"Whilst i agree with your sentiments to an extent almost half of that cash flow is from FY15A which some may deem no longer reflective of the current operatig performance of the business."
Not sure what you mean by "almost half of that cash flow is from FY2015A".
All $70m of it is from FY2015A... which is the way the table has been presented.
"Given the recent trading update one suspects free cash flow for FY19 may be around the $12m mark for FY19 which puts it on a multiple of 6-7 times... which still appears cheaper than i was expecting it to be when i commenced writing this post"
Not sure how you arrived at your figure of 6-7 times.
$60m of market cap is equivalent to 5 times $12m FCF.
Incidentally, in the scenario of a private equity buyout, and the ensuing closure of loss-making stores, there would be inventory liquidation which, even if it occurred at cost, would still result in a one-off boost to FCF, of the order of magnitude of at least $5m , I estimate.(For context, total inventory group-wide held @30 June 2018 was $106m.)
TRS Price at posting:
$2.10 Sentiment: None Disclosure: Not Held
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