CMPR - Cimpress

[chompsterama]

I'll just point out again that bonds are at $74 with decent volume.  Unsecured creditors believe there is no equity value here (barring something like a really anxious bondholder wanting out).

 

Can you point me in the direction of where you are seeing these bonds? Can you buy them on Fidelity?

 

No idea re: Fidelity - I don't use the platform for bonds.  This is the 7% coupon Jun15 '26.  USN20146AB73

[kab60]

Raised 300m from Apollo, waivers granted from lenders (for a long time), minimal possible dilution (4 pct).

[KCLarkin]

Raised 300m from Apollo, waivers granted from lenders (for a long time), minimal possible dilution (4 pct).

 

Ah man. Why didn't I just pull the trigger? This was the obvious outcome.

[flesh]

"Cimpress is working to make use of government support programs globally, as appropriate. In many locations in which we operate and employ many of our team members, including in Europe and Canada, there are specific COVID-19 payroll support programs to mitigate a substantial portion of employee costs. Additionally, in the U.S., we expect to receive a material cash benefit due to the changes in U.S. tax law made by the CARES Act, including the ability to carryback net operating losses to prior years."

 

Didn't know about that. New opportunity set.

[valueinvestor]

Raised 300m from Apollo, waivers granted from lenders (for a long time), minimal possible dilution (4 pct).

 

Ah man. Why didn't I just pull the trigger? This was the obvious outcome.

 

I feel you but at least you didn’t miss pulling the trigger on Wayfair - that really hurts  ;D

 

Besides it’s a business that can lay dormant because of management’s lack of focus imho.

 

Seems like Robert wants to be like Jeff Bezos.

[chompsterama]

Raised 300m from Apollo, waivers granted from lenders (for a long time), minimal possible dilution (4 pct).

 

Ah man. Why didn't I just pull the trigger? This was the obvious outcome.

 

I really think this was obvious in hindsight.  This was as obvious as knowing on March 23rd that the market would be at the same level as mid-Oct 2019 by the end of April.  ::)

[kab60]

Raised 300m from Apollo, waivers granted from lenders (for a long time), minimal possible dilution (4 pct).

 

Ah man. Why didn't I just pull the trigger? This was the obvious outcome.

 

I really think this was obvious in hindsight.  This was as obvious as knowing on March 23rd that the market would be at the same level as mid-Oct 2019 by the end of April.  ::)

I think he's talking about the waived covenants and the deal they got. Read the last couple of pages, I think the analysis was pretty much spot on. Some of the best deals in this market has been in companies where people have been scared of tripped covenants when the reality is - as far as what I hear and what I can tell from public information - is that banks are gonna give most companies a pass (well, they'll take a pound of flesh) for covenants tests for at least 6-12 months.

[valueinvestor]

True. But it would be a trade, maybe an investment for KCLarkin because I feel like he/she is comfortable owning the business for a long time. Nothing against trades, I have a basket of cruise, invested in Park, AER, ADS, etc. @ the moment.

 

I guess my point is as an investment, I wouldn’t really care for a 20% move unless I can tell it will compound over the long term.

 

As a trade, then I will mourn the loss.

 

Either way, I don’t think KCLarkin should kick him or herself because it could’ve gone sideways with CMPR. Just because it’s cheap, doesn’t mean it’s a bargain.

[kab60]

It was more like 75 pct., but I get what you're saying. KCLarkin knows the business well, has followed it for years.

 

I sold today. All about recycling capital into better risk/rewards in this crazy market. I still think it is cheap, but obviously not low 40 cheap, and it is also risky as chompsterama has pointed out. Longer term they'll still need to figure out how to return Vistaprint to profitable growth, and at these levels I like some of my UK holdings a lot better.

[KCLarkin]

It was more like 75 pct., but I get what you're saying. KCLarkin knows the business well, has followed it for years.

 

I sold today. All about recycling capital into better risk/rewards in this crazy market. I still think it is cheap, but obviously not low 40 cheap, and it is also risky as chompsterama has pointed out. Longer term they'll still need to figure out how to return Vistaprint to profitable growth, and at these levels I like some of my UK holdings a lot better.

 

It is up about 60-70% in a week. There are companies I like better and companies that are cheaper, this just happens to be the one I know the best.