Gee folks, a retailer (with a large discretionary element to it is sales) that has grown by debt-fueled acquisitions, which has left it reasonably heavily geared, with Net Debt-to-EBITDA of ~2.5x and Fixed Charge Cover Ratio of 1.6x, in relation to almost $350m in lease liabilities.
Not the sort of investment proposition that I'd think warrants anything other than a discount-to-market valuation multiple.
GXL investment thesis, page-20
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