Collective Brands (PSS
Nike Free Run Powerlines Ii Azul Verde Hombres Página Oficial Con 100% De Alta Calidad $12.50 on Sept. 2, 2010)
2012 Nike Free Run 2 impermeable gris púrpura Mujeres Regalo Para Usted o Su Familia was a Topeka Kansas company founded in 1956 with a
Nike Free Run Powerlines Ii Verde Negro Hombres Se Han Convertido En Foco En El Mundo strategy of selling low cost, high quality family footwear on a self service basis. It was bought by May
2014 Nike Free Run Gimnasio Negro fluoresceína Hombres Con El 100% De Garantía De Calidad y Envío Libre Department Stores in 1979, went public again in 1996, and in 2007 bought Stride
Nike Free Run 3.0 V7 ​​Rosa Blanco Mujeres Ha Sido Amplia Popular Durante Muchos Años Rite (a Mass.
Nike Free Run 4.0 2012 Azul Plata Mujeres Precio Bajo Shoe company started as Green Shoe
Nike Free Run 3.0 grises azules claros Mujeres Con Descuento Grande y El Envío Rápido in 1919). PSS is one of
Wmns Nike Free Run 3.0 V5 2014 Gris Naranja Mujeres Zapatos Corrientes De Venta the largest shoe retailers in North and South America, with 4,500 stores selling 140 million pairs of shoes and 40 million accessories
Nike Free Run 2 Gris Azul Mujeres Con Alta Calidad in
Nike Free Run 2 2012 Luz azul púrpura Mujeres Con El Envío Libre El 70% De Descuento 2009. Its wholesale division is PLG,
Nike Free Run Powerlines Ii Verde Blanco Hombres Excelente Calidad selling shoes to a range of stores in North America. Here how the company defines its strategy in its 10 K:

We seek
2012 Nike Free Run 3.0 V2 Blanco Gris Azul Mujeres 2015 Nueva Llegada Del Envío Libre to compete effectively by getting to market with differentiated, trend right merchandise before mass market
Nike Free Run 2 Negro Azul Mujeres Con Alta Calidad y Precio De Descuento Para Usted discounters and at the same time as department and specialty retailers but at a more compelling value.
Nike Free Run 4.0 2012 Rojo Plata Mujeres Outlet Tienda Online 2014 North American stores are company owned, stores in the Central and South American regions are operated as joint ventures, and Middle
2012 Nike Free Run 3 Naranja Gris Mujeres Con Precio Más Barato y De Calidad Superior East stores are franchised. Stores
Nike Free Run Powerlines Ii Negro Hombres Luna Se Han Convertido En Foco En El Mundo operate in a variety of real estate formats. Approximately a quarter of the company owned stores are mall
2012 Nike Free Run 2 2.0 Azul Naranja Mujeres Ahorre 61% De Descuento y Envío Gratis based while
Nike Free Run Trainer 3.0 Negro Hombres Nuestro Precio Es Muy Favorable the rest are located in strip centers, central business districts, and other real estate formats.
Nike Free Run 2014 gris rosa claro de la Mujer Venta At year end, each Payless ShoeSource store stocked on average approximately 6,700 pairs of footwear. We focus our marketing efforts primarily on
2013 Nike Free Run Powerlines Negro Rojo Hombres llegada Ayuda Para Alojarse En Estilo expressive moms and expressive self purchasing women ages
2012 Nike Free Run 2 Azul Negro Mujeres El Precio Bajo 16 49. These consumers use fashion as a means of expressing their personalities, but
2012 Nike Free Run 3.0 Luz Gris Verde Naranja Mujeres Buena Calidad y El Envío Rápido also place importance on low prices. They tend to have household incomes of less than $75,000 and make a disproportionately large
Nike Free Run 2 2012 Luz azul púrpura Mujeres Precio Más Bajo share of household footwear purchasing
Nike Run Balanza gratuito 2014 Gris Naranja Mujeres Con Precio Barato decisions.
2012 Nike Free Run Mujeres Plata 3.0 Verde azul Usted Encontrará Las Últimas Estilos We believe that over one third of these target consumers purchased at least one pair of footwear from our stores last year.

Key Stats:
Nike Free Run 2014 Vino Rojo Oscuro Blanco Mujeres 2015 Nueva Llegada Del Envío Libre here Cash flow generating healthy
Nike Free Run 3.0 V4 amarillas azules Mujeres Con El Envío Libre El 70% De Descuento retail company, selling the staple of shoes trades at cheap levels and is paying off
Nike Roshe Run 2014 mujeres rojas Ant-piel Precio Bajo debt. Fair Value
Nike Free Run Líneas del arco iris azul de los hombres Buena Calidad y El Envío Rápido range of shares between
2014 Nike Free Run Gimnasio Hombres blancos Sale Con La Variedad De Estilos y Colores $32 to
Nike Free Run Líneas del arco iris azul de los hombres Tenemos El Precio Bajo En Línea $40.

Health of the core
2012 Nike Free Run 2 Negro Rosa Mujeres Ahorre Un 80% business:
2012 Nike Free Run 3.0 Piel de café amarillas Mujeres Envío Libre Con Entrega Rápida Seems positive but needs further investigation by
Nike Free Run 2 Orange Yellow Mujeres Usted Puede Disfrutar Del Envío Rápido Gratuito talking to store managers (esp. in intl. locations). Most of the PPE seem to be in store fixtures, not the actual real estate which they tend to lease (financials are not fully clear about this). So the real value of the PPE is probably less than the book value. All their inventory is made
2012 Nike Free Run Tr Fit Azul Blanco Hombres Ahorra Hasta Un 50% De Descuento abroad (China, Vietnam,
Nike Free Run 2 2 etc.).
2012 Nike Free Run 2 Negro Rosa Mujeres Con El Envío Libre SG has held consistently
Nike Free Run 2 Gris Rosa Mujeres Ahorre 61% De Descuento y Envío Gratis around 29% 30% since 2006 not worried
Nike Free Run 10o Aniversary azul claro púrpura Mujeres Se Venden Con El Precio Bajo about that (recent gross margins at 35% are at the high end though not sure if this is cyclical or a positive trend). Turnover slowed because their assets went up (growth of
2012 Nike Free Run 3.0 V2 Blanco Gris Azul Mujeres Usted Puede Encontrar Las Últimas Estilo book value) but sales basically
Nike Free Run 4.0 Azul de cielo Mujeres Ahorre Un 80% stayed
2012 Nike Free Run 2 Negro Rosa Mujeres Liquidación Online Haz Clic Aquí Para 40-75% flat or slightly decreased (peak was
Nike Free Run 3.0 Plata Mujeres Purple Envío Libre y Vuelve Con Devolución De 30 Días $3440mn in 2009 and the TTM is $3320mn).

Nike Free Run Trainer 3.0 Negro Azul Hombres 2015 Nueva Llegada Del Envío Libre
Nike Free Run Powerlines Ii Men Negro Verde Para Mujer / Para Hombre De Envío Gratis Negative same
2014 Nike Free Run Gimnasio Hombres blancos Convertido En Una Parte Esencial De Moda store sales growth has slowed: This has flattened as of Q1 2010, going from 5% in Q1 2009
Nike Free Run Powerlines Ii Green Men El Precio Bajo (the worst) to 1% (total net
Wmns Nike Free Run 3.0 V5 2014 Orange Mujeres Usted Puede Encontrar Las Últimas Estilo sales were up 2%, as US sales fell by 4% but international sales were up by 18%). COGS were down
2012 Nike Free Run 2 Negro Blanco Mujeres Outlet Para Que Usted Elija. Comprar Ahora. and margins up. The
2012 Nike Free Run 2 Negro Púrpura Mujeres Con El Servicio Profesional Envío Gratuito biggest question is PSS relative competitive
Nike Free Run 4.0 V3 anti-piel 2014 mujeres rojas azules Venta Aquí Con Alta Calidad position compared to
2014 Nike Free Run Gimnasio Negro Azul Hombres Ahorre 61% De Descuento y Envío Gratis discounters like Wal Mart (NYSE:WMT), Target (NYSE:TGT), etc. (do people go to a special shoe store for cheap shoes, or are they happy
2012 Nike Free Run 2 Gris Azul Rosa Mujeres Con El Envío Gratis Para Todos Los Pedidos buying them on
Nike Run Balanza gratuito 2014 Negro Rosa Mujeres 2015 Nueva Llegada Del Envío Libre a discount store trip?). This isn a shoe
2013 Nike Free Run Powerlines Ejército reverdecido Hombres Versión Adecuado Para Usted business (like Nike (NYSE:NKE) or Asics),
2012 Nike Free Run 3.0 V2 Blanco Gris Verde Mujeres Venta Con 70% De Descuento but a shoe retail store business.

Earnings don matter much, cash does: The numbers are volatile. The margins and earnings are about par
Nike Free Run 2 azules amarillas Mujeres Liquidación De 2014. Obtenga 64% De Descuento with
Nike Free Run 3.0 V7 ​​Azul Negro Mujeres Garden Fresh Produce Hasta 50% De Descuento the comps, but this business is selling much more cheaply. After hitting
2012 Nike Free Run 3.0 púrpura Blanco Mujeres Venta Outlet Para Mujer Para Hombre 2015 a low in May 2009, cash balances are
2012 Nike Free Run Tr Fit Gris Verde Hombres Precio Más Bajo coming back up. More importantly, OCF and FCF are holding up quite well. Total current assets at $1050 is about equal to total liabilities and LT debt at $1150. The company has been paying off debt
Nike Run Balanza gratuito 2014 Gris Rosa Mujeres Para Barato Pero El Real steadily.

The business is cheap: Then you
2014 Nike Free Run Gimnasio Negro Rojo Hombres Deseo Usted Tiene Buenas Compras Del Tiempo Aquí have the net book value
Nike Free Run Powerlines Ii Marrón Verde Hombres Tenemos El Precio Bajo En Línea
Nike Free Run 2 Gris Azul Mujeres Hombres y Mujeres of PPE
Wmns Nike Free Run 3.0 V5 2014 Verde Mujeres Precio Más Bajo at $450mn, along with an OCF of $310mn and FCF of $210m.
Wmns Nike Free Run 3.0 V5 2014 Azul Mujeres Sale Con La Variedad De Estilos y Colores This
Nike Free Run 4.0 Mujeres Negro Rosa Anti-pieles Excelente Calidad is for
Nike Free Run Powerlines Ii Green Men 2014 Nuevo Estilo a current equity market cap of $914mn (as of Sept. 10, 2010).

So basically,
Nike Free Run 2 Negro Azul Mujeres Hombres y Mujeres for $914 450= $464mn in equity invested, you getting $210mn
Nike Free Run 3.0 V7 ​​shinne azules mujeres negras Hombres y Mujeres of
2014 Nike Free Run Gimnasio Blanco Azul Hombres Ahorre 61% De Descuento y Envío Gratis FCF a year.
Nike Free Run Powerlines Ii Azul Plata Hombres Con Alta Calidad y Entrega Rápida
Nike Free Run Powerlines Ii Negro Rojo Hombres Página Oficial Con 100% De Alta Calidad A pretty decent
Nike Run Balanza gratuito 2014 Verde Mujeres Orange Para Baratos Pero Real Para Hombre return
2012 Nike Free Run 3.0 Piel Gris Blanco Mujeres Con El Envío Libre El 70% De Descuento of 45%. Even at the
Nike Free Run 3.0 2012 Verde Plata Mujeres Guardar Off50% -70% full $914mn,
2014 Nike Free Run Gimnasio Blanco Negro Hombres Con Alta Calidad you getting
2014 Nike Free Run Gimnasio Negro Verde Hombres Usted Encontrará Las Últimas Estilos 23%.

Current CEO is a Cole Hahn and JCrew (JCG) vet he knows branding.

Nike Free Run 2 azules amarillas Mujeres Siempre Se Puede Encontrar Fuera Su Favorita
Nike Run Balanza libre 2014 mujeres del ciruelo rojo Con Descuento Grande Recent
Nike Free Run Powerlines arco iris púrpura Hombres Excelente Calidad big strategic investor is Blum Capital
Nike Run Balanza gratuito 2014 Mujeres Negro Rosa Para Baratos Pero Real Para Hombre in
Nike Free Run Powerlines Ii Azul Negro Hombres Sólo Compras En Nuestra Tienda De Ahora SF, whose MO is
2012 Nike Free Run 3.0 Negro de plata de la Mujer Excelente Calidad to take a large stake for 3 5 years and then work on building value over that period. Sales uncertainty: The biggest question is whether international sales growth
2014 Nike Free Run Gimnasio Negro fluoresceína Hombres Envío Gratis Para Todo El Mundo can keep strong
2012 Nike Free Run 3.0 Gris Rosa Mujeres 100% De Garantía De Calidad y El Envío Libre and domestic sales decline can be stemmed. moms and young women who want cheap
2014 Nike Free Run Gimnasio Negro fluoresceína Hombres Usted Puede Ahorrar Mucho Aquí but fashionable shoes for themselves and their kids). People still
Nike Free Run Powerlines Ii Green Men Usted Puede Disfrutar Del Envío Rápido Gratuito have to buy
Nike Free Run 10o Aniversary azul claro púrpura Mujeres Para Baratos Pero Real Zapatos cheap shoes in a
Nike Free Run 3.0 V4 Gris Azul Mujeres Envío Libre y Vuelve Con Devolución De 30 Días recession (millions of
Nike Run Balanza gratuito 2014 Mujeres Gris Rosa Comercio Al Por Mayor Tienda Online working class people go to PSS stores). Still some
2012 Nike Free Run Tr Fit Azul Blanco Hombres Con Descuento Grande y El Envío Rápido uncertainty about this large topline risk.

2014 Nike Free Run Gimnasio Negro Rojo Hombres Con El Envío Libre El 70% De Descuento Some valuation
Nike Free Run 2014 Vino Rojo Oscuro Blanco Mujeres Comercio Al Por Mayor Tienda Online risk, maybe not enough of an
Nike Free Run 3 de plata Mujeres Orange Con Alta Calidad asymmetric bet: Tangible book value is close to 0 (does BV matter anymore?), they’ve
2012 Nike Free Run 3.0 V2 Gris Naranja Mujeres Outlet Store Clearance Sale Online 2014 been experiencing negative same
Nike Free Run OG 2014 mujeres rojas de piel Anti- Usted Encontrará Las Últimas Estilos store sales growth over the last 3 years, margins stink (and have stunk for the last 4 years). So, all you’re getting is
Nike Free Run Powerlines Ii Verde Negro Hombres Factory Outlet Tienda Online Ahorre Hasta Un 60% current earnings. This
2012 Nike Free Run Tr Fit gris azul de los hombres Se Openning Para Usted En Nuestra Tienda Online quarter earnings are
Nike Free Run 2 Pinke Blanco Mujeres Con Alta Calidad y Precio De Descuento Para Usted $0.83 per share,
Nike Run Balanza libre 2014 mujeres del ciruelo rojo Para Barato Zapatos Para Hombre and last year they were $0.59 so
Nike Free Run 3 grises amarillentas Mujeres Convertido En Una Parte Esencial De Moda let’s go with the more conservative number. Simply annualizing that and applying
Nike Free Run 4.0 2012 Azul Verde Mujeres Guardar Off50% -70% a P/E of 6 (treating this as a utility with no
2013 Nike Free Run Líneas Azul Hombres Con Precio Más Barato y De Calidad Superior
Nike Free Run Powerlines Rainbow Negro Hombres Ahorre 61% De Descuento y Envío Gratis growth prospects), we get a fair stock price in the area of $14.16. If they get a couple of good quarters and people get optimistic, I could
Nike Free Run Trainer 3.0 Negro Hombres Ahorre Un 80% easily see
Nike Free Run 3.0 grises azules claros Mujeres Sólo Compras En Nuestra Tienda De Ahora investors applying a P/E
Nike Free Run 3.0 V3 2012 mujeres negras 100% De Garantía De Calidad y El Envío Libre of 12 with earnings of $.90 which would produce a stock price of $43.20. So, potentially plenty of upside, but the true economics are not attractive. I wouldn’t consider this a value
Nike Free Run 3.0 V5 Ext ciruelo mujeres rojas Precio Más Bajo investment unless I could it buy it for

Company’s cost structure
Nike Free Run 3.0 V2 2012 Mujeres Blanco Gris Outlet Store Clearance Sale Online 2014 is bad: It has high fixed costs and low margins.
Nike Free Run OG 2014 mujeres rojas de piel Anti- Para Hombres Baratos Running Zapatos It
2013 Nike Free Run Líneas Azul Hombres Envío Libre y Vuelve Con Devolución De 30 Días may take little to send them on to a road of bankruptcy,
2013 Nike Free Run Líneas Azul Hombres Envío Libre y Vuelve Con Devolución De 30 Días despite a strong
Nike Free Run 2 Pinke Blanco Mujeres Se Openning Para Usted En Nuestra Tienda Online cash
Nike Free Run 3.0 V3 2012 mujeres rojas Liquidación De 2014. Obtenga 85% De Descuento position (a risk for all companies with such debt levels, though PSS is paying off its debt fairly quickly and the
Nike Free Run 3.0 V5 Ext Todos Orange Mujeres Outlet Store Clearance Sale Online 2014 maturity wall doesn seem to be a problem). We anticipate a high change (60 70%)
2014 Nike Free Run Gimnasio Negro Verde Hombres Usted Encontrará Las Últimas Estilos of a general
2012 Nike Free Run 2 2.0 Azul Naranja Mujeres Con Descuento Grande y El Envío Rápido US stock market sell off, making the business even cheaper (a 40% FCF
2014 Nike Free Run Gimnasio Negro Rojo Hombres Running Zapatos For Cheap Pero El Real return on market value would be perfect).

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