Evermore Research
E7 Group
Identity expansion and the path to stronger cash returns
Initiation research
E7 is best known for printing, but its growing identity business is changing the shape of the group. Passports, national identity cards and tax stamps are becoming increasingly important, supported by long-standing government relationships and investment in new production capacity.
In our first research note on E7, we look at what that shift could mean for earnings and cash generation, and whether the current share price reflects the opportunity. We also explore what needs to go right—and the risks that could get in the way.
James Mickleboro · Evermore Research
14 pages · PDF
Intended for US readers only. General, impersonal investment research. Read the sources and research disclosure on page 14.
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