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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?

 

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