Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

The Fresh Market: A GARP No-Brainer In A Fabulous Market

The Fresh Market (NASDAQ:TFM) IPO'd in November 2010 at a price around $32: sales were $974 million in 2010 and cash provided by operations was around $111 million. As of the press release yesterday, the shares trade at around $31.92 and the company has TTM sales of $1,574 million and TTM cash from operations is running at about $150 million.

The shares have taken a number of hits after peaking at around $57 a share in late 2012. The observations we will discuss below will outline the prospects for the company.

For our part, the whole thing is pretty simple. The company's results suggest that its model works. It has a very strong prospect for future growth....

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