We cannot think of a better testament to the skill and guile of ARC’s current management team than the chart below. In it we compare ARC’s aggregate free cash flow generation over the past five...
READ MORE >Our Revised EstimatesARC’s 1Q11 results were more or less inline with our expectations after adjusting for accelerated amortization of trade names and costs associated with elimination of the company’s interest rate swaps as a result of the company’s debt refinancing. Recent...
READ MORE >After slogging through three brutal years of weak demand for non-residential construction services, it appears that ARC might finally start to benefit from a recovery in project activity in 2011. Suddenly signs of life in the commercial real...
READ MORE >As early as April of this year, we argued that the revenue trends in the reprographics industry were on the cusp of stabilization, if not recovery. Obviously we have been a little bit early in our call,...
READ MORE >Obviously this is an earnings call we did not get right. In our preview of the quarter, we argued that ARP was poised to deliver revenue and earnings upside for the second quarter based in large part on...
READ MORE >In April, we argued that the reprographics industry was showing signs of imminent revenue stabilization, despite what continued to be weakness in the macro-economic data related to non-residential construction...
READ MORE >We recently conducted a survey of 30-35 independent reprographers to gain a better understanding of industry-wide trends during 1Q10, their outlook for 2Q10 and the rest of 2010, and how BIM has impacted the...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >SELL/SHORT
$230
SELL/SHORT
$55
LONG
$70
SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0