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To: patron_anejo_por_favor who wrote (131713)	10/29/2001 6:56:18 PM
From: reaper	Read Replies (1) \| Respond to of 436258

Patron -- AZO not such a bad business reliable cash generator, and throws off pretty decent free cash the company pretty reliably buys back stock w/ its cash flow; has actually bought back 'excess' stock recently, taking on incremental debt to buy more stock than free cash generation. so watch out as you short and the company shrinks the share base against you. even though AZO OK business, multiple is crazy high for a high-single digit revenue grower. paying almost 20x forward for AZO when you can get equivalent revenue and ft^2 growth, better store economics, less balance sheet leverage and a dividend w/ Pier 1 for 10x. but AZO has pretty chart <g> that said, AZO not nearly as good a liquidity risk as other retailers we have discussed in the past, like LIN, GLYN, CPKI & BUCA. cheers disclosure: no position AZO (though once long and profitable in a prior life, when the stock was sub-8x cash flow); long PIR