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Conversations with ARP Management: Answering the BIM Question

March 25th, 2010

We recently had the opportunity to speak with senior management of ARP.  Although we discussed a number of issues that will impact ARP shares in the near-term, our primary focus was on the strategic direction of the company in light of the increased usage...

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ARP Raises Guidance for 4Q09 Revenues, EPS – Consensus Estimates Appear Too Low for 2010

March 12th, 2010

This report was originally published on 1/27/10.After the close today, ARP (7.65 ↓1.80%) issued a press release indicating that the company now expects to beat its prior revenue and EPS guidance for 4Q09.  You can read the...

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Feedback from Independent Reprographers Suggests the Potential for ARP to Beat Estimates is High, AIA Billings Index...

March 12th, 2010

This report was originally published on 1/20/10.We introduced ARP (7.64 ↓1.93%)as an investment idea approximately 9-months ago. At that time we thought the stock had considerable upside based in...

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Canon’s Takeover Bid for Oce N.V. Validates Value of ARP Shares

March 11th, 2010

This report was originally published on 11/16/09.CanonInc. today announced its intention to launch a takeover bid for Oce N.V., a leading manufacturer of digital printing systems and document management service provider.  Canon (CAJ 44.5...

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ARP’s Revenue “Air-Pocket”, FCF Is Still Impressive, The Outlook from Reprographers

March 10th, 2010

This report was originally published 10/6/09.ARP shares are off sharply today in response to a press release in which the company announced it was lowering guidance for the year and had recently completed an amendment to its...

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Despite Weakness in the AIA Billings Index, Channel Checks Suggest Another Quarter of Upside Out of ARP – Looking at...

March 10th, 2010

This report was originally published 7/31/09.We continue to recommend purchase of ARP shares, even after the 50% gain in the stock since we first introduced the idea.  The company will report...

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Recent Correction in ARP Shares Brings the FCF Yield Back to 20%+

March 8th, 2010

This report was originally published on 6/24/09.Since reaching its YTD high of $10.11 on June 5, ARP shares have witnessed a 20% correction. At today’s price, ARP shares now sport a free cash flow (FCF) yield of 20%. After generating $20 million in FCF...

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AIA Architecture Billings Index for April 2009 Supportive of Our Free Cash Flow Outlook for ARP

March 8th, 2010

This report was originally published on 5/20/09.The American Institute of Architects (AIA) released their Architecture Billings Index (ABI) for April 2009 today. Overall, the ABI index has been proven to be a solid indicator...

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ARP is a Cash Cow. If That’s the Worst of It, We’ll Take All We Can Get

March 7th, 2010

This report was originally published on 5/7/09.ARP reported 1Q09 results after the close. You can read the detail here. The quick highlights are as follows: Revenues were inline with street consensus, but the company had clear positive...

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Comments from a Reprographics Industry Veteran

March 7th, 2010

This report was originally published on 5/6/09.We had the opportunity to speak with a three-decade veteran of the reprographics industry to get a better sense of his views on the state of the marketplace, the competitive landscape, consolidation opportunities, and the...

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ARP is a Cash Cow

March 7th, 2010

First and foremost, we do not want our enthusiasm for ARP shares to be misconstrued as a bullish call on construction spending or commercial real estate. We have been followers of American Reprographics Companysince its IPO. The company is the unequivocal leader in the $4.5 billion, highly fragmented...

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