Matthias Riechert presented his in-depth investment thesis on Cimpress (CMPR) at Wide-Moat Investing Summit 2015.
Cimpress (formerly known as Vistaprint) is a disruptive innovator, specializing in print on demand and mass customization. It has a durable scale advantage, will compound for a long period in a large market and it is cheap. The shares trade at 14x price to an estimate of 2015 owners’ earnings per share. CEO Robert Keane owns 5.5%; several value investors are invested: Prescott Investors (14%), Brave Warrior (7.7%), Arlington (3.5%). Cimpress produces individual personalized marketing products for small and micro businesses, graphic professionals and home & family. The company produces small, individual orders with the reliability, quality and affordability of mass production. More than 90,000 orders shipped per average day. Focus on lean manufacturing leads to constant improvements in manufacturing efficiency. Knowledge is protected by more than 200 patents. Core barrier-to-entry are economies of scale.
About the instructor:
Matthias Riechert is co-founder and portfolio manager at Polleit & Riechert Investment Management, an investment firm dedicated to significantly increasing the wealth of its clients, adjusted for inflation. Prior to co-founding the firm in 2012, Matthias worked at Citigroup, including as head of investment products Germany, from 2001 to 2010. Previously, he was an equity and options trader at Van der Moolen. Matthias holds an MBA from Columbia Business School and London Business School.
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