Extremely good point. On a simple P/E multiple, this looks...

Extremely good point. On a simple P/E multiple, this looks reasonable. Then you start looking at EV/FCF and the story is a little different.

The question I have is should one include any cash spent on growing the business (in this case, inventory/store roll-outs) when calculating FCF? (i.e. Op CF - growth cash spent). Otherwise, management could simply maintain the business and an EV/FCF would show you better results.
I might also point out that if that's the case, VOC has a completely different valuation.