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

Quad/Graphics: 15%+ FCF Yield

Quad/Graphics (NYSE:QUAD), named after late founder Harry V. Quadracci, provides commercial printing and distribution services. According to Printing Impressions PI400, the company is the second largest commercial printer by revenue, second only to R.R. Donnelley & Sons (NASDAQ:RRD). After Quad/Graphics' recent acquisition of Vertis, the company is the largest commercial printer in South America.

The company also provides additional services to its clients (11% of 2012 revenue), such as providing client mailing lists or other analytical services (see footnote 1 for a complete list of services). The company has contractual relationships with some of the most well-known magazines, publishers, and brands such as National Geographic, Reader's Digest, Time Inc., Bass Pro, J.C. Penney (NYSE:JCP...

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