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Corp. Express (CXP)
Financials 
Technical Analysis 0
TOP PICK
(A Top Pick June 30/05. Up 20%.) A very simple story of office supplies. The top 4 people in the company own 22/24% of the business. A B to B player in that they don't have retail stores. Feele they can grow their business by 3/4%. Generates lots of free cash flow. Only at 75% capacity in their warehouse so have lots of room to increase the capacity.
Paul Harris, CFAOwned
specialty stores
TOP PICK
An office supply company. Made a large acquisition, took on lots of debt and the economy fell apart. Sold a large business they were in and reduced the debt considerably. Rebalanced their balance sheet by buying back preferred stock. Has great organic growth. All B to B business, no retail stores. Top 4 management owns 18%.
Paul Harris, CFAOwned
specialty stores
TOP PICK
(A Top Pick March 28/05. Down 7%.) A Dutch office supply company, all B to B via the internet/catalogs. A good solid company which has a good opportunity to grow. Very leveraged to the US. Have brought down their debt by $1.5 billion. Top 4 people own 14% of the company.
Paul Harris, CFAOwned
specialty stores
TOP PICK
The key to this story is that it competes with Staples (SPLS-Q) and Office Depot (ODP-N) except it is B to B, they don't have any stores. Market share is about 18% globally so there is lots of growth. Trades at a free cash flow yield of about 10%. Restructured their balance sheet.
Paul Harris, CFAOwned
specialty stores
TOP PICK
Small Dutch company. Competes with Staples, Office Depot in office supplies sales, but it's all B to B over the internet/catalogues. They have no retail. At about 10 X earnings. Lots of room to grow. Have just re-capitalized by buying back some preferred shares. A great level to get involved.
Paul Harris, CFAOwned
specialty stores
TOP PICK
(A Top Pick Jan24/05. Up 3.6%.) The 4 major people in the business own about 18% of the company. Bought it at 10 X earnings and they are getting increasing margins. Should grow about 2/3% organically. Changing the capital structure by buying back some of their preferred shares.
Paul Harris, CFAOwned
specialty stores
TOP PICK
Office products and basically a B to B through catalogues. No retail stores. Largest in the US. Top 4 players own about 18% of the business, so it's not fragmented and can see a lot of organic growth in the industry. Sees a continued growth in white collar jobs. Also moving into a lot of their own branded productswhich is good for margins/volumes.
Paul Harris, CFAOwned
specialty stores
TOP PICK
The leader in Business to Business office supplies. Trades at 9 X earnings. Had a lot of problems with large debt and have since re-structured and brought down their debt level. A lot of room for organic growth. Moving into private label products so can source their goods for larger margins.
Paul Harris, CFAOwned
specialty stores
TOP PICK
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
specialty stores
TOP PICK
Have no retail. All business is done business-to-business. Best pricing in their business. Can grow organically. Trades 10/12 X EPS. Reduced their debt.
Paul Harris, CFAOwned
specialty stores
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