Annual free cashflow (operating free cashflow, less net interest & taxes) has only averaged GBP 16.8 mio in the same period, which
puts GNC on a current 24.3 times FCF multiple!?
FY - 2013 FCF amounted to a mere GBP 31.6 M (and 2012 FCF of 42 M wasn't much better in absolute terms)-- that
puts GNC now trading on 33.6 times FCF, vs. the 6.4 FCF multiple implied by my target price.
Not exact matches
They are scientific and methodical every moment they are at work but something magical seems to happen when they walk thru those doors at
GNC or other supplement store, its like they are
put under a spell - the
GNC gullibility spell.
Particularly as I don't have great respect for management (except if you compare them say to Greencore (
GNC: ID) management... whose shareholders may finally be
put out of their misery with a potential bid, rumoured to be coming from Dubilier Clayton & Rice).