justfoolin - agree with your thoughts. My math works out lik this, start $156mn in estimated net income. Add in $36mn in interest expense from tender, tax effected becomes $22mn impact to net income. Pro Forma net income of $134mn on new share base of 22.5mn shares gives me a new estimate of $5.95 in EPS for this year. With small maintence cap-x needs, cash flow is very strong, should be able to pay down debt from dutch auction in about 3 years. With minimal same store growth and the stores added over that time period, the company should be earning almost $8. And it will once again be an unleveraged cash flow machine. You should check out www.ValueInvestorsClub.com as another source for value stock ideas.
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