Buy SIG by Jun 20, 2025.

**some performance numbers:** **Q4 revenue:** $2.35B (-6% YoY), but beat guidance **Same-store sales:** \-1.1% (improved from -3.4% full year) **Adjusted gross margin:** 42.6% (-70 bps YoY) **Full year FCF:** $438M (88% conversion rate from adj. operating income) **FY26 guidance:** Comps -2.5% to +1.5%, EPS $7.31-$9.10 **bull case:** Trading at 3.8x EBITDA, 17% FCF yield, and 5.0x pre-tax earnings Repurchased \~$1B shares, reducing diluted count by \~20% $723M remaining in buyback authorization Strong balance sheet: $1.7B liquidity, $604M cash, no near-term …