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Printing Market Discussion for Primex Conference. Randal Rudniski, CFA 416-352-4588 randal.rudniski@csfb.com. Media Advertising Profile. Media Advertising Profile. Media Advertising Profile. Media Advertising Profile.
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Printing Market Discussion for Primex Conference Randal Rudniski, CFA 416-352-4588 randal.rudniski@csfb.com
Media Advertising Profile Supply Issues Have Created Opposite Impacts For Television and Printing Companies
CSFB Print Demand Projection Real Print Demand = 2.2 x (y/y Δ in Real GDP) – 0.7 x (y/y Δ in Input Costs) CSFB 2003 Real GDP Growth Forecast: 2.5% Scenarios: Paper price y/y Δ Real Print Demand 0% 5.5% 5% 2.0% 10% -1.5%
Summary Difficult environment remains ahead for 2003 Cyclical rather than structural issues predominate Consolidation imperative