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VFC throws off a pretty good free cash yield. That doesn't mean the company's going to grow it's revenue at a great pace; and there's only so many brands they can afford to purchase before it starts getting ridiculous and cannabalizes their existing brands.
But, they can use that cash to buy back shares, which adds the bonus of increasing earnings per share; and assuming a stable p/e, boosts the stock price. How much is an interesting question. At the present quotation, if they used their entire cash flow (after capital expenditures and dividend payments) to just repurchase shares, they could buy back about 10% of all shares outstanding.

A rather interesting thought for you is that after about 10 years (assuming the stock price doesn't change), they could buy back all their outstanding shares and just take the company private. Not only savings a tremendous amount of money in dividend payments but losing all the regulatory costs involved with being a publicly-traded company.
Probably won't happen, but it's a point to ponder anyway.
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