PMP: Back from the brink

After a decade facing a financial abyss, PMP is on a surer footing – and its share price has risen sharply. Gaurav Sodhi assesses whether any value remains.

PMP’s revenues have declined for a decade; profit margins have been negative for five of the past six years and its industry is widely acknowledged to be structurally impaired. Yet over the past three years, its share price has risen 260%.

While PMP’s stock has soared over a three-year period, it has been pummeled for more than 20 and today it is worth 80% less than it was in 1995. Few businesses could boast a worse performance without going bust.

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