Intrinsic value of Quad/Graphics - QUAD

Previous Close

$17.14

  Intrinsic Value

$9.72

stock screener

  Rating & Target

sell

-43%

Previous close

$17.14

 
Intrinsic value

$9.72

 
Up/down potential

-43%

 
Rating

sell

We calculate the intrinsic value of QUAD 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 0001), $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 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  4,354
  4,588
  4,832
  5,088
  5,356
  5,636
  5,930
  6,238
  6,560
  6,898
  7,253
  7,625
  8,015
  8,423
  8,852
  9,302
  9,774
  10,270
  10,789
  11,334
  11,907
  12,507
  13,138
  13,799
  14,493
  15,222
  15,987
  16,790
  17,633
  18,518
Variable operating expenses, $m
  4,232
  4,459
  4,696
  4,944
  5,204
  5,477
  5,762
  6,061
  6,374
  6,702
  7,042
  7,403
  7,782
  8,179
  8,595
  9,032
  9,490
  9,971
  10,476
  11,005
  11,561
  12,144
  12,756
  13,398
  14,072
  14,780
  15,523
  16,303
  17,121
  17,980
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
  4,232
  4,459
  4,696
  4,944
  5,204
  5,477
  5,762
  6,061
  6,374
  6,702
  7,042
  7,403
  7,782
  8,179
  8,595
  9,032
  9,490
  9,971
  10,476
  11,005
  11,561
  12,144
  12,756
  13,398
  14,072
  14,780
  15,523
  16,303
  17,121
  17,980
Operating income, $m
  122
  129
  136
  143
  151
  159
  168
  177
  186
  196
  211
  222
  233
  245
  257
  270
  284
  298
  313
  329
  346
  363
  382
  401
  421
  442
  464
  488
  512
  538
EBITDA, $m
  366
  385
  406
  427
  450
  473
  498
  524
  551
  579
  609
  640
  673
  707
  743
  781
  821
  862
  906
  952
  1,000
  1,050
  1,103
  1,159
  1,217
  1,278
  1,343
  1,410
  1,481
  1,555
Interest expense (income), $m
  66
  66
  73
  80
  88
  96
  105
  113
  123
  133
  143
  154
  165
  177
  189
  202
  216
  230
  245
  261
  277
  295
  313
  332
  352
  373
  395
  418
  442
  468
  495
Earnings before tax, $m
  57
  56
  56
  56
  55
  55
  54
  54
  54
  53
  57
  57
  56
  56
  55
  55
  54
  53
  53
  52
  51
  51
  50
  49
  48
  47
  46
  45
  44
  43
Tax expense, $m
  15
  15
  15
  15
  15
  15
  15
  15
  14
  14
  15
  15
  15
  15
  15
  15
  15
  14
  14
  14
  14
  14
  13
  13
  13
  13
  13
  12
  12
  12
Net income, $m
  41
  41
  41
  41
  40
  40
  40
  39
  39
  39
  42
  41
  41
  41
  40
  40
  39
  39
  38
  38
  37
  37
  36
  36
  35
  34
  34
  33
  32
  32

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,586
  2,724
  2,869
  3,021
  3,180
  3,347
  3,521
  3,704
  3,896
  4,096
  4,307
  4,528
  4,759
  5,002
  5,257
  5,524
  5,804
  6,098
  6,407
  6,731
  7,070
  7,427
  7,801
  8,194
  8,607
  9,039
  9,494
  9,971
  10,471
  10,997
Adjusted assets (=assets-cash), $m
  2,586
  2,724
  2,869
  3,021
  3,180
  3,347
  3,521
  3,704
  3,896
  4,096
  4,307
  4,528
  4,759
  5,002
  5,257
  5,524
  5,804
  6,098
  6,407
  6,731
  7,070
  7,427
  7,801
  8,194
  8,607
  9,039
  9,494
  9,971
  10,471
  10,997
Revenue / Adjusted assets
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
  1.684
Average production assets, $m
  1,555
  1,638
  1,725
  1,816
  1,912
  2,012
  2,117
  2,227
  2,342
  2,463
  2,589
  2,722
  2,861
  3,007
  3,160
  3,321
  3,489
  3,666
  3,852
  4,046
  4,251
  4,465
  4,690
  4,926
  5,174
  5,434
  5,707
  5,994
  6,295
  6,611
Working capital, $m
  152
  161
  169
  178
  187
  197
  208
  218
  230
  241
  254
  267
  281
  295
  310
  326
  342
  359
  378
  397
  417
  438
  460
  483
  507
  533
  560
  588
  617
  648
Total debt, $m
  1,070
  1,179
  1,293
  1,413
  1,538
  1,669
  1,806
  1,950
  2,101
  2,259
  2,424
  2,598
  2,780
  2,971
  3,172
  3,382
  3,603
  3,834
  4,077
  4,332
  4,599
  4,880
  5,174
  5,484
  5,808
  6,149
  6,506
  6,882
  7,276
  7,689
Total liabilities, $m
  2,035
  2,144
  2,258
  2,378
  2,503
  2,634
  2,771
  2,915
  3,066
  3,224
  3,390
  3,563
  3,746
  3,937
  4,137
  4,347
  4,568
  4,799
  5,042
  5,297
  5,564
  5,845
  6,140
  6,449
  6,773
  7,114
  7,471
  7,847
  8,241
  8,654
Total equity, $m
  551
  580
  611
  644
  677
  713
  750
  789
  830
  873
  917
  964
  1,014
  1,065
  1,120
  1,177
  1,236
  1,299
  1,365
  1,434
  1,506
  1,582
  1,662
  1,745
  1,833
  1,925
  2,022
  2,124
  2,230
  2,342
Total liabilities and equity, $m
  2,586
  2,724
  2,869
  3,022
  3,180
  3,347
  3,521
  3,704
  3,896
  4,097
  4,307
  4,527
  4,760
  5,002
  5,257
  5,524
  5,804
  6,098
  6,407
  6,731
  7,070
  7,427
  7,802
  8,194
  8,606
  9,039
  9,493
  9,971
  10,471
  10,996
Debt-to-equity ratio
  1.940
  2.030
  2.120
  2.190
  2.270
  2.340
  2.410
  2.470
  2.530
  2.590
  2.640
  2.690
  2.740
  2.790
  2.830
  2.870
  2.910
  2.950
  2.990
  3.020
  3.050
  3.080
  3.110
  3.140
  3.170
  3.190
  3.220
  3.240
  3.260
  3.280
Adjusted equity ratio
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  41
  41
  41
  41
  40
  40
  40
  39
  39
  39
  42
  41
  41
  41
  40
  40
  39
  39
  38
  38
  37
  37
  36
  36
  35
  34
  34
  33
  32
  32
Depreciation, amort., depletion, $m
  244
  256
  270
  284
  298
  314
  330
  347
  365
  383
  398
  419
  440
  463
  486
  511
  537
  564
  593
  623
  654
  687
  722
  758
  796
  836
  878
  922
  968
  1,017
Funds from operations, $m
  285
  297
  311
  324
  339
  354
  370
  386
  404
  422
  440
  460
  481
  503
  526
  551
  576
  603
  631
  661
  691
  724
  758
  794
  831
  871
  912
  955
  1,001
  1,049
Change in working capital, $m
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
Cash from operations, $m
  277
  289
  302
  315
  329
  344
  359
  376
  393
  410
  428
  447
  468
  489
  511
  535
  560
  586
  613
  641
  671
  703
  736
  771
  807
  845
  885
  927
  971
  1,018
Maintenance CAPEX, $m
  -227
  -239
  -252
  -265
  -279
  -294
  -310
  -326
  -343
  -360
  -379
  -398
  -419
  -440
  -463
  -486
  -511
  -537
  -564
  -593
  -623
  -654
  -687
  -722
  -758
  -796
  -836
  -878
  -922
  -968
New CAPEX, $m
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -204
  -214
  -225
  -236
  -248
  -260
  -273
  -287
  -301
  -316
Cash from investing activities, $m
  -307
  -322
  -339
  -356
  -375
  -394
  -415
  -436
  -458
  -481
  -506
  -531
  -558
  -586
  -616
  -647
  -680
  -714
  -750
  -788
  -827
  -868
  -912
  -958
  -1,006
  -1,056
  -1,109
  -1,165
  -1,223
  -1,284
Free cash flow, $m
  -30
  -33
  -37
  -41
  -46
  -50
  -55
  -60
  -65
  -71
  -78
  -84
  -90
  -97
  -104
  -112
  -120
  -128
  -137
  -146
  -155
  -165
  -176
  -187
  -199
  -211
  -224
  -238
  -252
  -267
Issuance/(repayment) of debt, $m
  105
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  182
  191
  200
  210
  221
  231
  243
  255
  267
  281
  295
  309
  324
  341
  358
  375
  394
  414
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  2
  4
  3
  6
  8
  11
  14
  17
  20
  24
  27
  31
  35
  39
  43
  48
  53
  58
  63
  68
  74
  80
Cash from financing (excl. dividends), $m  
  105
  109
  114
  119
  125
  131
  137
  144
  153
  162
  169
  180
  190
  202
  214
  227
  241
  255
  270
  286
  302
  320
  338
  357
  377
  399
  421
  443
  468
  494
Total cash flow (excl. dividends), $m
  75
  76
  77
  78
  80
  81
  82
  84
  87
  91
  91
  95
  100
  105
  110
  116
  121
  127
  133
  140
  147
  154
  162
  170
  178
  187
  196
  206
  216
  227
Retained Cash Flow (-), $m
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
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
  47
  46
  46
  46
  46
  45
  45
  45
  46
  48
  46
  48
  51
  53
  56
  59
  61
  65
  68
  71
  75
  78
  82
  86
  90
  95
  100
  105
  110
  115
Discount rate, %
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
  44
  40
  37
  33
  30
  27
  24
  21
  19
  17
  14
  12
  11
  9
  8
  6
  5
  4
  3
  3
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.8
  99.5
  99.2
  98.7
  98.0
  97.2
  96.1
  95.0
  93.7
  92.3
  90.8
  89.1
  87.4
  85.7
  83.8
  81.9
  80.0
  78.0
  76.1
  74.0
  72.0
  70.0

Quad/Graphics, Inc. is a marketing services provider. The Company's segments are United States Print and Related Services, International and Corporate. The United States Print and Related Services segment consists of the Company's United States printing operations. The United States Print and Related Services segment includes retail inserts, publications, catalogs, special interest publications, journals, direct mail, books, directories, in-store marketing and promotion, packaging, newspapers, custom print products, other commercial and specialty printed products, and global paper procurement. The United States Print and Related Services segment also includes marketing and other complementary services, including marketing strategy and data insights. The International segment consists of the Company's printing operations in Europe and Latin America, including operations in England, France, Germany and Poland, as well as investments in printing operations in Brazil and India.

FINANCIAL RATIOS  of  Quad/Graphics (QUAD)

Valuation Ratios
P/E Ratio 19.6
Price to Sales 0.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 2.5
Price to Free Cash Flow 3.6
Growth Rates
Sales Growth Rate -5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.3%
Cap. Spend. - 3 Yr. Gr. Rate -6.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 236.2%
Total Debt to Equity 257%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. -4%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. -8.7%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. -23.2%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 21.6%
Gross Margin - 3 Yr. Avg. 20.6%
EBITDA Margin 9.3%
EBITDA Margin - 3 Yr. Avg. 2.5%
Operating Margin 3.2%
Oper. Margin - 3 Yr. Avg. -4%
Pre-Tax Margin 1.4%
Pre-Tax Margin - 3 Yr. Avg. -5.9%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. -4.2%
Effective Tax Rate 22%
Eff/ Tax Rate - 3 Yr. Avg. 33.8%
Payout Ratio 135.6%

QUAD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QUAD stock intrinsic value calculation we used $4131.4 million for the last fiscal year's total revenue generated by Quad/Graphics. The default revenue input number comes from 0001 income statement of Quad/Graphics. 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 QUAD stock valuation model: a) initial revenue growth rate of 5.4% 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 7.1%, whose default value for QUAD is calculated based on our internal credit rating of Quad/Graphics, 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 Quad/Graphics.
    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 QUAD stock the variable cost ratio is equal to 97.2%.

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 QUAD 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 6.8% for Quad/Graphics.

Corporate tax rate of 27% is the nominal tax rate for Quad/Graphics. 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 QUAD 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 QUAD are equal to 35.7%.

Life of production assets of 6.5 years is the average useful life of capital assets used in Quad/Graphics 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 QUAD is equal to 3.5%. 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 - $522.4 million for Quad/Graphics - 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 38.119 million for Quad/Graphics 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 Quad/Graphics at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Quad/Graphics: 3Q Earnings Snapshot   [06:11AM  Associated Press]
▶ Should You Be Impressed By Quad/Graphics Incs (NYSE:QUAD) ROE?   [Oct-29-18 03:23PM  Simply Wall St.]
▶ Quad/Graphics Europe Acquires Strategic and Creative Agency   [Sep-24-18 01:06PM  Business Wire]
▶ A Look At Quad/Graphics Inc (NYSE:QUAD) And The Service Sector   [Sep-03-18 01:44PM  Simply Wall St.]
▶ Buyer of Quad/Graphics unit moves it into a new global HQ in Waukesha   [Aug-17-18 01:30PM  American City Business Journals]
▶ State of Wisconsin raising investment for worker transportation   [Jul-16-18 03:42PM  American City Business Journals]
▶ Quad/Graphics Reports First Quarter 2018 Results   [May-01-18 04:35PM  Business Wire]
▶ What Is Quad/Graphics Incs (NYSE:QUAD) Share Price Doing?   [Apr-30-18 06:42PM  Simply Wall St.]
▶ Quad/Graphics Produces ELLEs First Personalized Cover   [Apr-02-18 10:00AM  Business Wire]
▶ TTM Technologies And Other Top Cheap Stocks   [Mar-22-18 10:02AM  Simply Wall St.]
▶ Quad/Graphics buys marketing services firm Ivie & Associates   [11:15AM  American City Business Journals]
▶ Top Services Dividend Yielding Stocks To Profit From   [Dec-28-17 02:02PM  Simply Wall St.]
▶ Quad/Graphics to Achieve HITRUST CSF Certification   [Dec-20-17 04:47PM  PR Newswire]
▶ Quad/Graphics technology solutions arm QuadTech bought by St. Louis-based Baldwin   [Dec-11-17 04:25PM  American City Business Journals]
▶ 10 High-Yield Stocks That Wont Cut Their Dividends in 2018   [Dec-07-17 03:00PM  InvestorPlace]
▶ Columbus printing plant closing, ending 120 jobs   [Nov-16-17 04:45PM  American City Business Journals]
▶ November Best Undervalued Stocks   [Nov-06-17 08:03AM  Simply Wall St.]
▶ Quad/Graphics posts 3Q profit   [Oct-31-17 04:59PM  Associated Press]

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