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MIK - Michaels Companies: Still Cheap - And Still Risky
The Michaels Companies Inc.
It's easy to make the fundamental case for craft retailer Michaels Stores (MIK). MIK trades at 4.8x the midpoint of FY19 (ending January 2020) EPS guidance. Capex guidance and recent D&A suggests P/FCF multiples are in the same ballpark. Michaels does have a heavily leveraged balance sheet by retail standards, with a net leverage ratio right around 3x (and another $2 billion-plus in operating lease commitments). But comps still are positive, and the enormous amount of free cash flow being generated allows the company to either deleverage and/or buy back more shares, both