Commercial Printing


I always look at economics of the business
A bird in the hand is worth 2 in the bush and the question is how sure are you there are 2 in the bush and how long you have to wait to get them out
1. How many birds are in the bush?
2. When you gonna get them out?
3. How sure are you?
If interest rates are 15% roughly you've got 2 birds out of bush in 5 years equal to bird in the hand but if interest rates are 3% and you can get 2 birds out in 20 years it still makes sense to give up the bird in the hand because it's all gets back to discounting an interest rate. Often you don't know not only how many birds in the bush but in the case of internet companies there were not any birds in the bush but they still take the bird that you give them from the hand
Loop through all the subindustries and try to understand how many birds are in the bush from the perspective of economics of the business

Revenue

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP grow per year to compare with Revenue Change
1. R. R. Donnelley & Sons Company RRD5,7645,2984,7554,7877,1568,4309,31711,58711,5829,85710,01910,61110,22210,48011,60311,2576,8966,9406,8006,276
2. Quad/Graphics, Inc QUAD2,2671,7893,3924,3254,1284,7964,8624,6784,3304,1314,1943,923
3. Transcontinental Inc TCLAF1,1811,1221,1411,4451,6741,8631,9562,4642,0042,1292,0592,0442,1132,0231,8371,5292,0202,0072,6243,0392,574
4. Cimpress plc CMPR59911522564015166708171,0201,1671,2701,4941,7881,7882,1352,5932,7512,481
5. Deluxe Corporation DLX1,2631,2781,2841,2421,5671,7161,6401,6061,4691,3441,4021,4181,5151,5851,6731,7731,8491,9661,9982,009
6. Brady Corporation BRC5415465175556718161,0181,3631,5231,2091,2591,3401,3241,1521,2251,1721,1211,1131,1741,1611,081
7. Ennis, Inc EBF167229237241259365559585611584518550517534543580386357370401439
8. DATA Communications Management Corp DGPIF189246400313333333326339298269305278290323283
9. Document Security Systems, Inc DSS13.3817.1217.4518.2917.5119.1818.6618.5219.41
10. Kolorfusion International, Inc KOLR0.230.571.441.752.522.342.091.561.52
11. Laser Master International, Inc LMTI17.5112.6213.2716.8922212319.542,3352,0942,258
12. Diamant Art Corp DIAAF0.530.330.120.060.050.030.010.3400.020


Revenue Growth

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP growth per year to compare with Revenue Change
1. R. R. Donnelley & Sons Company RRD0.920.920.91.011.491.181.111.2410.851.021.060.961.031.110.970.611.010.980.92
2. Quad/Graphics, Inc QUAD0.790.791.91.280.951.161.010.960.930.951.020.94
3. Transcontinental Inc TCLAF0.950.951.021.271.161.111.051.260.811.060.970.991.030.960.910.831.320.991.311.160.85
4. Cimpress plc CMPR1.551.551.671.681.571.291.31.221.251.141.091.181.211.191.211.060.9
5. Deluxe Corporation DLX1.011.0110.971.261.10.960.980.910.921.041.011.071.051.061.061.041.061.021.01
6. Brady Corporation BRC1.011.010.951.071.211.221.251.341.120.791.041.060.990.871.060.960.960.991.050.990.93
7. Ennis, Inc EBF1.381.381.031.021.081.411.531.051.040.960.891.060.941.031.021.070.670.921.041.081.09
8. DATA Communications Management Corp DGPIF1.31.31.630.781.0610.981.040.880.91.130.911.041.110.88
9. Document Security Systems, Inc DSS1.281.281.021.050.961.10.970.991.05
10. Kolorfusion International, Inc KOLR2.52.52.551.211.440.930.890.750.97
11. Laser Master International, Inc LMTI0.720.721.051.271.30.971.070.86119.490.91.08
12. Diamant Art Corp DIAAF0.630.630.370.520.820.520.3832.38012.250