Mar. 23 at 9:48 PM
$RICK does anyone realize the company owns a lot of its real estate? If this thing generates ~
$80MM of EBITDA / year, industry averages for FEB concepts are 2-4x rent coverage (six flags just sold real estate at a 2x rent coverage ratio). This company could sell at the midpoint or 3x rent coverage so ~
$26MM of rent at let’s say a 7% cap rate? That’s
$380MM of real estate value! The company would then generate ~
$50-55mm of EBITDA AFTER selling the RE!
How many ways is this thing so undervalued! It’s basically valued below
$0. Incredible.