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Currently trading at 23.9x FV/EBITDA, and 55.8x P/E consensus FY13 sell side estimates, The Tile Shop’s market valuation is egregiously rich before even considering the significant business issues discussed in this report. Moreover, the current consensus sell side financial estimates will become unreliable once consumers abandon The Tile Shop in droves due to very serious health and safety concerns about the company’s core tile products. Customs import data..

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