PMP: the new duopolist

With an industry structure radically changed, higher margins are possible in the print business.

PMP has finally morphed into the business we always hoped it would be. In PMP: back from the brink in 2015, we argued that PMP was generating substantial free cash flows and that it could buy competitors to improve awful industry conditions.

Since then, PMP has indeed bought its largest competitor but, even better, another competitor, IVE Group, collected two peers itself.

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