NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Commercial Printing Services Sector Outlook — September 2026

A sector view of the 8 listed commercial printing companies, split between direct mail fulfilment and labels/identification businesses. Covers public market valuation on EV/EBITDA (CY2027E), precedent transaction pricing, and the mix, cash and capacity decisions facing owners, boards and acquirers.

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Key figures

5.5x
Sector median EV/EBITDA (CY2027E)
4 of 8 listed printers rated
62%
Direct mail & fulfilment share
5 of 8 listed printers
28%
Deluxe Corporation (DLX) EBITDA margin
highest among rated names
8.8x
Announced transaction multiple, high end
of 9 announced transactions

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INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › COMMERCIAL PRINTING SERVICES

Commercial Printing: One Narrow Valuation Band, Two Businesses — Mail-Date Volume and Labels and Consumables

A read on how the listed printers are valued, what each group actually sells, and what the announced transaction record shows about the prices agreed for whole companies.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Of the 8 listed commercial printers, 4 carry a forward EV/EBITDA (CY2027E) estimate and trade near a tight 5.5x median. Direct mail and fulfilment makes up 62% of the set; the adjacent labels and identification group prices close by despite different end markets. Deluxe Corporation (DLX) posts the top margin among rated names at 28% yet trades at the band's low end (5.0x), while Cimpress plc (CMPR) trades at the top (6.4x) on a 13% margin — price tracks mix more than margin. The 9 announced transactions priced from 3.1x to 8.8x, wider than the listed band.

Key findings

  • Half the listed printers carry a forward multiple, clustered near 5.5x.
  • Direct mail and fulfilment makes up 62% of the set, most of the group.
  • Deluxe's 28% margin sits at the bottom of the price band, not the top.
  • Announced deals ran 3.1x to 8.8x — wider than the listed trading band.

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › COMMERCIAL PRINTING SERVICES

    Cover page introducing the Commercial Printing Services sector outlook dated September 2026.

    This report sets out how the 8 listed commercial printing companies are valued and what separates the two groups they fall into. We use it to frame every finding that follows.

    Everything on this page

    INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › COMMERCIAL PRINTING SERVICES Commercial Printing: One Narrow Valuation Band, Two Businesses — Mail-Date Volume and Labels and Consumables A read on how the listed printers are valued, what each group actually sells, and what the announced transaction record shows about the prices agreed for whole companies. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    Table of contents listing the report's five sections plus the appendix.

    We've built this report so the bottom line stands on its own — read section one and you have the whole story, then use the rest to go deeper on the landscape, valuation, precedent deals and strategic implications. That structure is deliberate: it respects a client's time while still giving the full backing for anyone who wants it.

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    CONTENTS What This Report Covers 01 The Bottom Line Two Groups, One Narrow Band, and a Wider Transaction Record 02 The Landscape Five of the Eight Listed Printers Sit in Direct Mail and Fulfilment 03 Valuation & Situations Four Forward Estimates, and the Band Between Them Is Tight 04 Precedent Transactions Nine Announced Transactions Show What Buyers Agreed to Pay 05 Strategic Implications Where the Work Sits Now: Mix, Cash Redeployment and the Plant Network 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Commercial Printing Services Trades as Two Groups: Direct Mail Fulfilment, and Labels, Identification and Prepress

    The bottom line: commercial printing splits into a direct mail fulfilment group and a labels/identification/prepress group, valued on EV/EBITDA (CY2027E).

    We start here because this is the whole argument: commercial printing trades as two distinct groups, not one undifferentiated sector. Everything that follows — the market map, the valuation work, the precedent deals — exists to support this single page. So the client who reads only this slide still leaves with the call.

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    01 · THE BOTTOM LINE Commercial Printing Services Trades as Two Groups: Direct Mail Fulfilment, and Labels, Identification and Prepress The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Half the Listed Printers Carry a Forward Multiple, and That Half Trades Close Together Of the 8 listed printers, 4 carry a forward EV / EBITDA estimate for CY2027E, and the middle of that group sits at 5.5x. A forward multiple already credits the growth in the forecast, so a tight band says the market is separating these businesses by inches rather than by story. 2 Most of the Set Prints Direct Mail, and Size Is Not What Separates Price Direct mail production and print fulfilment accounts for 62% of the set and 5 of the 8 listed printers. The adjacent group of three — industrial identification, packaging graphics and memorialisation, and prepress plates and consumables — sells into different buyer groups on different equipment, and the two groups sit close to each other on price. 3 Margin at the Top of the Range Sits at the Bottom of the Price Band Deluxe Corporation (DLX) reports a 28% margin, the top of the range among the covered names, and sits at 5.0x, the bottom of the price band. Cimpress plc (CMPR) sits at the top of the band at 6.4x on a 13% margin, so the higher price sits alongside short-run mix rather than alongside the higher margin. 4 Whole Companies Changed Hands Across a Wider Range than the Shares Trade Across the 9 announced transactions in the transaction record, recorded EBITDA multiples run from 3.1x to 8.8x. Short-run and label assets sit at the upper end and distressed long-run capacity at the lower end — a spread the listed band does not show. 5.5x Sector median EV/EBITDA CY2027E consensus · 4 rated of 8 companies 6.4x Premium end EV/EBITDA vs 5.0x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 21 Transactions with disclosed terms 40 recorded in this tier · 0 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    Section divider introducing the market map: five of the eight listed printers sit in direct mail and fulfilment.

    This section answers who is in our universe and what each group actually sells.

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    SECTION 02 02 THE LANDSCAPE Five of the Eight Listed Printers Sit in Direct Mail and Fulfilment Who is in the set, and what each group sells. 02 of 06 Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Where the Revenue Sits: Mail-Date Volume on One Side, Labels and Consumables on the Other

    Market map grouping the 8 approved companies by business segment with median EV/EBITDA (CY2027E) per group.

    We've grouped all 8 companies in our universe by what they actually make — mail-date volume on one side, labels and consumables on the other — and priced each group on the same EV/EBITDA (CY2027E) basis. The grouping follows our own segment classification, and the medians only cover the names with a rated multiple. So a client can see immediately which businesses are being compared before we get to any pricing conclusion.

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    02 · MARKET MAP Where the Revenue Sits: Mail-Date Volume on One Side, Labels and Consumables on the Other 8 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIRECT MAIL PRODUCTION AND PRINT FULFILMENT 5 cos median 5.1x Cimpress (CMPR) Deluxe (DLX) Quad/Graphics (QUAD) Ennis (EBF) Rich Sparkle (ANPA) Five of the eight listed printers, and the group whose economics turn on retained volume, co-mail pool density and press utilisation. ADJACENT MODELS 3 cos 5.8x · 1 rated Brady (BRC) Matthews (MATW) Eastman Kodak (KODK) Three names selling into identification, packaging graphics and printing consumables, where specification-driven demand and installed-base annuities behave differently from commodity run work.

  6. 06
    02 · LANDSCAPE

    Most of the Set Prints Direct Mail; The Adjacent Names Sit a Little Higher in the Middle

    Segment-level view showing most of the universe prints direct mail, with the adjacent group trading a little higher.

    Most of our universe prints direct mail; the smaller adjacent group — industrial identification, packaging graphics and prepress — sits a touch higher on the same basis. That gap is narrow, which tells us the market isn't pricing these as fundamentally different businesses despite the different end markets and equipment. So the segment split matters less to price than the label suggests — full company detail sits in the appendix for anyone who wants to check the names behind each group.

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    02 · LANDSCAPE Most of the Set Prints Direct Mail; The Adjacent Names Sit a Little Higher in the Middle Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Direct mail production and print fulfilment 5 63% 5.1x Cimpress plc (CMPR) · Deluxe Corporation (DLX) · +3 more Five names, the volume core. Cimpress plc (CMPR), Deluxe Corporation (DLX), Quad/Graphics, Inc. (QUAD), Ennis, Inc. (EBF) and Rich Sparkle Holdings Limited Ordinary Shares (ANPA) make up 62% of the set, with a median of 5.1x on the 3 of these five that carry a forward estimate. This is the mail-date business: co-mailing, postal optimisation and variable data printing, where retained volume and press hours carry the economics. Adjacent models 3 38% 5.8x n=1 Brady Corporation (BRC) · Matthews International Corporation (MATW) · +1 more Three names, different end markets. Brady Corporation (BRC), Matthews International Corporation (MATW) and Eastman Kodak Company (KODK) are 38% of the set — industrial identification and durable labels, diversified print and packaging graphics with memorialisation, and prepress plates and consumables. Only 1 of the 3 carries a forward estimate, at a median of 5.8x, so read that level as one observation rather than a group rate.

  7. 07
    SECTION 03

    03

    Section divider introducing the public market valuation work: four forward estimates in a tight band.

    This section shows exactly where the 8 listed printers sit on CY2027E EV/EBITDA.

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    SECTION 03 03 VALUATION & SITUATIONS Four Forward Estimates, and the Band Between Them Is Tight Where the 8 listed printers sit on CY2027E EV / EBITDA. 03 of 06 Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Market Is Pricing a Narrow Band, Not a Split Market

    Public market valuation chart of the 4 rated companies on EV/EBITDA (CY2027E), sorted descending around a sector median of 5.5x.

    Of the 8 listed printers, only 4 carry a forward EV/EBITDA (CY2027E) estimate, and that group clusters around a 5.5x median — a genuinely narrow band. Because a forward multiple already prices in the growth the market expects, a band this tight says investors are separating these businesses by inches, not by story. The tier zones we've drawn are our own cut at the rated set's quartiles, not a market convention. So the read for a client is: don't expect the public market to hand you a wide re-rating case here — the differentiation has to come from somewhere else.

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    03 · PUBLIC MARKET VALUATION The Market Is Pricing a Narrow Band, Not a Split Market EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 5.5x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 6.4x CORE · median 5.5x DISCOUNT · median 5.0x Sector median 5.5x WHAT SEPARATES THE TWO ENDS The top of the range. Cimpress plc (CMPR) sits at 6.4x, at the top of the band and 1 of the 4 names with a forward estimate among the 8 listed printers on this page. Short-run, variable data work sold through its own demand channel sits at that end. The bottom of the range. Deluxe Corporation (DLX) sits at 5.0x. The higher-margin mail and payments book sits at the bottom of the band, so the premium at the other end sits alongside short-run mix and forward growth rather than alongside reported margin. A forward lens credits growth. This is a CY2027E EV / EBITDA view, so forecast growth is already inside the number. A premium that survives that test points to durability in the earnings rather than one good year, and on the 4 names with a forward estimate the band between the two ends stays tight.

  9. 09
    03 · VALUATION DRIVERS

    The Margin Spread Is Wide; The Growth Spread Is Not

    Valuation drivers comparing margin and growth across the rated names, illustrated by Deluxe Corporation (DLX) and Cimpress plc (CMPR).

    The clearest read on drivers sits in the two names at the ends of the band: Deluxe Corporation (DLX) posts the highest margin among rated names at 28% yet trades at the bottom of the band at 5.0x, while Cimpress plc (CMPR) trades at the top at 6.4x on a lower 13% margin. That pairing is an association we observe in the data, not a causal claim — but it tells us price here is tracking business mix more than it's tracking margin. So a client building the case for a re-rating needs to look past the P&L and toward what the business actually makes.

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    03 · VALUATION DRIVERS The Margin Spread Is Wide; The Growth Spread Is Not Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Margins Spread Widely Across the Set Ennis, Inc. (EBF) reports 19% and Matthews International Corporation (MATW) 17%, against 8% at Quad/Graphics, Inc. (QUAD) and 6% at Eastman Kodak Company (KODK), with the covered middle at 10%. Across the 4 names with a forward estimate, a higher margin is associated with neither end of the valuation band on its own. Growth Is Clustered, with One Name Well Outside It Brady Corporation (BRC) shows 35% forward growth and carries no forward EBITDA estimate, so it shapes the growth comparison without sitting in the valuation band. Among the 4 names with a forward estimate, growth tops out at 7% at Eastman Kodak Company (KODK), which keeps the growth spread narrow next to the margin spread. Footprint Consolidation Is Where the Earnings Move In this sector the synergy is the closed plant and the live risk is customer retention through the move. Owners who can absorb volume into existing press hours and hold the named accounts have a lever that the reported growth line does not show. Postal and Data Obligations Sit Inside the Retained Volume Co-mail pool density, postal optimisation and mail-entry discounts are scale weapons a customer cannot replicate on its own, and audited control attestations are commonly a condition of winning statement and healthcare work. Both sit behind retained volume rather than in the growth line.

  10. 10
    03 · SITUATION MAP

    For Three of the Four Names with a Forward Estimate, Price and Margin Point Apart

    Situation map cutting the 4 rated names on EV/EBITDA versus the sector median (5.5x) and EBITDA margin versus the covered median (10%).

    We cut the 4 rated names two ways at once — price against the 5.5x sector median, margin against the 10% covered median — and for three of the four, price and margin point in different directions. That mismatch is exactly what the margin-versus-price pairing on the prior page showed: high margin doesn't reliably buy a high rating in this group. These are observations about where each name sits, not a recommendation to buy or sell. So the practical use for a client is diagnostic — it flags which names the market is pricing on a different basis than their own P&L would suggest.

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    03 · SITUATION MAP For Three of the Four Names with a Forward Estimate, Price and Margin Point Apart Cut on EV / EBITDA vs the sector median (5.5x) (rows) and EBITDA margin vs the covered median (10%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Above on Both Above-median multiple · above-median EBITDA margin 1 names Cimpress plc (CMPR) Cimpress plc (CMPR) is the 1 of the 4 names with a forward estimate sitting above the middle on both price and margin, at a 13% margin with 6% forward growth. Short-run, variable data work sold through its own channel sits in this corner. Priced Above, Margin Below Above-median multiple · below-median EBITDA margin 1 names Eastman Kodak Company (KODK) Eastman Kodak Company (KODK) sits above the middle on price with a margin below it, on 7% forward growth. In plates and consumables the price sits ahead of the current margin line, and the installed-base annuity is what has to hold. Margin Above, Priced Below Below-median multiple · above-median EBITDA margin 1 names Deluxe Corporation (DLX) Deluxe Corporation (DLX) reports a 28% margin and sits below the middle on price, 1 of the 4 names with a forward estimate. Cash conversion in the mail and payments book is visible in the margin and is not showing through in the multiple. Below on Both Below-median multiple · below-median EBITDA margin 1 names Quad/Graphics, Inc. (QUAD) Quad/Graphics, Inc. (QUAD) sits below the middle on both, with an 8% margin and -2% forward growth. This is the position where volume absorption and closed capacity carry the case, and where holding named accounts through a plant move is the live risk.

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    03 · THE AGENDA

    Revenue Mix, Pricing and Capital Allocation Are the Levers Management Still Holds

    The agenda slide frames revenue mix, pricing and capital allocation as the levers management still controls.

    With the public band this tight, the questions that actually move value sit with management: what the business is made of, how it's priced, and where the cash goes. We frame these as the questions an owner or acquirer should be resolving now, grounded in the cohort data shown in this section. So the section closes by turning a pricing observation into a management agenda — that's the bridge into the transaction record and the strategic implications that follow.

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    03 · THE AGENDA Revenue Mix, Pricing and Capital Allocation Are the Levers Management Still Holds NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Move the Mix Toward Labels, Identification and Packaging Graphics Label and identification work carries specification-driven demand and consumable pull-through, and in the announced transaction record those assets were recorded above commercial run work. Shifting mix in that direction is a multi-year capital allocation question rather than a quarter's decision. What changes the answer: A sustained change in the share of value-added revenue coming from labels, identification and packaging graphics rather than run work. Fill the Presses, or Take the Capacity Out Consolidation economics in this sector reward the owner who can absorb volume into existing press hours and keep the account through the move. Quad/Graphics, Inc. (QUAD) sits at the bottom of the range on both price and margin among the 4 names with a forward estimate, which is where absorbed volume and closed capacity show up most visibly. What changes the answer: Press utilisation and available press hours after any volume absorption, and named-account retention through a plant closure. Decide Where the Cash Goes Before the Market Forms Its Own View In mature-volume print the case is cash conversion and what the cash is redeployed into — debt paydown, footprint consolidation, buybacks or diversification. The band across the 4 names with a forward estimate is tight, so the difference between owners shows up in the use of cash rather than in the rating. What changes the answer: A change in cash generated after maintenance capex measured against the actual age and condition of the presses, not headline EBITDA. Underwrite the EBITDA a Buyer Would Actually Credit Pricing here runs on EBITDA with pass-through paper and postage stripped out, recurring restructuring add-backs tested, and maintenance capex set against the real condition of the equipment. Pension, multiemployer withdrawal and environmental exposures carry price impact in their own right. What changes the answer: Movement in maintenance capex requirements, multiemployer exposure or obligations at legacy sites.

  12. 12
    SECTION 04

    04

    Section divider introducing the precedent transaction record: nine announced transactions show what buyers agreed to pay.

    This section moves from how shares trade to what whole companies actually sold for.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Nine Announced Transactions Show What Buyers Agreed to Pay Recorded multiples from the transaction record, all at announced status. 04 of 06 Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

  13. 13
    04 · DEAL CASE STUDIES

    Short-Run and Label Assets Changed Hands Above Long-Run Volume Books

    Case studies on 3 of the transactions with disclosed terms, showing short-run and label assets pricing above long-run volume books.

    We've picked 3 transactions with disclosed terms to illustrate a pattern that runs through the full record: short-run and label assets changed hands above long-run volume books. The multiples here are LTM at announcement, drawn from filings, and we don't claim any spread against the CY2027E public basis because the two aren't directly comparable. Our read on why each deal happened is our own view of the recorded evidence, not a fact from the filing itself. So for a client thinking about acquisitions, the record already shows which asset type buyers have paid up for.

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    04 · DEAL CASE STUDIES Short-Run and Label Assets Changed Hands Above Long-Run Volume Books 3 of 21 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 46 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 19 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Feb-2019 n/a WS Packaging Group, Inc. acquires Multi-Color Corporation EV / LTM revenue 1.5x EV / LTM EBITDA 8.3x WHY THE DEAL HAPPENED WS Packaging Group, Inc. moved for Multi-Color Corporation in Feb-2019; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Dec-2018 n/a QUAD/Graphics, Inc. acquires LSC Communications, Inc. EV / LTM revenue n/a EV / LTM EBITDA 5.7x WHY THE DEAL HAPPENED QUAD/Graphics, Inc. moved for LSC Communications, Inc. in Dec-2018; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Jul-2018 n/a Walstead Investments Limited acquires European Printing Business of LSC Communications, Inc. EV / LTM revenue 0.2x EV / LTM EBITDA 5.0x WHY THE DEAL HAPPENED Walstead Investments Limited moved for European Printing Business of LSC Communications, Inc. in Jul-2018; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

    05

    Section divider introducing the strategic implications: mix, cash redeployment and the plant network.

    This section turns the valuation and deal evidence into what a tight pricing band asks of management over the next twelve months.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where the Work Sits Now: Mix, Cash Redeployment and the Plant Network What a tight pricing band asks of management. 05 of 06 Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

  15. 15
    05 · STRATEGIC IMPLICATIONS

    A Tight Band Puts the Weight on Mix, Cash and the Plant Network

    Strategic implications slide arguing that a tight valuation band puts the weight on mix, cash and the plant network.

    With the rated band this narrow, we think the separating factors are mix, cash discipline and what happens to the plant network — not the headline rating. These are our own views, built on the analysis in this report, framed as observations rather than recommendations. So the practical takeaway for an owner or board is to look at capital allocation and capacity decisions as the real levers, because the market isn't going to do that work through the multiple alone.

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    05 · STRATEGIC IMPLICATIONS A Tight Band Puts the Weight on Mix, Cash and the Plant Network NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Inside a Narrow Band, Mix and Cash Do the Separating Across the 4 names with a forward estimate the price band is tight, so standing moves on what the business is made of: contracted, recurring volume with workflow and data integration, value-added revenue net of paper and postage, and the share of work in labels and identification. Those are pricing, mix and capital allocation calls taken over years. FOR BOARDS Underwrite the Cash That Survives Keeping the Iron Running Headline EBITDA flatters a plant network that has been starved of press investment, and buyers here test maintenance capex against the real age of the equipment. Pension, multiemployer and environmental exposures move price in their own right, so the redeployment plan is best built on the cash left after all of it. FOR ACQUIRERS The Recorded Range Is Wider than the Listed Band Announced transactions on this page span distressed long-run capacity at the low end through to label and short-run platforms at the high end. What an acquired book is worth turns on the acquirer's own utilisation gap, and the same asset can clear at different levels with different buyers.

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    SECTION 06

    06

    Section divider introducing the appendix: the full universe, methodology and sources.

    This closing section carries the comparables detail behind every figure in the body, the valuation basis, and where each disclosure lives.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Full comparables table of all 8 companies on EV/EBITDA (CY2027E), with 4 rated and 4 not rated, grouped by valuation tier.

    This table carries every name in our universe — the 4 rated companies shown throughout the report and the 4 that don't clear our eligibility screen for a rated multiple. Shading marks whether a rated name sits above or below the 5.5x sector median. So a client checking any figure used earlier in the deck can trace it back to this page, or to the companion workbook for the complete field set.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (5.5x); amber marks below · 4 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 4 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥5.9x · median 6.4x · 1 companies Cimpress plc CMPR Direct mail production and print fulfilment $3.6B 6.4x 6% 13% 20 CORE — 5.1x–5.9x · median 5.5x · 2 companies Eastman Kodak Company KODK Prepress equipment, plates and printing consumables $848M 5.8x 7% 6% 18 Quad/Graphics, Inc. QUAD Direct mail production and print fulfilment $982M 5.1x -2% 8% 6 DISCOUNT — <5.1x · median 5.0x · 1 companies Deluxe Corporation DLX Direct mail production and print fulfilment $2.5B 5.0x 5% 28% 28

  18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    First page of the precedent transaction list: transactions with disclosed terms, newest first.

    This page starts the full list of transactions with disclosed terms, ordered newest first, with deal values linked to the underlying filing. Multiples shown are LTM at announcement, and we've flagged the records that carry data-quality issues rather than silently correcting them. So a client can work through the record chronologically and know exactly which figures to treat with extra care.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 21 transactions with disclosed terms in this tier (40 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 46 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 19 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 21 transactions shown; the rest are in the companion workbook. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2021 Chatham Asset Management → R.R. Donnelley & Sons Company n/a n/a 5.8x Chatham Asset Management's announced acquisition of R.R. Donnelley & Sons Company was recorded at 5.8x EBITDA. A financial buyer underwriting mature, cash-generative volume lands close to where the listed printers with a forward estimate sit today. Nov-2021 Undisclosed Buyer → R. R. Donnelley & Sons Company n/a 0.5x 6.0x A second announced bid for R. R. Donnelley & Sons Company, by an Undisclosed Buyer, was recorded at 6.0x EBITDA and 0.5x revenue. Two recorded reads on the same asset within a short window land in a narrow band, which tells an owner how tightly a volume book of this… Sep-2020 Atlas Holdings LLC → LSC Communications n/a n/a 3.1x Atlas Holdings LLC's announced purchase of LSC Communications was recorded at 3.1x EBITDA, the bottom of the recorded range on this page. Long-run capacity changing hands at that level shows what an asset is worth when the buyer is underwriting equipment and… Sep-2019 Berkshire Hathaway Inc. → Cimpress N.V. n/a n/a 8.8x Berkshire Hathaway Inc.'s announced transaction with Cimpress N.V. was recorded at 8.8x EBITDA, the top of the recorded range here. A short-run, variable data platform with its own demand channel was recorded well above the web and sheetfed volume books elsewhere on… Jun-2019 Apollo Global Management, LLC → Shutterfly, Inc. n/a 1.3x 7.9x Apollo Global Management, LLC's announced acquisition of Shutterfly, Inc. was recorded at 7.9x EBITDA and 1.3x revenue. Consumer-facing short-run work with a direct customer relationship sat near the upper end of this record, alongside the other short-run platform on… Feb-2019 WS Packaging Group, Inc. → Multi-Color Corporation n/a 1.5x 8.3x WS Packaging Group, Inc.'s announced deal for Multi-Color Corporation was recorded at 8.3x EBITDA and 1.5x revenue. A converter buying upstream into label and brand asset work was recorded above the commercial run work transacted in the same window. Dec-2018 QUAD/Graphics, Inc. → LSC Communications, Inc. n/a n/a 5.7x QUAD/Graphics, Inc.'s announced acquisition of LSC Communications, Inc. was recorded at 5.7x EBITDA. This is the fill-the-presses shape of transaction: the acquirer's own utilisation gap sets what the book is worth to it, with synergy credit taken on closed capacity… Jul-2018 Ennis, Inc. → Wright Business Forms, Inc. n/a 0.7x n/a Ennis, Inc.'s announced purchase of Wright Business Forms, Inc. was recorded at 0.7x revenue. A forms buyer adding a regional forms book is the bolt-on shape that recurs here, where the acquirer already holds the press hours and the distribution. Jul-2018 Walstead Investments Limited → European Printing Business of LSC Communications, Inc. n/a 0.2x 5.0x Walstead Investments Limited's announced purchase of the European Printing Business of LSC Communications, Inc. was recorded at 0.2x revenue. Carve-outs of non-core print run on transition arrangements covering prepress, order management and logistics, and the length…

  19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Second page of the precedent transaction list, continuing the same disclosed-terms record newest first.

    This page continues the same list, carrying the remaining transactions with disclosed terms on the identical LTM-at-announcement basis. Records with flagged data-quality issues are marked exactly as in the first page of the list, and the transactions without a disclosed value or multiple are held in the companion workbook rather than shown here. So together the two pages give a client the complete, traceable record behind the deal case studies earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 21 transactions with disclosed terms in this tier (40 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 46 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 19 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 21 transactions shown; the rest are in the companion workbook. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2017 Constantia Labels → Multi-Color Corporation n/a n/a 10.3x Value shown as recorded in the filing; deal value unit unresolved. Jan-2017 Ennis, Inc. → Independent Printing Co., Inc. n/a 0.5x n/a Jul-2016 Apex Technology; PAG Asia Capital → Lexmark International, Inc. n/a n/a 7.5x Oct-2015 Jarden Corp. → Visant Holding Corp. (Jostens Holding Corp.) n/a n/a 7.4x Value shown as recorded in the filing; deal value unit unresolved. Mar-2015 Brother Industries → Domino Printing Sciences n/a n/a 16.2x Oct-2013 RRD → Consolidated Graphics, Inc. n/a n/a 5.8x Oct-2013 R.R. Donnelley & Sons Company → Consolidated Graphics n/a n/a 5.5x Value shown as recorded in the filing; deal value unit unresolved. Apr-2013 Weiss Family → American Greetings Corporation n/a n/a 3.9x Value shown as recorded in the filing; deal value unit unresolved. Oct-2012 Quad/Graphics → Vertis n/a n/a 4.9x Value shown as recorded in the filing; deal value unit unresolved.

  20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Methodology slide setting out sources, assumptions and data quality standards used throughout the report.

    Every figure in this report links back to the record it was taken from, and where no link exists, the appendix names the source and the basis on which it was read. This page also sets out what we excluded and why — multiples failing our plausibility checks, transactions without disclosed terms, and similar cases. So a client can audit any number in this deck rather than take it on faith.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Commercial Printing Services and it clears the coverage gate with 4 of 8 companies (50%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 2 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 399 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (398) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  21. 21

    Across These 8 Printers, a Tight Forward Band Sits Alongside a Wide Margin Spread.

    Closing page restating that across the 8 printers, a tight forward band sits alongside a wide margin spread.

    We close on the same tension the whole report is built around: a tight forward valuation band sitting alongside a wide margin spread across these 8 printers. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace further. So the conversation from here moves to which lever — mix, pricing or capital allocation — a given owner is best placed to pull.

    Everything on this page

    Across These 8 Printers, a Tight Forward Band Sits Alongside a Wide Margin Spread. NeuraCap AI — Commercial Printing Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Commercial Printing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Commercial Printing Services (Industrials › Commercial and Professional Services › Commercial Printing Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Commercial Printing Services according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Rich Sparkle Holdings Limited Ordinary Shares (ANPA), Brady Corporation (BRC), Cimpress plc (CMPR), Deluxe Corporation (DLX), Ennis, Inc. (EBF), Eastman Kodak Company (KODK), Matthews International Corporation (MATW), Quad/Graphics, Inc. (QUAD). The market map groups them by business vertical — Direct mail production and print fulfilment: 5 companies (CMPR, DLX, QUAD, EBF, ANPA); Adjacent models: 3 companies (BRC, MATW, KODK). 4 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Commercial Printing Services (Industrials › Commercial and Professional Services › Commercial Printing Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Commercial Printing Services according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Rich Sparkle Holdings Limited Ordinary Shares (ANPA), Brady Corporation (BRC), Cimpress plc (CMPR), Deluxe Corporation (DLX), Ennis, Inc. (EBF), Eastman Kodak Company (KODK), Matthews International Corporation (MATW), Quad/Graphics, Inc. (QUAD). The market map groups them by business vertical — Direct mail production and print fulfilment: 5 companies (CMPR, DLX, QUAD, EBF, ANPA); Adjacent models: 3 companies (BRC, MATW, KODK). 4 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

2 records failed a validation gate and never feed a statistic in this report (2 excluded from aggregate). Each exclusion, with its reason: KODK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · KODK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Commercial Printing Services and it clears the coverage gate with 4 of 8 companies (50%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 4 of 8 companies; EV / rEVenue: 7 of 8 companies; P/E: 7 of 8 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥5.9x, Core 5.1x–5.9x, Discount <5.1x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 5.5x = median(ev_ebitda CY2027E) (4 rated companies) · 6.4x = median(ev_ebitda CY2027E) within Premium tier (n=1) · 5.5x = median(ev_ebitda CY2027E) within Core tier (n=2) · 5.0x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 16% = median Rule of 40 score (revenue growth + EBITDA margin) (n=4)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Commercial Printing Services recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 40 transactions were recorded for this industry; 21 are shown. 19 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 23 × no evidence record; 20 × deal value unit unresolved; 2 × duplicate precedent id; 1 × divestiture roles reassigned. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 403 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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