• 2014 was not a good year for our investment thesis in Cenveo, which depends on something of a virtuous cycle of operational improvements and deleverage to ensue.
• However, this is mostly due to one-off factors.
• Without a mishap, the coming years look to be better, especially if the company manages to engage in asset sales and/or cheaper refinancing, the chances for both seem reasonable to us.

Cenveo Still A Buy – Cenveo, Inc. (NYSE:CVO) | Seeking Alpha