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Over the years, Jim Cramer has argued that RR Donnelley & Sons was worth less than the sum of its parts. So when it announced it would split into three separate companies, he was elated.
However, at its current levels, he isn't so sure that the stocks are worth owning anymore.
"Until we know more, I can't get too enthusiastic … That might sound very odd, because for more than a year I recommended the old RR Donnelley as a breakup play with a juicy dividend," the "Mad Money" host said.
LSC Communications represents the company's printing business as a global leader in cost-effective print related services that include digital printing and office products. It is a slow-growth business, but has tremendous scale amid a printing industry that has been consolidating.
Cramer's concerns for LSC is that while it does have some things going for it, LSC is forecasting flat-to-negative 3 percent organic growth in the medium term. In order for it to grow now, it must do acquisitions, Cramer said.
"Part of me wants to say that LSC Communications is the part of RR Donnelley that RR Donnelley didn't want because it is in a secular decline, but Tom Quinlan, the CEO of the combined company, decided to stick with this part of the business, so obviously he thinks it's got potential," Cramer said.
Donnelley Financial Solutions primarily serves capital markets and money management clients to help them create and manage financial communications. Increasingly, it has provided data analytics services, which is more of a growth business.
Things like initial public offering (IPO) documents, proxy statements, shareholder reports and regulatory filings are all handled with Donnelley Financial.
Cramer was more positive on this segment of the business, because he considered this a play on the health of the stock market.
"If you believe the market is headed higher long-term, I can certainly see owning this one," Cramer said.
RR Donnelley is the third business, which is a multi-channel communications management company focused to help clients create, manage and execute on communications strategies. It has the strongest growth of all three, and while it has most of the old RR Donnelley's debt of $2.2 billion, Cramer found this to be the most attractive piece of the company.
The old RR Donnelley play was attractive to Cramer because it had a large dividend. Since the breakup, there has not been as much information about the kind of dividends investors are likely to get from the three new components.
"While there is definite value here — something not seen by the stock market — without some analyst coverage and more information, it is tough to pound the table, but I urge patience becuase I think the parts could be worth more than they currently sell for," Cramer said.