Barnes & Noble Education Inc BNED
August 11, 2015 - 10:21am EST by
member
| 2015 | 2016 | ||||||
| Price: | 12.50 | EPS | 0 | 0 | |||
| Shares Out. (in M): | 48 | P/E | 0 | 0 | |||
| Market Cap (in $M): | 603 | P/FCF | 0 | 0 | |||
| Net Debt (in $M): | -95 | EBIT | 0 | 0 | |||
| TEV (in $M): | 507 | TEV/EBIT | 0 | 0 | |||
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| # | AUTHOR DATE SUBJECT |
|---|---|
| 46 | |
Yes, I'm curious too. Anyone have any ideas as to why Riggio would sell for cash his privately-held wholesale textbook business for a little over 3x EBITDA? Maybe he's dabbling into charity now? | |
| 45 | |
This seems to be transformative in some regards and the market's applause earlier has been completely reversed. Curious to get your thoughts. This management team seems to lack any credibility and having spoken with them... login to read the rest | |
| 42 | |
I thought the results are largely encouraging. Below are my notes
1. The cash burn with Yuzu is expected to half to around USD13-15m
2. BNED mgmt have been focusing on improving comparable sales through price match program... login to read the rest | |
| 41 | |
Yuzu - the app - is still running. But they have shut down the Yuzu office in Washington & California. Instead they outsourced the development to VitalSource. As a result they expect to spend USD 13m... login to read the rest | |
| 40 | |
skierholic, how do you view the valuation here, accounting for all of those changes? | |
| 39 | |
sorry, when did they shut down yuzu? | |
| 38 | |
Just wanted to do a quick summary of the progress on this stock so far as a way to elicit some thoughts into this company...
Announced and conducted share buybacks
Closed down Yuzu and resorted to a... login to read the rest | |
| 36 | |
I share your thoughts. They are doing the right things and making appropriate long term investments. The selloff is an overreaction. | |
| 35 | |
Any thoughts on the latest quarter? I thought it was a mixed quarter release with positives that they are cutting back on Yuzu (USD 13m reduction in costs) and negatives with continued problem with enrollment... login to read the rest | |
| 33 | |
SQ
I agree. This was the intent of my question back on comments #25+29. This is cheap if and only if they turn it into a cash machine. I do believe they can turn it into... login to read the rest | |
| 32 | |
My understanding is that Cap X is related mostly to remodeling activities and that will continue at a high level. Yuzu isnt going down for a few years. If management is unwilling to fix the... login to read the rest | |
| 31 | |
BNED announced a $50 million buyback this morning. Step in the right direction.
Barnes & Noble Education, Inc. Announces Adoption of Stock Repurchase Program
BASKING RIDGE, N.J.--(BUSINESS WIRE)-- Barnes & Noble Education, Inc. (NYSE:BNED) today announced that... login to read the rest | |
| 30 | |
BNED's balance sheet is incredibly inefficient. The credit facility can finance the entire seasonal working capital needs of the business, so the on balance sheet cash at the end of the seasonal peak in this... login to read the rest | |
| 29 | |
LD and jcoviedo,
I have been re-visiting in light of beatdown.
No doubt cannot drive TEV off Q2 balance sheet due to the working capital dynamics. However, it probably is wrong to go all the way the... login to read the rest | |
| 28 | |
I’m writing this on the road…so apologies in advance I haven’t fully updated my BNED & and BNED models. But here is my quick take post earnings…
Thoughts on the Quarter
Yes – I absolutely, 100% believe... login to read the rest | |
| 26 | |
Any thoughts on the quarter? Down 26% seems like a massive over reaction for a company sitting on $4.41/share in net cash, but would be interested in getting your thoughts.
Thanks | |
| 25 | |
How much flexibility does mgmt have here to reduce CapEx if things start to go south? Can they pull an Eddie Lampert and slash capex? After all, if things are going south, they may not... login to read the rest | |
| 24 | |
OsoNegro, thanks for the interesting idea. Wonder if you can discuss if management is "owner-oriented" and the incentives that should keep insiders appropriately aligned. Thanks in advance. | |
| 23 | |
Thanks for the thoughtful post and messages.
What do you think is the right price for this business? Similarly, what do you think cash flow growth for this business is?
You have made a nice case for... login to read the rest | |
| 22 | |
Hi Siren. 1) There are indeed some schools who chose to outsource, ended up being unhappy with how BNED or Follett was running the store, and the school decided to take back control. These situations... login to read the rest | |
| 21 | |
Hi mrmgr
1-FWIW, I have not heard that comment that ROIC on new contracts is bad, so I can’t prove or disprove that point. What I can say is that I do not believe the economics... login to read the rest | |
| 19 | |
BNED has made it very clear they believe they are in growth mode. Let me say that I don’t have a particularly unique view on capital allocation outside of the company’s public statements, TV interviews,... login to read the rest | |
| 18 | |
(Apologies in advance if any of my points are duplicative to what others have said)
The “shift” to digital textbooks has been the revolution that never ended up happening. I would rank it very low on... login to read the rest | |
| 17 | |
http://www.sec.gov/Archives/edgar/data/1634117/000114036115031742/xslF345X03/doc1.xml
Just wanted to bring to everyone’s attention the recent SEC alert that hit my inbox last night, that Abrams Capital (a long-time holder of BKS pre-spin), has been adding to their BNED position in the... login to read the rest | |
| 16 | |
Interesting stuff Deerwood, I don't own this one yet though interesting. You make a good point about eye strain - I wonder if the advent of Ultra HD screens on tablets and laptops will change... login to read the rest | |
| 14 | |
Everybody forgets that digital books have been available for a long time now. Publishers do not sell directly to consumers. BNED will have a seat at the table via its development of not just a... login to read the rest | |
| 9 | |
So the college gives a student money and then gets some of it back because of their bookstore derived income... why can’t the college just give less money for a student to purchase a digital... login to read the rest | |
| 8 | |
70 percent of college students receive financial aid.....these dollars are only usable in the college's own bookstore (since the college derives income form the bookstore sales) and can not be used to purchase books digital | |
| 7 | |
Both of you are missing something critical here. The market is transitioning from a sale to a rental business. Even though top line will fall, margins will improve along with profits. BNED will have a... login to read the rest | |
| 6 | |
BlueViper you hit the nail on the head with the key threat to this business. I'm hesitant to use too high a terminal multiple here. | |