Wednesday, August 23, 2023
Office Depot, Inc., together with its subsidiaries, supplies a range of office products and services. It offers merchandise, such as general office supplies, computer supplies, business machines and related supplies, and office furniture through its chain of office supply stores under the Office Depot, Foray, Ativa, Break Escapes, Worklife, and Christopher Lowell brand names. The company also provides graphic design, printing, reproduction, mailing, shipping, and other services through design, print, and ship centers. It has operations throughout North America, Europe, Asia, and Central America. The company also sells its products and services through direct mail catalogs, contract sales force, Internet sites, and retail stores, through a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances, and other arrangements. As of December 31, 2008, Office Depot operated 1,267 North American retail division office supply stores and 162 international division retail stores, as well as participated under licensing and merchandise arrangements in 98 stores. The company was founded in 1986 and is based in Boca Raton, Florida.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiation. We are initiating research coverage of The ODP Corporation with an Outperform rating and a $65 price target. Not your father’s Office Depot, ODP’s four business unit, low cost operating model will highlight each unit’s strength and value, in our view, while an aggressive share repurchase program returns excess capital to shareholders.
Two Established Cash Flowing Businesses. ODP Business Solutions, a leader in the B2B distribution business, and Office Depot, a leading omnichannel retailer of office supplies, form the foundation, with both businesses generating strong cash flows, with Business Solutions set up for long-term growth.
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