Author Topic: VPRT - Vistaprint  (Read 13420 times)

KCLarkin

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Re: VPRT - Vistaprint
« Reply #20 on: November 30, 2014, 05:51:49 PM »
Curious about this as well.  I've been delving deeper into the business and it seems interesting.  But any who owns this have any opinion on if the recent move is justified?

At $67, you are paying just under 18x 2015 operating earnings or about 15x my estimate of normalized earnings. That's a fair price for a company with a history of growing at 20%/year and a rock solid moat. I suspect you will see some of value investors trimming their stakes this quarter but it is still an attractively priced quality and growth stock.

Here is a write-up I did on Vistaprint in August:
https://docs.google.com/document/d/1T4l7uJrLm7YchY-jZP6DReFKjM9c0_v9xagdTXNE7QM/edit?usp=sharing

This was written when the stock was around $47 so any numbers in the report are obsolete.

You should also check out the following:
Eric Khrom: http://www.scribd.com/doc/148405390/Eric-Khrom-of-Khrom-Capital-2012-Q3-Letter
Mecham: http://www.beyondproxy.com/vistaprint-vprt/
VIC writeups
Analyst Day (August 2014):
http://ir.vistaprint.com/phoenix.zhtml?c=188894&p=irol-presentations









AccentricInv

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Re: VPRT - Vistaprint
« Reply #21 on: December 03, 2014, 09:07:15 PM »
Curious about this as well.  I've been delving deeper into the business and it seems interesting.  But any who owns this have any opinion on if the recent move is justified?

At $67, you are paying just under 18x 2015 operating earnings or about 15x my estimate of normalized earnings. That's a fair price for a company with a history of growing at 20%/year and a rock solid moat. I suspect you will see some of value investors trimming their stakes this quarter but it is still an attractively priced quality and growth stock.

Here is a write-up I did on Vistaprint in August:
https://docs.google.com/document/d/1T4l7uJrLm7YchY-jZP6DReFKjM9c0_v9xagdTXNE7QM/edit?usp=sharing

This was written when the stock was around $47 so any numbers in the report are obsolete.

You should also check out the following:
Eric Khrom: http://www.scribd.com/doc/148405390/Eric-Khrom-of-Khrom-Capital-2012-Q3-Letter
Mecham: http://www.beyondproxy.com/vistaprint-vprt/
VIC writeups
Analyst Day (August 2014):
http://ir.vistaprint.com/phoenix.zhtml?c=188894&p=irol-presentations

Amazing, thank you.  I've seen Mecham's and Khrom's letters on the name, but I'll go thru the VIC writeups tomorrow.  Seems like they bought it in 2012/13 at the same FCF yield as it's trading at today (despite the 2x in price).  Will need to delve into this more to see if the growth and margin expansion expectations are realistic.
A Concentrated Value Approach to Public Markets Investments | www.haydencapital.com

KCLarkin

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Re: VPRT - Vistaprint
« Reply #22 on: January 29, 2015, 08:50:20 AM »
Another solid quarter:

Second quarter 2015 results:
◦ Revenue grew 19 percent year over year to $439.9 million
◦ Revenue grew 7 percent year over year excluding the impact of currency exchange
rate fluctuations and revenue from businesses acquired during the past twelve
months
◦ GAAP net income per diluted share increased to $1.89, compared with $1.18 in the
same quarter last year
◦ Non-GAAP adjusted net income per diluted share increased 41 percent year over
year to $2.12