DSK SP $3 - what would it take?, page-21

I'm not sure how they arrive at those figures. They may have a different way of calculating things. They may be including the income tax receivable.

My calculation for free cash flow is:

net cash from operations = 25,400
less cash used in investing - 3,532
less rent payments - 15,932

gives FCF = 5,936

now, you can add some of the money spent on PPE back, because some of it was spent on growth capex.
I go with 50%.

FCF = 5,936
plus + 1,828
gives FCF of = 7,764

$7,764,000 divided by 62,580,964 shares gives 12.4 cents of free cash flow per share. (19.1 cents with tax receivable included)

By any measure I think dusk is cheap and I have a decent chunk myself. Im just not sure how they get 35 cents of FCF.