The Private Market Analysis of a Business

Dilard has cashflow from operations every year in the last 10 years, including during the pandemic. Dilard also seems to have a culture of buying back stock and more than $100 million a year. So if you take the price on the book, yourself 1.4 billion minus the 561 million of net debt, and you're looking at a tangible book value of 800 million versus the market cap of 660 million. If you put a multiple on that, right, you still get a price that's much higher than what he was paying.