How InvestingPro’s Fair Value spotted 66% upside in Cimpress stock By Investing.com

CMPR is still in the part of the cycle where operating leverage matters more than headline revenue growth: buybacks, insider alignment, and incremental margin expansion can keep EPS compounding even if top-line growth stays mid-single digits. The market is likely still underappreciating how much repurchases can magnify per-share value creation for a company with durable cash generation and limited need for heavy capex.

The second-order winner is not just CMPR but its capital-allocation profile relative to slower-growing software/marketing peers that lack the same flexibility. If management sustains the repurchase pace, the stock can continue to rerate as the public float tightens and every incremental beat flows through to EPS and free cash flow yield; that dynamic tends to persist for multiple quarters, not days.

The main risk is that the current move has already validated the bullish thesis, so the easy multiple expansion may be behind it. From here, the setup becomes a question of whether fundamental compounding can outrun expectations; any slowdown in order volumes, evidence of weaker SMB demand, or a pause in buybacks would likely hit the stock harder than the market currently prices in.

Consensus may be missing that this is less a simple "undervalued stock" story and more a balance-sheet-supported re-rating story. That means the best upside usually comes when skepticism is still high and repurchases are absorbing supply; once the stock approaches prior highs, the forward return profile becomes more dependent on execution and less on mispricing correction.