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Opinions Paul Harris, CFA
Corp. ExpressCXPTOP PICKOct 12, 2004
One of only 4 office supply companies. They don't own any retail. All business-to-business. Made a huge acquisition in 1999 and took on $2.5 billion in debt. Have now restructured and paid down 2/3 of their debt. Trades at 10 X next year's earnings.
Paul Harris, CFAOwned
$7.60
Stock price when the opinion was issued
$19.29
As of Dec 08, 2021. Market Open.
specialty stores
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PAST TOP PICK
then $14.45
Still owns.
More private equity/hedge funds are taking more interest in it.
Paul Harris, CFAOwned
specialty stores
TOP PICK
Office supply company. Compete with Staples (SPLS-Q) and Office Depot (ODP-N) but have no retail outlets. Have a lot of free cash flow and brought down their debt. Low multiple. Pays a good dividend.
Paul Harris, CFAOwned
specialty stores
PAST TOP PICK
(A Top Pick Aug 22/06. Up 11.6%.) Cheap. No retail stores, only catalogue and Internet. Highly free cash flow model. Good balance sheet. Expect to pay off their debt at the end of this year.
Paul Harris, CFAOwned
specialty stores
PAST TOP PICK
(A Top Pick Aug 15/06. No change.) Much lower multiple than its competition. Still likes. Little or no capital needed for expansion. Very cheap.
Paul Harris, CFAOwned
specialty stores
PAST TOP PICK
PAST TOP PICK
PAST TOP PICK
TOP PICK
It's an office supply company, with few expendatures. They've restructed their balance sheet. It's a great story.
Paul Harris, CFAOwned
specialty stores
TOP PICK
(A Top Pick Aug 12/05. Up 4.8%.) In the office supply business. Doesn't have any stores but operates B to B and catalogue. About 65% of revenue is from the US. If things continue to do well, they may have no debt by 2007. Growing quite rapidly.
Paul Harris, CFAOwned
specialty stores
TOP PICK
Office supplies business. Stock has fallen quite a bit in the last little while. They do their business B to B or through catalogue so there is very little capital expenditure and lots of free cash flow. Good price.
Paul Harris, CFAOwned
specialty stores
TOP PICK
Office supplies on a business-to-business basis through catalogues. No retail outlets. High cash flow business. Not a lot of capital expenditure needed. Should be able to pay off most of their debt over the next 3 years.
Paul Harris, CFAOwned
specialty stores
TOP PICK
A “business to business” office supply company. They don't have the problems of retail sales. Low capital expenditure. Good cash flow. Can grow organically. Trading at 12 X earnings.
Paul Harris, CFAOwned
specialty stores
TOP PICK
An office supplies company. Most of its business is B to B or catalogues. Very low capital expenditure. Good free cashflow. Good global growth. Pays 1% yield which will hopefully go up over time.
Paul Harris, CFAOwned
specialty stores
PAST TOP PICK
(A Top Pick June 390/05. Up 13.5%.) Still buying. Really likes this company. Has good free cash flow and will continue to do well.
Paul Harris, CFAOwned
specialty stores
TOP PICK
A Dutch company with a large business supply in the US. The 4 main players in this area own 22% of the market, so they can grow without bumping into their competitors. They have the largest B to B business in the US. (No retail stores.) Makes a lot of their own products in China. A wonderful free cash flow story.
Paul Harris, CFAOwned
specialty stores
