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COPYRIGHT 2003 Adams Business Media
Cadmus Communications (CDMS-OTC-$8.75) Differentiation Warrants Higher Multiple.
Rating: Buy Sector: Media-Printing Services Target Price: $12 Sector Recommendation: Market-weight
Basis of Target: 10.3 times estimated fiscal 2003 EPS
* Cadmus reported fiscal third quarter earnings per share (EPS) of $0.32, excluding one-time charges. These results were right in line with our forecast. As promised, the company delivered year-over-year and sequential earnings growth in a challenging environment. Shares of Cadmus have been pressured in recent months, as industry participants such as Quebecor and Consolidated Graphics have offered disappointing guidance. As we noted after recently meeting with management, Cadmus should not be put in the same boat, as these companies and weakness elsewhere should not be viewed as an indicator of conditions at...
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