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10	member 2/23/24 11:00AM Re: Re: Re: Re: DRVN 9
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 view available tags
9	member 2/22/24 2:25PM Re: Re: Re: DRVN 8
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 1 view available tags
8	member 2/22/24 12:12PM Re: Re: DRVN 7
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 1 view available tags
7	member 2/22/24 11:12AM Re: DRVN 5
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 -1 view available tags
6	member 2/22/24 10:26AM Re: Couple Qs 1
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 view available tags
5	member 2/16/24 9:47AM DRVN 1
If you like this idea, isnt DRVN a cheaper way to own a slightly better version of VVV? 4 view available tags
4	member 2/13/24 12:00PM Re: Re: Capex 3
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 1 view available tags
3	member 2/13/24 11:47AM Re: Capex 2
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 view available tags
2	member 2/09/24 8:44AM Capex
What's the cost of opening a new corporate store? Do they have enough cash flow to self-fund such an accelerated store build strategy? view available tags
1	member 2/08/24 4:36PM Couple Qs
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 view available tags

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			2024	2025
Price:	38.51	EPS	1.81	2.44
Shares Out. (in M):	130	P/E	21.2	15.8
Market Cap (in $M):	5,005	P/FCF	0	0
Net Debt (in $M):	1,310	EBIT	0	0
TEV (in $M):	6,315	TEV/EBIT	0	0

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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