ValueSlant 0 Posted July 13, 2011 Share Posted July 13, 2011 Intro to write up: CPI Corp. (CPY) operates over 3,000 portrait photography studios, mainly in Wal-Mart, Sears, and Kids R’ Us stores. The industry appears to be in secular decline and CPY has made some questionable operating decisions, but the business model is fundamentally attractive. CPY enjoys a clear market leading position and has employed admirable capital allocation in the last several years. I think it is worth a closer look. Rest is here: http://valueslant.com/2011/07/13/cpi-corp-cpy-portrait-of-opportunity/ I think it is tempting, but not a buy right now because no idea about rate of revenue decline going forward. Any thoughts? Quote Link to post Share on other sites
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