RE:RE:RE:RE:My two cents I've looked at the cash flow per store for all of the fiscal years 2009-2020. The median was the 2018 fiscal year cash per "average store" of $83.9k and 2013 fiscal year $87.38k
Add them up and divide by 2 gives me an average of $85.64k. We know the cost of living has increased and todays cash flow per store should be higher than the past. My calculation does not take into account maintenance capex but it does remove lease liabilities from my fiscal 2020 computation. For average store, I took the mean of the current and prior fiscal years store count.
A few things to keep in mind. The company has removed the less profitable companies with the restructuring and this gives me confidence the current cash flow per store will be higher than the median. Nonetheless, I Like to keep it simple.
If we use a conservative number such as $85.64k cash per store multiplied by 410 stores (estimated fiscal 2024) then I get a cash flow of $35,112.4K. If we estimate $10-12k for maintenance capex, then a normalized free cash flow should be at least $23-25m.
A 15-20 times multiple on that number and we get a reasonable, albeit conservative, value of anywhere between $7 and $10.