Comps are trading huge multiples.
1. Most of the franchisees are signed up for renos under franks plan.
2. Renos are earning 20+ percent SSS
3. Multiple new Baton Rouges opening.
4. Scores is stabilizing based on our checks.
5.
September 22, 2014
Imvescor Restaurant GroupAttn: Board of Directors774 Main Street, Suite 400Moncton, NB E1C 9Y3
Dear Board of Directors:
Crescendo Partners and its affiliates control very close to 10% of the outstanding stock and warrants of Imvescor Restaurant... login to read the rest
looks like no deal
http://www.newswire.ca/en/story/1407786/imvescor-restaurant-group-announces-completion-of-review-of-strategic-alternatives-and-appointment-of-frank-hennessey-as-president-and-chief-executive
I'm interested in hearing opinions regarding today's annoucement. It appears the market is over-reacting to today's news, considering nothing new has been announced in regards to the business/strategic alternatives process.
another plausible argument is that there were inbound leads/vultures trying to pick thi soff and the Company wanted to pre-empt an offer by running a process...much easier to say no to a deal when the
time value of money. thin stock. hard to get public multiple.
private market multiples are 10-12 ebitda.
Corp costs are 28 mm. waht are they to mty foods?
Alot of synergies at 10x-12x ebitda is real value.
biz did 4.75mm of EBITDA with corp stores costing them 300k and commensal only contributing 95k.
There should be little question at this point that the biz can comfortably earn 20mm of EBITDA.
Should check out the... login to read the rest
thanks for the responses
in my defense your honor, I don't have any numbers wrong, seeing as they are taken from the filings. And on the interest expense, I mentioned a trailing number, not the future... login to read the rest
Andreas-
Those legal and lease were only for the QUARTER. I think it is fair to review my schedule and pick which numbers you want to use in "normalized" FCF....
In previous years they had spent less
you have your numbers all wrong.
1.76 mm is interest expense going forward first of all...
Second of all. There were a number of one time charges/non cash charges affecting EBITDA. Please see attached schedule.
From G+A lease... login to read the rest
I was just tying to recomputed the numbers. Is this right?
*one way is to use adjusted net income, add da and subtract CapEx and intangible add (1.6m). From this, I get 6.6m or 6.6/133 or... login to read the rest
It is our understanding that the facility was purchased out of bankruptcy and upon some scuttlebutt the facility only occupies about 1/3 to 1/4 of the plot of land....
It is out suspicion the factory is... login to read the rest
10 mm of sales from Le Commensal (which according to articles have been growing at double digits)...+ any fillin from existing biz. Seems like this could be $2 MM EBITDA contributor or more over time...
for those who doubt valuation.... see attached below:
Q3 ($m)
Adjustments:
4.118
Adjusted EBITDA
0.37
Plus: lease exit costs to close 2 mikes
0.352
Plus: take over of franchised mikes
0.103
Plus: baton rouge corp rest loses
0.217
Plus: baton rouge lease exit costs to close store
0.4
Plus:... login to read the rest
I more or less agree with Andreas.
-stores have been underinvested in and a little TLC should go a long way...with franchisees and the sales. we are also comping of a very low base (late hockey... login to read the rest
Good point Adreas. If I were to invert my thesis, I would say that I am cautious about two things. First, the performance at Baton Rogue is concerning. Baton Rogue is becoming an important piece... login to read the rest
thanks for the nice idea. clearly there is a value gap here and a great business model. it seems to me the biggest unanswered question is the health of the underlying brands. it sort of... login to read the rest
Why is 10x EBITDA crazy or 5.00 a share? Perhaps 25 mm of EBITDA will take sometime (maybe not) but a higher multiple on 20 could also occur, no?
Boston Pizza and The Keg et.all trade... login to read the rest
Adjler is good at getting companies sold.
What do you think a private strategic buyer pays for htis?
How do you arrive at your ebitda? I am getting something closer to 17mm of LTM ebitda when you... login to read the rest
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