Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Courier Corporation: Stable 6.5% Dividend Payer

Book publishers are selling at skeptical valuations for good reason. Online publishing will eventually decimate the old silos of editorial power. But fortunately, books themselves - as in paper physical books - will likely be around a long time despite increasing pressures from eBooks.

Courier Corporation (NASDAQ:CRRC), founded 1824 and incorporated 1972, has two main segments: book manufacturing and publishing. It is the third largest book manufacturer in the United States, which is where it makes its money - not in publishing. The company has shown a remarkably stable performance over the last ten years, despite the dramatic revolutions in technology:

Obviously, historical stability tells us little about the future. In this case, however, the majority of Courier's...

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