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