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View Howie Man's Comments
The Brick Offers A Unique Deep Value Opportunity
The Brick reported a strong quarter earlier today with 17% EBITDA growth and 1.3% comps sales increase with over 1% EBITDA margin expansion. Still trading in the below 5x EBITDA with a mid-20s FCF yield despite the performance and following catalysts:
-Announced plan to repurchase high cost 12% notes w $175M in excess cash
-Adding 10-11 franchise stores and likely new corporate stores in 2012
-Repurchase program for 5% of shares out, only 10% complete so far
-HSBC credit card program expansion to capture $50M-80M in additional sales in 2012
-Former CEO of Walmart Canada taking over CEO role Jan 1 (been COO since Feb 2010)
-New IT/ distribution platform to reduce SG&A and potentially increase op margins by 1-1.5%
Nov 10, 2011. 02:42 PM
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