Cimpress NV (CMPR)



According to President and CEO Robert Keane,

Cimpress invests in and builds customer-focused, entrepreneurial, mass customization businesses for the long term, which we manage in a decentralized, autonomous manner. We drive competitive advantage across Cimpress by investing in a select few shared capabilities that have the greatest potential to create company-wide value. We limit all other central activities to only those which absolutely must be performed centrally.


Robert Keane writes one of the best annual shareholder letters you can read. In his 2017 letter, he declared the company’s objective to maximize intrinsic value per share (IVPS), which he defines as follows:

We define intrinsic value per share as (a) the unlevered free cash flow per share that, in our best judgment, will occur between now and the long-term future, appropriately discounted to reflect our cost of capital, minus (b) net debt per share.

Language like that is rare in shareholder letters by people not named Warren Buffett. So is the following:

I wish that I had figured out the importance of capital allocation many years ago, but the reality is that Cimpress is just now entering our fourth year of making capital allocation an explicit focus area of our management routines so we are still learning and revising our internal processes.

Honest humility like that is rare in CEOs and characteristic of some of the best.


Primary Documents

pdf icon 240 2017 Shareholder Letter
link icon 240 Investor Relations

Also see GF posts tagged $CMPR.