Intrinsic value of Cimpress - CMPR

Previous Close

$120.43

  Intrinsic Value

$49.84

stock screener

  Rating & Target

str. sell

-59%

Previous close

$120.43

 
Intrinsic value

$49.84

 
Up/down potential

-59%

 
Rating

str. sell

We calculate the intrinsic value of CMPR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  19.41
  17.70
  16.43
  15.29
  14.26
  13.33
  12.50
  11.75
  11.07
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.61
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
Revenue, $m
  2,135
  2,513
  2,926
  3,373
  3,854
  4,368
  4,914
  5,491
  6,099
  6,738
  7,406
  8,104
  8,832
  9,591
  10,380
  11,201
  12,053
  12,940
  13,861
  14,818
  15,813
  16,848
  17,925
  19,045
  20,212
  21,427
  22,694
  24,014
  25,393
  26,831
  28,333
Variable operating expenses, $m
 
  2,393
  2,778
  3,195
  3,643
  4,122
  4,630
  5,168
  5,735
  6,330
  6,953
  7,552
  8,231
  8,937
  9,673
  10,438
  11,232
  12,058
  12,917
  13,809
  14,736
  15,700
  16,703
  17,748
  18,835
  19,967
  21,148
  22,379
  23,663
  25,003
  26,403
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,181
  2,393
  2,778
  3,195
  3,643
  4,122
  4,630
  5,168
  5,735
  6,330
  6,953
  7,552
  8,231
  8,937
  9,673
  10,438
  11,232
  12,058
  12,917
  13,809
  14,736
  15,700
  16,703
  17,748
  18,835
  19,967
  21,148
  22,379
  23,663
  25,003
  26,403
Operating income, $m
  -46
  120
  148
  178
  211
  246
  283
  323
  364
  407
  453
  552
  602
  653
  707
  763
  821
  881
  944
  1,009
  1,077
  1,148
  1,221
  1,297
  1,377
  1,460
  1,546
  1,636
  1,730
  1,828
  1,930
EBITDA, $m
  112
  286
  333
  384
  439
  497
  559
  625
  694
  767
  843
  922
  1,005
  1,091
  1,181
  1,275
  1,372
  1,473
  1,577
  1,686
  1,800
  1,917
  2,040
  2,167
  2,300
  2,438
  2,583
  2,733
  2,890
  3,053
  3,224
Interest expense (income), $m
  45
  48
  57
  71
  86
  102
  119
  137
  156
  177
  198
  221
  244
  268
  294
  320
  347
  376
  406
  437
  469
  502
  536
  572
  610
  649
  690
  732
  776
  822
  871
Earnings before tax, $m
  -79
  71
  91
  108
  125
  144
  164
  185
  208
  231
  255
  332
  358
  385
  413
  443
  474
  505
  539
  573
  609
  646
  685
  725
  767
  811
  856
  904
  954
  1,005
  1,060
Tax expense, $m
  -7
  19
  25
  29
  34
  39
  44
  50
  56
  62
  69
  90
  97
  104
  112
  120
  128
  136
  145
  155
  164
  174
  185
  196
  207
  219
  231
  244
  257
  271
  286
Net income, $m
  -72
  52
  66
  79
  92
  105
  120
  135
  152
  168
  186
  242
  261
  281
  302
  323
  346
  369
  393
  418
  444
  471
  500
  529
  560
  592
  625
  660
  696
  734
  773

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  26
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,680
  1,946
  2,266
  2,613
  2,985
  3,383
  3,806
  4,253
  4,724
  5,219
  5,737
  6,277
  6,841
  7,429
  8,040
  8,676
  9,336
  10,023
  10,736
  11,478
  12,249
  13,050
  13,884
  14,752
  15,656
  16,597
  17,578
  18,601
  19,669
  20,783
  21,947
Adjusted assets (=assets-cash), $m
  1,654
  1,946
  2,266
  2,613
  2,985
  3,383
  3,806
  4,253
  4,724
  5,219
  5,737
  6,277
  6,841
  7,429
  8,040
  8,676
  9,336
  10,023
  10,736
  11,478
  12,249
  13,050
  13,884
  14,752
  15,656
  16,597
  17,578
  18,601
  19,669
  20,783
  21,947
Revenue / Adjusted assets
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
Average production assets, $m
  791
  930
  1,083
  1,248
  1,426
  1,616
  1,818
  2,032
  2,257
  2,493
  2,740
  2,999
  3,268
  3,549
  3,841
  4,144
  4,460
  4,788
  5,128
  5,483
  5,851
  6,234
  6,632
  7,047
  7,478
  7,928
  8,397
  8,885
  9,395
  9,927
  10,483
Working capital, $m
  -203
  -206
  -240
  -277
  -316
  -358
  -403
  -450
  -500
  -552
  -607
  -665
  -724
  -786
  -851
  -918
  -988
  -1,061
  -1,137
  -1,215
  -1,297
  -1,382
  -1,470
  -1,562
  -1,657
  -1,757
  -1,861
  -1,969
  -2,082
  -2,200
  -2,323
Total debt, $m
  1,036
  1,183
  1,471
  1,782
  2,118
  2,476
  2,857
  3,259
  3,683
  4,128
  4,594
  5,081
  5,588
  6,117
  6,667
  7,239
  7,834
  8,452
  9,094
  9,761
  10,455
  11,176
  11,927
  12,708
  13,521
  14,368
  15,251
  16,172
  17,133
  18,136
  19,183
Total liabilities, $m
  1,605
  1,752
  2,040
  2,351
  2,687
  3,045
  3,426
  3,828
  4,252
  4,697
  5,163
  5,650
  6,157
  6,686
  7,236
  7,808
  8,403
  9,021
  9,663
  10,330
  11,024
  11,745
  12,496
  13,277
  14,090
  14,937
  15,820
  16,741
  17,702
  18,705
  19,752
Total equity, $m
  75
  195
  227
  261
  299
  338
  381
  425
  472
  522
  574
  628
  684
  743
  804
  868
  934
  1,002
  1,074
  1,148
  1,225
  1,305
  1,388
  1,475
  1,566
  1,660
  1,758
  1,860
  1,967
  2,078
  2,195
Total liabilities and equity, $m
  1,680
  1,947
  2,267
  2,612
  2,986
  3,383
  3,807
  4,253
  4,724
  5,219
  5,737
  6,278
  6,841
  7,429
  8,040
  8,676
  9,337
  10,023
  10,737
  11,478
  12,249
  13,050
  13,884
  14,752
  15,656
  16,597
  17,578
  18,601
  19,669
  20,783
  21,947
Debt-to-equity ratio
  13.813
  6.080
  6.490
  6.820
  7.090
  7.320
  7.510
  7.660
  7.800
  7.910
  8.010
  8.090
  8.170
  8.230
  8.290
  8.340
  8.390
  8.430
  8.470
  8.500
  8.540
  8.560
  8.590
  8.610
  8.640
  8.660
  8.680
  8.690
  8.710
  8.730
  8.740
Adjusted equity ratio
  0.030
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -72
  52
  66
  79
  92
  105
  120
  135
  152
  168
  186
  242
  261
  281
  302
  323
  346
  369
  393
  418
  444
  471
  500
  529
  560
  592
  625
  660
  696
  734
  773
Depreciation, amort., depletion, $m
  158
  166
  185
  206
  228
  251
  276
  302
  330
  359
  390
  370
  403
  438
  474
  512
  551
  591
  633
  677
  722
  770
  819
  870
  923
  979
  1,037
  1,097
  1,160
  1,226
  1,294
Funds from operations, $m
  146
  218
  252
  284
  319
  356
  396
  438
  482
  528
  576
  612
  665
  719
  776
  835
  896
  960
  1,026
  1,095
  1,167
  1,241
  1,319
  1,399
  1,483
  1,571
  1,662
  1,757
  1,856
  1,960
  2,068
Change in working capital, $m
  1
  -31
  -34
  -37
  -39
  -42
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -78
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
Cash from operations, $m
  145
  249
  285
  321
  359
  399
  441
  485
  531
  580
  631
  669
  724
  781
  841
  902
  966
  1,033
  1,102
  1,174
  1,248
  1,326
  1,407
  1,491
  1,579
  1,670
  1,766
  1,865
  1,969
  2,077
  2,191
Maintenance CAPEX, $m
  0
  -98
  -115
  -134
  -154
  -176
  -200
  -224
  -251
  -279
  -308
  -338
  -370
  -403
  -438
  -474
  -512
  -551
  -591
  -633
  -677
  -722
  -770
  -819
  -870
  -923
  -979
  -1,037
  -1,097
  -1,160
  -1,226
New CAPEX, $m
  -112
  -139
  -153
  -165
  -178
  -190
  -202
  -214
  -225
  -236
  -247
  -258
  -269
  -281
  -292
  -304
  -316
  -328
  -341
  -354
  -368
  -383
  -398
  -415
  -432
  -450
  -469
  -489
  -510
  -532
  -556
Cash from investing activities, $m
  -302
  -237
  -268
  -299
  -332
  -366
  -402
  -438
  -476
  -515
  -555
  -596
  -639
  -684
  -730
  -778
  -828
  -879
  -932
  -987
  -1,045
  -1,105
  -1,168
  -1,234
  -1,302
  -1,373
  -1,448
  -1,526
  -1,607
  -1,692
  -1,782
Free cash flow, $m
  -157
  12
  18
  22
  27
  32
  39
  47
  56
  65
  76
  73
  85
  97
  111
  125
  139
  154
  170
  186
  203
  221
  239
  258
  277
  297
  318
  340
  362
  385
  410
Issuance/(repayment) of debt, $m
  181
  173
  288
  312
  335
  358
  381
  402
  424
  445
  466
  487
  508
  529
  550
  572
  595
  618
  642
  667
  694
  721
  750
  781
  813
  847
  883
  921
  961
  1,003
  1,047
Issuance/(repurchase) of shares, $m
  -44
  68
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  105
  241
  288
  312
  335
  358
  381
  402
  424
  445
  466
  487
  508
  529
  550
  572
  595
  618
  642
  667
  694
  721
  750
  781
  813
  847
  883
  921
  961
  1,003
  1,047
Total cash flow (excl. dividends), $m
  -52
  253
  306
  334
  362
  391
  420
  449
  480
  510
  542
  560
  592
  626
  661
  697
  734
  772
  812
  854
  897
  942
  989
  1,039
  1,090
  1,144
  1,201
  1,261
  1,323
  1,388
  1,457
Retained Cash Flow (-), $m
  91
  -120
  -32
  -35
  -37
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -111
  -116
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  133
  274
  299
  325
  351
  378
  405
  432
  461
  490
  506
  536
  567
  600
  633
  668
  703
  741
  779
  820
  862
  906
  952
  1,000
  1,050
  1,103
  1,158
  1,216
  1,277
  1,340
Discount rate, %
 
  12.90
  13.55
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.05
  32.60
  34.23
  35.94
  37.74
  39.62
  41.60
  43.68
  45.87
  48.16
  50.57
  53.10
PV of cash for distribution, $m
 
  118
  212
  201
  186
  169
  151
  133
  114
  96
  79
  62
  49
  38
  28
  21
  15
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7

Cimpress N.V., formerly Vistaprint N.V., is a technology driven company, which aggregates through the Internet, large volumes of small, individually customized orders for a spectrum of print, signage, apparel and similar products. The Company operates through segments, which include Vistaprint business unit, Upload and Print business units and All Other business units. The Vistaprint business unit segment represents its Vistaprint-branded Websites and its Webs-branded business. The Vistaprint business unit also sells standard business cards, and focuses on product categories, which include signage, marketing materials, and promotional products and apparel. The Upload and Print business units segment includes the druck.at, Exagroup, Easyflyer, Printdeal, Pixartprinting, Tradeprint, and WIRmachenDRUCK branded businesses. The All Other business units segment includes operations of its Albumprinter and Most of World business units and Corporate Solutions business unit.

FINANCIAL RATIOS  of  Cimpress (CMPR)

Valuation Ratios
P/E Ratio -52.6
Price to Sales 1.8
Price to Book 50.5
Price to Tangible Book
Price to Cash Flow 26.1
Price to Free Cash Flow 114.7
Growth Rates
Sales Growth Rate 19.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 1310.7%
Total Debt to Equity 1381.3%
Interest Coverage -1
Management Effectiveness
Return On Assets -2%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital -6.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity -59.8%
Return On Equity - 3 Yr. Avg. 1.5%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 51.4%
Gross Margin - 3 Yr. Avg. 56.7%
EBITDA Margin 5.8%
EBITDA Margin - 3 Yr. Avg. 11%
Operating Margin -2.2%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin -3.7%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin -3.4%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 8.9%
Eff/ Tax Rate - 3 Yr. Avg. 14.7%
Payout Ratio 0%

CMPR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMPR stock intrinsic value calculation we used $2135 million for the last fiscal year's total revenue generated by Cimpress. The default revenue input number comes from 2017 income statement of Cimpress. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CMPR stock valuation model: a) initial revenue growth rate of 17.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 12.9%, whose default value for CMPR is calculated based on our internal credit rating of Cimpress, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cimpress.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CMPR stock the variable cost ratio is equal to 95.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CMPR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.8% for Cimpress.

Corporate tax rate of 27% is the nominal tax rate for Cimpress. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CMPR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CMPR are equal to 37%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Cimpress operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CMPR is equal to -8.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $75 million for Cimpress - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 31.302 million for Cimpress is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cimpress at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ ETFs with exposure to Cimpress NV : December 11, 2017   [Dec-11-17 01:41PM  Capital Cube]
▶ ETFs with exposure to Cimpress NV : December 1, 2017   [Dec-01-17 10:33AM  Capital Cube]
▶ ETFs with exposure to Cimpress NV : November 16, 2017   [Nov-16-17 11:23AM  Capital Cube]
▶ Why Shares of Cimpress NV Rose 15% in October   [Nov-14-17 05:03PM  Motley Fool]
▶ Cimpress Clears Key Benchmark, Hitting 90-Plus RS Rating   [03:00AM  Investor's Business Daily]
▶ Cimpress beats 1Q profit forecasts   [Nov-01-17 06:15PM  Associated Press]
▶ Cimpress Clears Key Benchmark, Hitting 80-Plus RS Rating   [Oct-27-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Cimpress NV : October 6, 2017   [Oct-06-17 10:42AM  Capital Cube]
▶ Cimpress NV Value Analysis (NASDAQ:CMPR) : August 8, 2017   [Aug-08-17 05:42PM  Capital Cube]
▶ Cimpress N.V. Finishes an "Important" Year   [Jul-28-17 07:30AM  Motley Fool]
▶ Vistaprint Launches New Monthly Subscription Box   [Jul-20-17 01:31PM  Business Wire]
▶ Cimpress to Host Annual Investor Day on August 8, 2017   [Jul-19-17 08:30AM  Business Wire]
▶ Vistaprint Opens First Brick and Mortar Retail Space   [Jun-13-17 02:40PM  Business Wire]
▶ Vistaprint planning a 125-person Rhode Island sales office   [May-17-17 03:27PM  Associated Press]
▶ ETFs with exposure to Cimpress NV : May 5, 2017   [May-05-17 03:58PM  Capital Cube]
▶ Cimpress N.V. Keeps Moving Forward   [03:37PM  Motley Fool]
▶ Cimpress NV Value Analysis (NASDAQ:CMPR) : May 2, 2017   [May-02-17 05:09PM  Capital Cube]
▶ New Strong Sell Stocks for April 27th   [Apr-27-17 08:52AM  Zacks]
▶ Cimpress reports 3Q loss   [Apr-26-17 05:08PM  Associated Press]
▶ ETFs with exposure to Cimpress NV : February 2, 2017   [Feb-02-17 12:44PM  Capital Cube]
▶ Why Cimpress NV Stock Plunged Today   [12:28PM  Motley Fool]
▶ Why Cimpress NV Stock Plunged Today   [12:28PM  at Motley Fool]
▶ Why Cimpress N.V. Stock Jumped 14.5% in 2016   [Jan-07-17 05:28PM  at Motley Fool]
▶ How Cimpress NV (CMPR) Stacks Up Against Its Peers   [Dec-03-16 07:53PM  at Insider Monkey]
▶ Should You Avoid Owens-Illinois Inc (OI)?   [Nov-28-16 06:24AM  at Insider Monkey]
Financial statements of CMPR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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