EBF - Ennis Inc. Update: Higher Price Better Value

Introduction

This earlier Seeking Alpha article looked at Ennis Inc. (EBF) after the divestment of its Alstyle Apparel Segment which had been acquired by Ennis to diversify its revenue beyond the declining printed forms business. At its peak, Alstyle contributed half of total revenue and gross profit but the segment underperformed and was sold in 2016. Our previous article concluded that shares at the then current price of about $18.75 were very attractive for long term investors seeking dividend weighted total return. As will be discussed, despite the ensuing run-up in share price,

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