DLX – Market expectations are for declining Uniform ROA, but management is confident about their MOS business

• Deluxe Corporation (DLX:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 14.4x Uniform P/E, implying bearish expectations for the firm. However, management is confident about their MOS business
• Specifically, management is confident about the sustainability of growth in MOS revenues and margins, and in their ability to accelerate MOS growth going forward