News: Myer H1 profit drops 19.8% , page-5

how do you get $400 million cash flow?

Looking at the morgan stanley analyst estimate:
Operating cash flow for 2012 of $227million rising to $257million in 2016

Free cash flow of $164million for 2012 rising to $198million by 2016.

Remember Myer is a department store, it constantly needs to 'freshen' up its stores so there will always be periodic capital expenditure regardless of new store openings.

Market cap around $1.3billion.

Doesnt seem dirt cheap to me, given the structural environmental risk.

But then again nor does it seem expensive.

I am happy to sit on the sidelines and wait.