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20	member 12/06/16 7:38PM 3Q update
I got back involved here as the stock sold-off into the fall, so I'll post a quick update.. 3Q came in well above Street on every metricSSS +5.9%, and the +15% 2yr stack was an acceleration... login to read the rest view available tags
19	member 7/11/16 7:16PM Re: Author Exit Recommendation 18
Wonderfully done great call. 2 view available tags
17	member 6/07/16 6:21PM 1Q: another beat and raise
Yet another beat&raise quarter, with 2yr stacked SSS of +13.5% and 220bps of y/o/y store margin expansion. FY EBITDA guidance moves up +4% and FY EPS guidance moves up +8%. Store growth story continues to chug along... login to read the rest view available tags
16	member 4/11/16 9:51AM Re: Re: Re: Questions on business fundamentals 15
1) In a hypothetical world where mgmt had just sat on its hands for the past five years, I'm guessing the SSS would still be in the low SD%. However, I don't think it's appropriate... login to read the rest -1 view available tags
15	member 4/09/16 7:45PM Re: Re: Questions on business fundamentals 14
Very helpful - thanks very much for these answers. A few follow-ups: 1) Can you quantify the contribution of the remodels/D&B Sports refreshes to SSS over 2014-15? Have you done any survey work or other research to confirm... login to read the rest -1 view available tags
14	member 4/08/16 6:37PM Re: Questions on business fundamentals 13
Thanks latticework- glad this message board has finally ceased to be a monologue! 1) I believe the acceleration in growth of 2014-15 has been driven by a very well executed investment in revitalizing and expanding the... login to read the rest 2 view available tags
13	member 4/08/16 5:19PM Questions on business fundamentals 12
JSTC - thanks for the write-up. This has been a home-run idea thus far. A few questions: 1) How much do you think remodels and D&B Sports design refreshes have contributed to SSS growth over the... login to read the rest 2 view available tags
12	member 3/30/16 10:04AM 4Q update / refreshed comps
4Q was another beat-and-raise quarter with SSS +6% (+7.1% excluding the neg impact of superstorm Jonas), reflecting a +16.5% 2yr stack. EBITDA grew +29% y/o/y, with 4-wall margins expanding +330bps. The FY'16 guide came in ahead of... login to read the rest view available tags
11	member 1/16/16 3:26PM Hedgeye
The stock has underperformed restaurant peers by 10-15% YTD, as Hedgeye widely advertised its 'Best Ideas' short pitch on the name, which they published Friday. The pitch lacked substance and was primarily macro focused: Big Box... login to read the rest view available tags
10	member 12/09/15 6:46PM 3Q update: another beat and raise
PLAY keeps getting cheaper, as earnings beat yet the stock moves sideways.. The business continues to outperform on every metric, with the 2yr SSS stack accelerating to +17.5% despite a 110bps negative headwind from the Halloween calendar shift.... login to read the rest view available tags
9	member 10/01/15 3:31PM Update- still firing on all cylinders
Last month, PLAY reported its 2Q, which was another beat-and-raise quarter. Remarkably, the two-year stack for SSS growth accelerated to +16.2%. This business is firing on all cylinders, with broad-based strength across all day-parts/categories/geographies. Mgmt... login to read the rest view available tags
8	member 5/26/15 2:20PM 1Q Preannounce: SSS +10%
Another outstanding quarter preannounced with SSS of +9.9% (vs Street's +6%), marking an acceleration of the SSS 2-year stack to +14.6% from +11% in 3Q and 4Q. Revenue and earnings came in above Street, as Adj... login to read the rest view available tags
7	member 4/08/15 11:34AM 4Q update
D&B preannounced 4Q est results in Feb. Actual 4Q results reported yesterday came in above the preannounced estimates, with SSS of +10.5%. Mgmt indicated 1Q-to-date SSS are up over 6% and guided to full-year SSS of... login to read the rest view available tags
6	member 2/05/15 5:07PM SSS accelerate to >10% / overhang removed / still cheap
PLAY preannounced a stand-out 4Q, beating on all metrics, with SSS further accelerating to 10.1% (~1.5% weather driven). That brings the FY SSS growth to +7.2%. Street’s numbers move up for 2015/16 on the consistent outperformance... login to read the rest view available tags
5	member 1/07/15 4:28PM Re: Still cheap 3
Casual dining peers continue to see multiple expansion, preserving PLAY's meaningful relative valuation discount. PLAY, at ~8x 2015 adjusted EBITDA, compares to BJRI/BWLD at ~11x, and CAKE/TXRH at 9-10x. On an absolute value basis, PLAY... login to read the rest view available tags
4	member 12/16/14 6:12PM 3Q beat / SSS acceleration / still cheap to peers
PLAY beat across all metrics in 3Q and provided FY guidance well above Street. Most impressive was the acceleration in comp sales growth to +8.7%, versus Street modeling low-SD %. I expect Street’s numbers and price... login to read the rest view available tags
3	member 11/18/14 7:27PM Still cheap 1
The stock is +13% since the initial write-up three weeks ago, but the relative value is little changed given the recent outperformance of casual dining peers. Still trading at a ~2x EBITDA discount to the peer average,... login to read the rest view available tags

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			2016	2017
Price:	0.35	EPS	0	0
Shares Out. (in M):	51M	P/E	0	0
Market Cap (in $M):	18	P/FCF	17.2x	10.6x
Net Debt (in $M):	-5	EBIT	3	3
TEV (in $M):	13	TEV/EBIT	5.1x	4.1x

Description

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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