1. LDVIC 28.44% vs S&P500 28.40% (diff. flat)

2. DISCLOSURE

3. Investor Psychology :
The best investment analyst is going to be right two out of three times (TEMPLETON)

4. FREE CASH FLOW

6. REVLON:
MCAP: $425 million
Share: $14.15 Net cash: ~$37 million
EV: ~$400 million

8. 1) What is Risk?

9. Free Cash Flow Margin

10. Insiders own the stock
3.5%
- But NOT buying

11. Share Repurchases
Two plans on-going; total of $27 million > 6% market cap.

13. International Growth Opportunity
Double to $60 million by 2020
~10% revenue boost

14. Fair Value:
-at least $20-$25 per share (~50% upside)