Pandemic Update

STRATEGY HIGHLIGHTS and a TRADE ALERT

  • Management has been treading water while doing everything they can to try to develop investor interest for the past few years
  • The company has produced strong cash flows but needs a catalyst to move itself out of a distressed valuation
  • Cash flows have been primarily used to finance a highly generous share buyback plan and dividend payout policy
  • As of right now (March 19th, 2020) BIG is trading at 5x-5.5x our 2020 FCF estimate
  • On a TTM basis BIG offers a 49% Earnings Yield, an EV/EBITDA of 4.2x, and a total payout of 18.95% (buyback + dividend)

“No country in the world has the ability to mobilize for war as quickly as the US”

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Emerging Manager

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NWTM Management

NWTM Management

Emerging Manager

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