Mar. 20 at 7:50 PM
$RICK $13MM of FCF / Quarter =
$52MM / year assumming they don't grow at all.
$52MM of FCF on 7.7mm shares outstanding =
$6.75 of FCF per Share! At
$22 price per share that is 3.25x FCF or a 31% FCF Yield.
Plus, they will use at least 60% of future FCF to buyback more shares. 60% of
$52MM =
$31MM which would be another 1.4mm shares extinguished! That would mean
$52MM of FCF on 6.3mm shares outstanding or
$8.25 per share! That is 2.66x FCF or 38% FCF Yield.
If they allocate
$30MM of the RE proceeds to buy further shares we get another 1.36mm shares extinguished so we could be at ~5mm shares outstanding or OVER
$10 FCF / share which is 2x FCF or a 50% FCF Yield and this is all possible within the next 12 months.
This is crazy!
