The print industry is in a structural decline. This isn't like the mining industry where it is cyclical.
Prices are getting crushed.
Volumes are decreasing while supply capacity is increasing. Printing equipment are becoming more and more automated and can print hundreds of pages per minute BUT the worst part is the demand isn't there. This leads to competitors undercutting each other to ensure their machines are not idle.
Be careful especially when this company is being valued at a 10x PE.
Ann: FY19 Results Presentation, page-16
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