Swag,
Points taken. Yes, I think the new stores ramping are likely ~4ppt tailwind for Take 5 comps and probably half or less than that for VVV. I think VVV is doing a good job, and... login to read the rest
Sorry for the discrepancy. My comments were based on the 2021/2022 Take 5 FDD's. I had not gone through the 2023 one. Back then they only included units that were +2 years and the gap... login to read the rest
Swag,
Respectfully, most of what you are saying is incorrect
There are several things Take 5 shows in its FDD. If you look at page 76, the figures are for 215 ground-up Take 5 locations that have... login to read the rest
DRVN is NOT a better version of VVV. Yes DRVN is cheap, but for good reasons. Mgmt. team sucks, they overpaid and aggressively entered car wash and now are facing the consequences, way too levered,... login to read the rest
Nola / doctorK,
We do not have a view on DRVN but curious what you guys think of the headwinds they are seeing in the car wash space.
We are doing more work on the procurement margin,... login to read the rest
I largely agree with the write up, but i invested in the stock before the split of Global Products was announced and earned a return that was well below the index. My thesis was almost... login to read the rest
Cost of opening is $1.2mm - $1.5mm. Using mid-point, that is $120mm per year, so it should be self-funded. We also have exit leverage at 2.8x for FY24, allowing them to fund it w/incremental debt
Really enjoyed the write up, thanks!
1.) You mention that your checks indicate that Valvoline's EV pilot locations are only seeing a a 15-20% reduction in visits? That's really surprising to me as my current understanding... login to read the rest
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