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Communisis Plc Coverage Initiated: 02 June 2014 Ticker: LSE:CMS This Document: 5 May 2015 Headquarters: London, U.K

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Communisis Plc Coverage Initiated: 02 June 2014 Ticker: LSE:CMS This Document: 5 May 2015 Headquarters: London, U.K Due Diligence and Valuation Report Arrowhead Code: 64-01-02 Company: Communisis plc Coverage initiated: 02 June 2014 Ticker: LSE:CMS This document: 5 May 2015 Headquarters: London, U.K. Fair share value bracket (DCF): £0.66 and £0.84 Chairman: Mr. Peter Hickson Share price (1 May 15): £0.57i CEO: Mr. Andy Blundell Analysts S&C Development Director: Mr. Nigel Howes Snehal Mahajan Finance Director: Mr. Mark Stoner [email protected] Website: www.communisis.com +1 (212) 619-6889 Market Data Multi-Channel Diversified Offerings And Relentless 52-Week Range: £0.47 - £0.70ii Focus On Acquiring New Contracts To Fuel Growth Average Daily Volume (3M): 385,266iii Arrowhead is initiating coverage on Communisis plc with Market Cap. (01 May 15): £117.2 MM a fair value bracket of £0.66 (Low-Bracket estimate) and £0.84 (High-Bracket estimate). Financial Forecast (in £) (FY ending - Dec) Key Highlights: (1) Client confidence in Communisis’ '15E '16E '17E ‘18E ‘19E ‘20E '21E quality of service offerings, as evidenced by the High NI 9.48 12.52 14.55 16.82 18.84 18.91 20.70 Company’s track record of consistently winning large and £ MM long-term contracts from blue-chip firms such as LBG, High EPS* 5.95 7.05 8.14 9.07 9.95 9.98 10.82 Low NI AXA UK, Nationwide Building Society (NBS), and Proctor 6.14 8.45 11.01 13.38 14.30 14.61 16.18 £ MM & Gamble (P&G); (2) Communisis through its diversified Low EPS* 4.38 5.14 6.48 7.46 7.82 7.96 8.70 service offerings positions itself as a perfect partner to *Adjusted Diluted EPS in pence provide communication more effectively and profitably Company Overview: Based in London, Communisis plc across multiple channels; (3) Communisis is well- (hereafter referred to as “Communisis” or “the Company”) positioned to take advantage of the growing preference is a leading multi-channel customer communication for digital marketing; (4) The Company has access to services provider with expertise in transactional, market leading technology and has successfully deployed marketing, and regulatory communications. Communisis is the Hewlett Packard (HP)-T series high-speed digital engaged in, platforms, gaining competitive advantage; (5) The (1) Creation of brand communication strategies, data- Company aims to strengthen its presence in the driven marketing campaigns, and creative content; international market and to achieve 20% of its revenue (2) Production of personalized printing of transactional and from the overseas market; (6) With a D/E ratio:0.52x & direct mail, inbound services; Cash:£24.5MM (As on Dec 31, 2014), the Company is in (3) Deployment that involves the management of third a strong financial position to leverage any acquisition party supply chains together with the fulfillment and opportunities; (7) With an experienced management distribution of marketing collateral. team, Communisis has the ability to efficiently capture The Company offers services across a wide range of sectors future growth opportunities; (8) Improvement in the UK such as Financial Services, FMCG, Retail, Utilities, and & global economy is expected to boost marketing Telecommunications, with the majority of the contribution budgets in the coming years. Global digital marketing coming from the Financial Services (43% of the total budgets are expected to grow at a CAGR of 14% over revenue in FY2014). The Company provides services across 2012-2016E to reach $160.2B.iv 16 countries and has a strong client base, which includes Key Risks: Key risks include safeguard of private and numerous blue-chip companies. sensitive data, growth in paperless billing and payments FY2014: Revenue increased by 27% Y-o-Y to £343MM in by banks, integration risk related to acquisitions, high FY2014, owing to numerous acquisitions in the digital and client’s concentration, and economic slowdown. creative marketing divisions, contracts wins and business Valuation and Assumptions: On the basis of due expansion overseas. The overseas revenue grew by 36% Y- diligence and valuation estimates, Arrowhead believes o-Y to £66.5MM and contributes 19% to the total revenue. that Communisis’s fair share value lies in the £0.66 to While, the Company’s adjusted operating profit grew by £0.84 bracket using the Discounted Cash Flow (DCF) 21% to £16MM, its margin slightly dipped to 4.7% in valuation method.v Relative Valuation:£0.71. We assume FY2014 as compared to 4.9% in FY2013 due to increase in that the Company will be able to grow its revenue by transitional costs on major new contracts. The Company’s focusing on winning new contracts and by capitalizing on revenue excluding pass through revenue to third party changing market trends through strategic acquisitions. suppliers grew by 19.7% Y-o-Y to £232.4MM. Communisis plc – Arrowhead BID 1 LSE: CMS Due Diligence and Valuation Report See important disclosures on page 33 of this report Table of Contents 1. SUMMARY AND OUTLOOK .................................................................................................................................. 3 2. BUSINESS OVERVIEW........................................................................................................................................ 4 2.2 Business Model ............................................................................................................................................ 6 2.3 Products and Services ................................................................................................................................... 7 2.3 Solutions .................................................................................................................................................... 8 2.2 Segment Analysis ......................................................................................................................................... 9 2.6 Company Premiums .....................................................................................................................................10 2.7 Company Risks ..........................................................................................................................................11 2.8 Corporate Strategy ......................................................................................................................................12 2.9 Communisis’s Shareholding Pattern ...............................................................................................................13 2.10 Listing and Contact Details ..........................................................................................................................13 3. KEY VARIABLE ANALYSIS ............................................................................................................................... 14 3.1 Variable 1 – Design Segment Growth Rate ......................................................................................................14 3.2 Variable 2 – Produce Segment Growth Rate ....................................................................................................14 3.3 Variable 3 – Deploy Segment Growth Rate ......................................................................................................14 3.4 Variable 4 – Design Segment Contribution Margin ............................................................................................14 3.5 Variable 5 – Produce Segment Contribution Margin ..........................................................................................15 3.6 Variable 6 – Deploy Segment Contribution Margin ............................................................................................15 4. NEWS ............................................................................................................................................................. 16 5. MANAGEMENT AND GOVERNANCE ................................................................................................................... 17 6. TECHNOLOGIES AND MARKETS ........................................................................................................................ 19 6.1 Computer Integrated Manufacturing (CIM) in Printing ......................................................................................19 6.2 Integration of Print Production Workflows .......................................................................................................19 6.2.1 Digital Workflow ...............................................................................................................................19 6.2.2 Print Production Workflow ..................................................................................................................19 6.3 HP T-series Printing Technology .....................................................................................................................20 6.4 Digital Asset Management (DAM) ...................................................................................................................21 6.5 Big Data Analytics .......................................................................................................................................21 6.6 Multi-Channel Marketing Communication Services Industry ...............................................................................22 6.6.1 Industry Overview ............................................................................................................................22 6.6.2 Demand Drivers ...............................................................................................................................23
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