It is hard to assess the value of Ennis Inc. (EBF). The company does business in a slowly declining industry. They were founded in 1909 and are the largest provider of business forms and other printed business products in the U.S. based on management estimates. Approximately 95% of their sales are custom made orders tailored to their customer's specifications. Ennis markets its products mainly through distributors.
The stock has been trading between $10 a share to $20 for the past 10-years. The market has been willing to pay an average EV/Sales multiple of