (USD)
Book Value/Share ($15.74) (USD)
Sales/Share $89.34 (USD)
Cash Flow/Share $12.19 (USD)
EBITDA/Share $8.89 (USD)
Price Based on Comps Adjustment Factor
$143.96 (USD) 0
$0.00 (USD) 0
$138.24 (USD) 0
$170.25 (USD) 0
$131.56 (USD) 0
Ratios Ratio Average
PE Ratio 47.99
PB Ratio 26.36
PS Ratio 1.55
PCF Ratio 13.97
EV to EBITDA 14.81

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  CMPR:NAS for the last 10 years was  23.74

We ran the Adjusted Book Value for  CMPR:NAS and generated a book value of  ($15.74) (USD)
By multiplying these we get an adjusted valuation of  ($373.71) (USD)

Analyst Data

In the Stockcalc database there are 1 analysts that provide a valuation for CMPR:NAS. The 1 analysts have a concensus valuation for CMPR:NAS for 2021 of $125.00 (USD).

CMPR:NAS Cimpress

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
1 0 0 5.0000 Buy 2020-9-15

Current Price: 80.67 USD

Analyst Consensus
USD Millions 2021 2022
Mean EPS 6.10 6.10
# EPS Analysts 1 1
Mean Revenue 2,573.00 2,732.20
# Revenue Analysts 1 1
Mean Target Price 125.00
Mean Cash Flow
Mean EBITDA
Mean Net Income 114.90 159.20
Mean Debt Outstanding
Mean Tax Rate 15.90 20.00
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

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