Last Updated On: Jan 26, 2018

Share Price On This Date: $4.56

Manufacturer of envelopes and a variety of specialty packaging.


What I hope is a somewhat defensive play. This is Canada's largest envelope maker. They have been gradually transforming their business over the past 5 years, performing a difficult juggling act. On the one hand, managing the slow obsolescence of their legacy industry and struggling to keep their legacy pension fund obligations fully funded and on the other, investing in a string of acquisitions in the much more promising specialty packaging sector. All this while also maintaining a robust dividend. (The dividend yield is currently around 5.6% for all you dividend lovers out there) So far, they have done an admirable job of pulling this all off. While packaging sales still make up only 1/3 of their total sales, if they can continue to manage the transition to this new line of business, the rise of e-commerce could provide a nice demand driver for this corporate re-invention.

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