DLX - Deluxe Continues To Struggle In Its Transformation

• On the surface, Deluxe looks like it could be an interesting company, with a vertically integrated set of offerings and decent cash flow generation.
• Furthermore, they were well endowed with checks to finance a transformation.
• However, their investments into new businesses are struggling to generate strong returns, and the management story remains substantially unchanged.
• With too many competing services for digital marketing and insufficient mitigants of declines in legacy markets, Deluxe does not look exciting at current prices.

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