A convenience store operator in the southeastern United States. The company's stores market a broad selection of merchandise, gasoline and ancillary products and services designed to appeal to the convenience needs of their customers.
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It's my opinion that at $20, this issue was overpriced. I suppose my opinion was justified by the recent earnings miss and stock price correction. At $10 a share, it is starting to look much more attractive. Earnings for 2012 are estimated at $0.87 a share, or a forward P/E of about 12 at its current price. Book is also around 0.80. Cash flows look pretty good, and their anticipated growth for 2012 and beyond seems strong. I just wish they would stop buying businesses and focus on continuing to improve cash flows. A dividend for shareholders would also be quite nice. Willing to take a shot at $10 after a 50% haircut from its highs. I plan to keep a close eye on free cash flows and future M&A activity. I am hoping they spend more time strengthening their balance sheet than looking for new acquisition targets, but I am not holding my breath.