LIQUOR STORES NA LTD 4.70 PCT DEBS T.LIQ.DB.B

RE:RE:RE:RE:RE:RE:I'm out at $7.90

[patenright111]

first off I said 1-2 years. 2nd it is about cashflow, you seem overly fixated on eps, business is valued on cashflow not eps. so , in 1-2 years time, company will not need 18M/year for expansion and remodelling, maybe 5M. company in 2015 generated 30M in cashflow ( 1.13/shr). this will be $1.33 in 2016 or 36M less 5M for capx ( remodel, ect) so that leaves 31M of FREE cashflow to either pay down debt or return to shareholders as a dividend. using 90% pay our ratio = 28M of dividends or $1 /share and using a 8% dividend yield ( company's historic yield) gives a stock price of $12.5 ( 1/.08)