Jul. 27 at 10:22 PM
$DIN When our firm disclosed an activist stake of roughly 1% in Dine Brands last August, the stock closed at
$21.50. It has since risen by approximately 70%. That is clearly encouraging, but it is not why we invested.
Why We Invested In Dine Brands
Our original thesis was simple. Dine Brands controlled two of the best-known restaurant brands in America, yet its valuation suggested the market had largely given up on both. Applebee’s and IHOP were losing traffic, franchisees were under pressure, and the company carried substantial debt while continuing to distribute cash through a dividend that no longer made sense.
Now the operating results need to justify the stock’s recovery and support what comes next. That is the harder part of the campaign. It may also be where most of the remaining value is created.
https://www.forbes.com/sites/jimosman/2026/07/16/our-dine-brands-activist-bet-is-up-70-now-comes-the-hard-part/
