CMPR- Pacing Inline-to-Slightly Ahead of Our/Cons. Ests for F4Q26; Introducing FY27 Quarterlies; Maint. Buy/$110 PT

研报英文原文证据摘录

CMPR- Pacing Inline-to-Slightly Ahead of Our/Cons. Ests for F4Q26; Introducing FY27 Quarterlies; Maint. Buy/$110 PT

ct to regulatory approval and is expected to close in 1H FY27 (July 2026 – December 2026).

We view Cimpress’ announced acquisition of SAXOPRINT and viaprinto positively as they (when completed) should enable the company

to drive further synergies across its Upload & Print segment in Europe, which is already seeing good momentum (see our F3Q26 EPS

recap here) while deepening Cimpress’ presence in its second largest market in Germany. Zooming out, our biggest takeaway from the

announcement of the deal is that with a materially improved balance sheet and strong underlying core business, Cimpress is now able to

return to being acquisitive, targeting tuck-in businesses to supplement its portfolio with attractive return profiles all the while continuing to

delever. Recall, the company also completed a tuck-in acquisition in F2Q26, and two additionally tuck-in acquisitions in April for its U&P

business. We believe Cimpress is on a path to meet/exceed its growth and profitability targets for FY28 (which are organic/FX neutral

targets), we believe the core business remains healthy, with these acquisitions being additive to mgmt.'s stated FY28 targets.

Cimpress refinanced its Term B Loan as it pushes the maturity of the debt out – importantly this transaction is ~net leverage

neutral on a pro forma basis. On May 19, 2026, Cimpress announced the pricing and allocation of a $1.1 billion senior secured Term

Loan B (TLB) maturing in 2033, and the deal closed on June 4th. The new 7-year facility is priced at SOFR + 2.50% (with a 0.00%

floor) and was offered at 99.75% of par, representing an original issue discount of 25 bps. Proceeds were utilized to refinance the