MARC HASENFUSS: Caxton is still printing money
If the company unbundled the Mpact stake to shareholders, or sold it, it could boost its packaging niches and fund a sumptuous special dividend
Deep value is a dastardly discipline. Take cash- and asset-rich Caxton & CTP Publishers & Printers, which has seen a nice spurt in its share price in recent weeks and more than a few encouraging observations from armchair asset managers on social media.
My engagement with Caxton stretches back to 2017, when I “famously” observed: “Caxton, which is still earning most of its keep from newspapers, magazines and printing and packaging, could well be regarded as the antithesis of Naspers. Whereas Naspers has been ripped away from its print-media roots by an array of technology investments, Caxton still seems content to tinker with its (well-managed) traditional operations.”..
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