Remains Dirt CheapWhat are people so worried about? YTD CFO before WC adjustments is ~$57m, lease payments and CapEx total ~$37m. YTD normalized FCF AFTER leases is ~$20m. 4Q could be a cash burning quarter due to holiday promotions... we will see... but if we ended the year at $20m, I think it'd be a great year given valuation.
$20m normalized FCF YTD (including leases). No need to include leases as EV as lease payments are considered in cash flow so EV is practically $10m? EV (excluding leases) should be a minimum of $100m (or 5x FCF), this implies a double in stock price.
They also have real estate that I believe is valued at ~$150m. I'm not a local in Canada so I don't know how macro is shaping up relative to US, but things would have to get catostrophic to warrant current share price IMO.