finetrader Posted April 11, 2019 Share Posted April 11, 2019 I don't know Papa Murphy but I will look at their past financial results. From today's press release. They will add, 30M$ CAD to EBITDA. So about 20M$ CAD to FCF if the financial structure is similar to the rest of MTY. https://mtygroup.com/wp-content/uploads/2019/04/Project-Columbia-Press-Release-2019.04.11-FINAL_EN-1.pdf Link to comment Share on other sites More sharing options...
IanBezek Posted April 13, 2019 Share Posted April 13, 2019 I think this is an awful deal, but I was short-biased on Papa Murphy's so that could just be me. 13 straight quarters of declining SSS in a booming economy is pretty terrible though. As for FCF, MTY is taking on ~U$80 million in debt from Papa Murphy's so FCF may be lower than you expect based on EBITDA. The adjusted EBITDA number they use is pretty fishy as well as they've had recurring "one-time" charges for several years now, and given that they need to close more stores, these should recur again this year. Link to comment Share on other sites More sharing options...
LaGrandeBelleza Posted October 15, 2019 Share Posted October 15, 2019 Lastest results have been a bit of a disaster in my opinion. It's gonna take longer to integrate this last acquisition, although I've to admit I'm biased against Papa Murphy's purchase, too risky on my book however there are still synergies and cost savings to achieve. Once they trim down these corporate stores we'll have a clearer picture of the deal. I'm surprised this doesn't grab more attention among the CoBF community. I would love to hear your thoughts on the co, specially if they are short biased. Link to comment Share on other sites More sharing options...
finetrader Posted October 15, 2019 Share Posted October 15, 2019 ya. looking at FCF, they are on pace to achieve 100M. Same as last year. So with all the acquisiton they did, mainly Papa Murphy, FCF did not improve. It is concerning Link to comment Share on other sites More sharing options...
LaGrandeBelleza Posted February 14, 2020 Share Posted February 14, 2020 Does anyone has an insight on what's going on with these 'whistleblower allegations' and how does that affect the accounts that have been delayed? Link to comment Share on other sites More sharing options...
mranski Posted March 10, 2020 Author Share Posted March 10, 2020 The Cold Stone Creamery at the honolulu airport was closed when I was there one afternoon in February. It was in a high traffic area where all the other food places were open. There was a sign saying due to unforeseen circumstances. Reading reviews it seems to be closed a lot? Link to comment Share on other sites More sharing options...
manuelbean Posted March 18, 2020 Share Posted March 18, 2020 Does anyone know if MTY is able to go through this virus situation? Is there a risk of bankruptcy? Link to comment Share on other sites More sharing options...
CapLab3 Posted March 18, 2020 Share Posted March 18, 2020 Assuming they lose a few months of earnings, based on last years numbers it looks like they'll break the Debt to EBITDA covenant on their credit facility Link to comment Share on other sites More sharing options...
manuelbean Posted March 18, 2020 Share Posted March 18, 2020 Yup, that's my conclusion so far, but what happens then? Link to comment Share on other sites More sharing options...
kab60 Posted March 18, 2020 Share Posted March 18, 2020 This is entirely general, take it for what it is worth, but nothing will probably happen. Everyone (well not really) is gonna trip their covenants. The demand chock from this thing is unprecedented. Talked with a PE guy today (but this was Europe), said banks were willing to postphone covenant tests 6-12 months. Few will want to bankrupt solid companies due to temp issues. If Canadian banks are screwed that might be more difficult, no Idea. Link to comment Share on other sites More sharing options...
manuelbean Posted March 19, 2020 Share Posted March 19, 2020 This is entirely general, take it for what it is worth, but nothing will probably happen. Everyone (well not really) is gonna trip their covenants. The demand chock from this thing is unprecedented. Talked with a PE guy today (but this was Europe), said banks were willing to postphone covenant tests 6-12 months. Few will want to bankrupt solid companies due to temp issues. If Canadian banks are screwed that might be more difficult, no Idea. Thank you very much for your help. Link to comment Share on other sites More sharing options...
manuelbean Posted April 9, 2020 Share Posted April 9, 2020 Does anyone know what this is about? https://mtyfoodgroupexposed.org/ Link to comment Share on other sites More sharing options...
DTEJD1997 Posted April 9, 2020 Share Posted April 9, 2020 Does anyone know what this is about? https://mtyfoodgroupexposed.org/ I am not sure. My guess would be that it is disgruntled franchisees. Years ago, I looked into Cold Stone Creamery. I was surprised at the number of locations for sale. I was even more surprised at how high the fees were. There were scads of disgruntled franchisees who were complaining, putting their stores up for sale, or closing them. Did not look like a good situation. Similar thing with the take & bake pizza concept. Maybe things have changed since then? Link to comment Share on other sites More sharing options...
manuelbean Posted April 10, 2020 Share Posted April 10, 2020 Maybe they have. I'm not sure. By the way, what does it mean to "temporarily lay off" half of the global workforce? What are the implications here? Link to comment Share on other sites More sharing options...
manuelbean Posted July 15, 2020 Share Posted July 15, 2020 Does anyone have access to the CC transcript? Was there even a Conference Call? Link to comment Share on other sites More sharing options...
KCLarkin Posted November 24, 2020 Share Posted November 24, 2020 Ouch, how come nobody told me about Rearden's June post on VIC? He's not always right, but definitely one of the best writers on VIC. https://www.valueinvestorsclub.com/idea/MTY_FOOD_GROUP_INC/5896116022 Link to comment Share on other sites More sharing options...
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