Mar. 11 at 5:51 PM
$ACI I have been out since the 18s as posted because of overall market fears. I could not resist and just restarted the position at 16.45 and will add lower. Same reasons as before - ~6x EV/EBITDA and forward P/E of 7.3x they are sitting on
$14 billion in Real Estate (150% of current market cap). The 600 million termination fee is a lock but they could get billions in damages from Kroger (guessing
$4-600 mill) by late 2026 - lawsuit in action. Kroger already settled once and they will do it again. Massive buyback (13% yield), potential take-private, cleaning up the non-performing stores and the growth in digital. See this as good risk/reward at this level and lower.
