BH - Biglari Holdings

[Parsad]

Love slide 37!  More of indictment than a take-down. 

 

How do you go and cure the ails of other corporate boards, when you have borderline unethical conduct happening at your own...people in glass houses shouldn't throw stones!  Cheers!

[ragu]

pretty interesting take down of Biglari Holdings and corporate governance starting on page 28

 

 

From Pg 32:

-------------

(2) Earnings per Store as measured by Steak ‘n Shake’s earnings before income taxes and noncontrolling interests as reported by BH over period average store count. Quarters relate to BH fiscal year.

(3) Earnings per Store as measured by Cracker Barrel’s adjusted operating income as reported by CBRL over period average store count.

 

They can't make a cogent argument, so they resort to outright deceit (not for the first time) like the above. I suppose the voting shareholders aren't reading the footnotes. Neither are the proxy advisory firms.

 

Best,

Ragu

 

 

 

[JBird]

They can't make a cogent argument, so they resort to outright deceit (not for the first time) like the above. I suppose the voting shareholders aren't reading the footnotes. Neither are the proxy advisory firms.

 

Can you explain the deceit?

[wescobrk]

Slide 36 shows his name on the outside of three different stores.

I wonder if his name will be on all restaurants at some point?

[ragu]

Can you explain the deceit?

 

The quote from the BH proxy makes it sound like they are talking about operating income.

 

Yet, in the SNS calculation, they use pre-tax income (not operating income) to "demonstrate" a deterioration in per-store performance. Rationality would dictate that you ignore the effect of capital structure in making business performance comparisons, but deceitfulness imposes no such constraints.

 

No such issues with the CBRL calculation, of course. They not only use operating income, but "adjust" it further to bolster their claims of operational superiority over SNS.

 

The label for both sets of numbers is the same, though: Earnings per store.

 

Intended to mislead and, sadly, it will likely work. Again. Even if Sardar calls them out on it (as he has with similar financial transgressions in the past).

 

Best,

Ragu

[Grenville]

Slide 36 shows his name on the outside of three different stores.

I wonder if his name will be on all restaurants at some point?

 

Wow. It's crazy how he's attaching his name on the storefront and attaching his name to the brand. It makes sense based on his past actions, but seems a bit over the top. It reminds me how Ferrari's and Mazerati's are signed by Pininfarina on the side....

[Rabbitisrich]

 

From Pg 32:

-------------

(2) Earnings per Store as measured by Steak ‘n Shake’s earnings before income taxes and noncontrolling interests as reported by BH over period average store count. Quarters relate to BH fiscal year.

(3) Earnings per Store as measured by Cracker Barrel’s adjusted operating income as reported by CBRL over period average store count.

 

They can't make a cogent argument, so they resort to outright deceit (not for the first time) like the above. I suppose the voting shareholders aren't reading the footnotes. Neither are the proxy advisory firms.

 

Best,

Ragu

 

Yeah, an astonishingly clumsy manipulation. They must have thought that readers would accept the % change figures without being shocked by the difference in levels between CBRL and SNS figures.

 

Ironically, Biglari does something similar on the annual report by reporting 5 year operating profits per store, comparing full operating profits to only company-owned stores.

[ragu]

They must have thought that readers would accept the % change figures without being shocked by the difference in levels between CBRL and SNS figures.

 

Well, being deceptive has worked well for them so far.

 

However, I am in agreement with you that, even given their (low) standards, this is "astonishingly" manipulative.

 

Ironically, Biglari does something similar on the annual report by reporting 5 year operating profits per store, comparing full operating profits to only company-owned stores.

 

Are you referring to the table on pg. 9 of the 2012 letter?

 

If so, what is the issue with those numbers?

 

Best,

Ragu

[ragnarisapirate]

Love slide 37!  More of indictment than a take-down. 

 

How do you go and cure the ails of other corporate boards, when you have borderline unethical conduct happening at your own...people in glass houses shouldn't throw stones!  Cheers!

 

The picture in the middle of slide 37 is one that I took and posted on my site... One could question the ethics of a corporation that simply uses the picture as their own, without crediting the source or asking permission to use it. ;)

[giofranchi]

people in glass houses shouldn't throw stones!  Cheers!

 

Well, I guess there is a difference though… All Mr. Biglari’s investments are performing extremely well, instead the results of those executives he is ranting against are invariably lagging behind their peers… Imo, not a small difference!

If you want to talk about glass houses, let’s say that Mr. Biglari’s house is made of the glass you see in the picture attached! ;D ;D

 

giofranchi

[giofranchi]

Hey! Com’n! The whole presentation is a real shame!

They first brag about recent results and stock performance, when we all know those results and that performance materialized only because Mr. Biglari got actively involved in the business and pushed for changes…

Then, they just concentrate on attacking Mr. Biglari’s strategy for CBRL, without proposing anything else worth of mentioning…

If it weren’t for the soon to be received special dividend, and if I were a CBRL’s shareholder, I would sell my shares at once! ;)

 

By the way, the slide I enjoyed the most is slide n.33:

Cracker Barrel Shares Currently Account for ~69% of BH’s Market Capitalization

Nothing can speak louder about BH’s current under-valuation!

 

giofranchi

 

[dcollon]

Biglari Capital Corp. Has Received A Highly Confident Letter From Jefferies On Cracker Barrel's Required Financing For The Proposed Special Dividend Of $20 Per Share

Thursday, October 24, 2013 03:11:00 PM (GMT)

 

 

SAN ANTONIO, TX, Oct. 24, 2013 /PRNewswire/ -- Biglari Capital Corp. today announced that it has obtained a highly confident letter from Jefferies LLC to arrange for debt financing to fund a $20 per share dividend paid to all shareholders of Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL). Jefferies' highly confident letter is set forth below.

 

Jefferies

 

Jefferies LLC

520 Madison Avenue

New York, NY 10022

Tel: 212.284.2300

Jefferies.com

 

October 23, 2013

 

Biglari Capital Corp.

17802 IH 10 West, Suite 400

San Antonio, TX 78257

 

Attention: Sardar Biglari

 

Ladies and Gentlemen:

 

We understand that Biglari Capital Corp. and its affiliates ("Biglari", "you" or "your") own approximately 20% of the outstanding shares of Cracker Barrel Old Country Store, Inc. (the "Company").  We further understand that Biglari would like the Company to pay a cash dividend to shareholders (the "Special Dividend") of approximately $20 per share.  You have further advised us that you would like the Company to raise up to $800.0 million of funded debt in the form of a new undrawn five year Revolver and a new six year Term Loan (together, the "Debt Financing") to refinance the Company's existing debt and fund the Special Dividend.

 

We are pleased to confirm that Jefferies LLC ("Jefferies", "we", "us" or "our") is highly confident of its ability to arrange the Debt Financing, subject to: (i) satisfactory market conditions and no material adverse change in the business or prospects of the Company; (ii) receipt of ratings from Moody's and Standard and Poor's and delivery of customary documentation each that are satisfactory to Jefferies and the purchasers of the Debt Financing; (iii) satisfactory completion of our due diligence on the Company; (iv) Jefferies receipt of an executed engagement agreement with terms, including indemnification, acceptable to Jefferies; and (v) approval from our internal committees.  We estimate the Company would be rated by Moody's and S&P pro forma for the Debt Financing as a B1/B+ credit, respectively, and the Debt Financing should price at a credit spread consistent with the broader B1/B+ index at the time of issuance.

 

Confidence in our ability to successfully arrange the Debt Financing is based on:

 

Our review of publicly available financial statements of the Company;

The Company's steady track record of revenue and EBITDA growth;

Our continuing activity in the U.S. Institutional Loan market; and

Our success in placing debt financing for other restaurant companies, including 34 restaurant debt financings since 2010 for an aggregate value of over $7.8 billion.

For the avoidance of doubt, this letter is not a guarantee of the availability of the Debt Financing.  Nothing herein shall be deemed to constitute any commitment by Jefferies to purchase or arrange the Debt Financing; such a commitment shall be evidenced only by the execution and delivery of, and shall be subject to the terms and conditions of, definitive documentation satisfactory to Jefferies in its sole discretion.

 

Sincerely,

JEFFERIES LLC

 

By /s/ Chris Burns

Name:  Chris Burns

Title:    Managing Director

 

SOURCE Biglari Capital Corp.

 

[Parsad]

Just a stupid, simple-minded way to suck cash out of a business.  I'm not a fan of this type of behavior.  One time jackpot for an activist investor, while the company gets saddled with more debt...mind you at a lower rate debt to justify the action.  My personal opinion if I were a long-time shareholder of the company...go fu*k yourself Biglari!  The board would be a bunch of spineless idiots to cede to this type of behavior if they have an iota of ethics...mind you they are dealing with someone whose conviction does not falter as much as his word. 

 

Why not refinance the debt at lower rates, and pay higher quarterly dividends to shareholders, instead of adding debt?  Because so this asshole can take the cash out of the company and walk over to his next target with a larger warchest...with or without taking over the board.  Icahn 2.0!  Cheers!

[wescobrk]

He seems to be waffling.

Originally he asked for 20, now he is asking for 13-20.

Maybe he doesn't have the votes after all.

The board said they would go with majority.

Since biglarli controls 20 per cent they only need 30 percent (I'm assuming the boards definition is counting biglari).

We should see in about 3 weeks.

[gg]

Parsad - you  might be right that a special dividend like this is not the ideal way to increase CBRL's long term value. However, put yourself in Biglari's shoes. He owns 20% of a company that is undervalued due to the fact that they are underperforming. They are underperforming mostly because they are more interesting in growing revenue and store count than increasing true earnings or FCF. He spends a few years trying to get them to understand their mistakes in the growth plans, and they ignore him. They use a few of his ideas, which are mostly very successful. They offer to buy him out to at market price to get rid of his annoyance, and he turns them down. He continues to show how they are miscalculating the benefits of opening additional stores, and they continue to ignore him.

 

Maybe lighting a fire under the Board like a shareholder vote for a special dividend is the only way for Biglari to shake things up from his non-board position....Can you think of a better way?

[Parsad]

Parsad - you  might be right that a special dividend like this is not the ideal way to increase CBRL's long term value. However, put yourself in Biglari's shoes. He owns 20% of a company that is undervalued due to the fact that they are underperforming. They are underperforming mostly because they are more interesting in growing revenue and store count than increasing true earnings or FCF. He spends a few years trying to get them to understand their mistakes in the growth plans, and they ignore him. They use a few of his ideas, which are mostly very successful. They offer to buy him out to at market price to get rid of his annoyance, and he turns them down. He continues to show how they are miscalculating the benefits of opening additional stores, and they continue to ignore him.

 

Maybe lighting a fire under the Board like a shareholder vote for a special dividend is the only way for Biglari to shake things up from his non-board position....Can you think of a better way?

 

How about in a non-confrontational manner?  This was a shitstorm brewing because Biglari is automatically identified as the type of investor he is...my way or the highway...your shareholders, my shareholders, and everyone else be damned. 

 

He is doing nothing illegal, nor any different than many other Wall Street types.  My opinion is that as a student of Buffett, maybe he should have gone that route...especially when you were pretty much writing your annual letters verbatim to Buffett's, including font type, structure, shareholders, etc. 

 

The wool was pulled over too many eyes, including mine.  Now he's doing it on a bigger venue with a bigger audience.  I'm tired of the minion of activists...both long and short!  It's about time for a major stock market correction, because everytime one happens, many of these assholes disappear for a few years!  Cheers!

[premfan]

Parsad - you  might be right that a special dividend like this is not the ideal way to increase CBRL's long term value. However, put yourself in Biglari's shoes. He owns 20% of a company that is undervalued due to the fact that they are underperforming. They are underperforming mostly because they are more interesting in growing revenue and store count than increasing true earnings or FCF. He spends a few years trying to get them to understand their mistakes in the growth plans, and they ignore him. They use a few of his ideas, which are mostly very successful. They offer to buy him out to at market price to get rid of his annoyance, and he turns them down. He continues to show how they are miscalculating the benefits of opening additional stores, and they continue to ignore him.

 

Maybe lighting a fire under the Board like a shareholder vote for a special dividend is the only way for Biglari to shake things up from his non-board position....Can you think of a better way?

 

How about in a non-confrontational manner?  This was a shitstorm brewing because Biglari is automatically identified as the type of investor he is...my way or the highway...your shareholders, my shareholders, and everyone else be damned. 

 

He is doing nothing illegal, nor any different than many other Wall Street types.  My opinion is that as a student of Buffett, maybe he should have gone that route...especially when you were pretty much writing your annual letters verbatim to Buffett's, including font type, structure, shareholders, etc. 

 

The wool was pulled over too many eyes, including mine.  Now he's doing it on a bigger venue with a bigger audience.  I'm tired of the minion of activists...both long and short!  It's about time for a major stock market correction, because everytime one happens, many of these assholes disappear for a few years!  Cheers!

 

Wow ! That was powerful! If someone has a huge ego they will rationalize any action. The mere rationalization creates a feedback loop ( pos or neg how ever you label it) that creates more rationalizations and more and more. Sooner or later they blow up. Emotionally and mentally ( see ichan vs ackman interview on cnbc) they become unstable and reactive. The key word is "reactive" and they stop listening to anyone else.

 

Can money be made? Absolutely! Buyers beware these type of people blow up usually after a string of rationalizations that ultimately creates a sense of invincibility. The invincibility is what creates dictators and erroneous data that gets rationalized as the "truth".  This ultimately leads to your and my friend mr. cognitive dissonance. The mental disease where your actions don't  match your words. 

 

Cognitive dissonance works at a subconscious level and once conscious you can work on lessening mr cog's impact. The key is be conscious, not reactive, and have a humble go with the flow mindset.  There are  more than enough ways to make money with people that are emotionally stable and don't have mr. cog. Most importantly they are under or at bv  8)

[GrizzlyRock]

I thought we killed this thread...

[gg]

How about in a non-confrontational manner?  This was a shitstorm brewing because Biglari is automatically identified as the type of investor he is...my way or the highway...your shareholders, my shareholders, and everyone else be damned. 

 

He is doing nothing illegal, nor any different than many other Wall Street types.  My opinion is that as a student of Buffett, maybe he should have gone that route...especially when you were pretty much writing your annual letters verbatim to Buffett's, including font type, structure, shareholders, etc. 

 

The wool was pulled over too many eyes, including mine.  Now he's doing it on a bigger venue with a bigger audience.  I'm tired of the minion of activists...both long and short!  It's about time for a major stock market correction, because everytime one happens, many of these assholes disappear for a few years!  Cheers!

 

I was not present at Biglari's initial meetings with CBRL, so I don't know the answer to this, but do you believe he came in on day one with that attitude? I honestly doubt it. There's no denying that most large public companies face major agency probles, and there are too many management teams that own too little stock in their companies to be truly aligned with the business's true owners, its shareholders. Executives are so fearful of hedge funds that they immediately react to news that hedge funds have taken positions in their company by enacting anti-shareholder provisions.  Would it be better if management teams were able to never have to worry about their shareholders taking more active roles in the company to hold the executives responsible? Absolutely not. Thankfully, we have a system of laws that activists can use to protect themselves and other shareholders from these type of management teams.

 

Obviously not all activists are created equal. Some are purely short-term minded, and would gladly destroy the long-term prospects of a decent company if they could just take on excessive leverage to fund near-term dividends. Some would buy a company with a sliver of equity and fund the rest with the surplus of a defined benefit employee retirement plan. But then there are also good activists who do not risk the long-term prospects of companies, they do their homework and realize that a company is miscalculating or misreporting their metrics. Someone like Muddy Waters goes out and finds out all a company's assets were transferred to the CEO's spouse, or Dan Loeb and Mick McGuire figure out that Sotheby's is lending money to their art dealer network at interest rates that are significantly below their cost of capital. 99% of investors don't consider some of these analytics--many executives and boards dont even look at the right analytics or track the right data to be able to track relevant metrics. There's no denying that Biglari probably does more analysis on the economics of CBRL's additional store openings than CBRL's entire Board does combined. And that's how he figures out that they are not doing it profitably. And that's the beauty of the stock market--the prospect of getting richly rewarded for doing your homework meticulously and more thorough than anyone else...

[premfan]

I thought we killed this thread...

 

Haha. I got caught in the moment.

[giofranchi]

Just a stupid, simple-minded way to suck cash out of a business.  I'm not a fan of this type of behavior.  One time jackpot for an activist investor, while the company gets saddled with more debt...mind you at a lower rate debt to justify the action.  My personal opinion if I were a long-time shareholder of the company...go fu*k yourself Biglari!  The board would be a bunch of spineless idiots to cede to this type of behavior if they have an iota of ethics...mind you they are dealing with someone whose conviction does not falter as much as his word. 

 

Why not refinance the debt at lower rates, and pay higher quarterly dividends to shareholders, instead of adding debt?  Because so this asshole can take the cash out of the company and walk over to his next target with a larger warchest...with or without taking over the board.  Icahn 2.0!  Cheers!

 

We should borrow whenever we can safely extend the business by doing so.

--John D. Rockefeller

 

Clearly, to increase debt is very often dangerous, but this doesn’t mean it is always the wrong thing to do (just ask Mr. John Malone!).

 

In his letter, where he proposes the special dividend, Mr. Biglari explains very well:

1) That CBRL could and should increase its debt,

2) That it is wrong to leave a lot of cash in the hands of people who are very poor at allocating capital,

3) How and why the paying of a special dividend and the increasing of debt might turn out to be value accretive.

He has also many times suggested what management should do with all CBRL’s cash, but management has recently published a presentation to shareholders, in which they do nothing but attacking BH, and what they propose instead is just loose talk.

 

Sincerely, if I were a CBRL shareholder, and my fellow shareholders vote against the special dividend, I would be greatly disappointed! ;)

 

giofranchi

 

[giofranchi]

Parsad - you  might be right that a special dividend like this is not the ideal way to increase CBRL's long term value. However, put yourself in Biglari's shoes. He owns 20% of a company that is undervalued due to the fact that they are underperforming. They are underperforming mostly because they are more interesting in growing revenue and store count than increasing true earnings or FCF. He spends a few years trying to get them to understand their mistakes in the growth plans, and they ignore him. They use a few of his ideas, which are mostly very successful. They offer to buy him out to at market price to get rid of his annoyance, and he turns them down. He continues to show how they are miscalculating the benefits of opening additional stores, and they continue to ignore him.

 

Maybe lighting a fire under the Board like a shareholder vote for a special dividend is the only way for Biglari to shake things up from his non-board position....Can you think of a better way?

 

How about in a non-confrontational manner?  This was a shitstorm brewing because Biglari is automatically identified as the type of investor he is...my way or the highway...your shareholders, my shareholders, and everyone else be damned. 

 

He is doing nothing illegal, nor any different than many other Wall Street types.  My opinion is that as a student of Buffett, maybe he should have gone that route...especially when you were pretty much writing your annual letters verbatim to Buffett's, including font type, structure, shareholders, etc. 

 

The wool was pulled over too many eyes, including mine.  Now he's doing it on a bigger venue with a bigger audience.  I'm tired of the minion of activists...both long and short!  It's about time for a major stock market correction, because everytime one happens, many of these assholes disappear for a few years!  Cheers!

 

Wow ! That was powerful! If someone has a huge ego they will rationalize any action. The mere rationalization creates a feedback loop ( pos or neg how ever you label it) that creates more rationalizations and more and more. Sooner or later they blow up. Emotionally and mentally ( see ichan vs ackman interview on cnbc) they become unstable and reactive. The key word is "reactive" and they stop listening to anyone else.

 

Can money be made? Absolutely! Buyers beware these type of people blow up usually after a string of rationalizations that ultimately creates a sense of invincibility. The invincibility is what creates dictators and erroneous data that gets rationalized as the "truth".  This ultimately leads to your and my friend mr. cognitive dissonance. The mental disease where your actions don't  match your words. 

 

Cognitive dissonance works at a subconscious level and once conscious you can work on lessening mr cog's impact. The key is be conscious, not reactive, and have a humble go with the flow mindset.  There are  more than enough ways to make money with people that are emotionally stable and don't have mr. cog. Most importantly they are under or at bv  8)

 

This all may enjoy some underlying truths… but a simple business reality cannot be ignored (or, better, of course it can be ignored, but you should not!):

 

Many businesses are undervalued because of bad management. And simply solving that problem gets the business from undervalued to fairly valued. You make something work better (and the businessman in me loves it!), while getting rich in the meantime (the investor in me loves it too! ;)).

 

Period.

 

You try to talk and calmly reason with management once, twice, even three times. Then, when you finally realize you are talking to a concrete wall, you simply go to Caterpillar and hire a Bulldozer! ;D

 

giofranchi

 

[APG12]

Just a stupid, simple-minded way to suck cash out of a business.  I'm not a fan of this type of behavior.  One time jackpot for an activist investor, while the company gets saddled with more debt...mind you at a lower rate debt to justify the action.  My personal opinion if I were a long-time shareholder of the company...go fu*k yourself Biglari!  The board would be a bunch of spineless idiots to cede to this type of behavior if they have an iota of ethics...mind you they are dealing with someone whose conviction does not falter as much as his word. 

 

Why not refinance the debt at lower rates, and pay higher quarterly dividends to shareholders, instead of adding debt?  Because so this asshole can take the cash out of the company and walk over to his next target with a larger warchest...with or without taking over the board.  Icahn 2.0!  Cheers!

 

Is this really a fair characterization? Remember the board was recently going to use $13 just to buy Biglari's shares.

 

Also, it seems strange to imply that this is a short-term, one time, 'simple-minded' way to suck cash out of a business (I'm not sure what else you could be criticizing by that statement).  His time frame is not short-term because if it were, he would have taken their offer to buy back his shares. Also, when he was asked about his exit strategy in an interview, he replied with something along the lines of, "We have one of the longest time horizons in the investment world." And since you don't seem to believe anything that comes out of his mouth it should at least be obvious that he doesn't have an exit strategy and doesn't seem to care. In fact, I can't think of anything that has occurred to indicate this is a simple-minded way to 'suck cash out of the business.'

 

This is capital allocation 101. If the business does not need the capital to operate safely, it should be invested or returned to shareholders. It's clear Biglari can invest the capital better than CBRL management and so it's obvious why he wants the dividend paid. If you think that his proposed debt level is too high, that's one thing. However, I've yet to see anyone make that criticism. I'd be interested in an intelligent discussion on the matter. How can you have an opinion on whether they should pay the dividend without an opinion on CBRL's optimal capital structure?

[Parsad]

Just a stupid, simple-minded way to suck cash out of a business.  I'm not a fan of this type of behavior.  One time jackpot for an activist investor, while the company gets saddled with more debt...mind you at a lower rate debt to justify the action.  My personal opinion if I were a long-time shareholder of the company...go fu*k yourself Biglari!  The board would be a bunch of spineless idiots to cede to this type of behavior if they have an iota of ethics...mind you they are dealing with someone whose conviction does not falter as much as his word. 

 

Why not refinance the debt at lower rates, and pay higher quarterly dividends to shareholders, instead of adding debt?  Because so this asshole can take the cash out of the company and walk over to his next target with a larger warchest...with or without taking over the board.  Icahn 2.0!  Cheers!

 

Is this really a fair characterization? Remember the board was recently going to use $13 just to buy Biglari's shares.

 

Also, it seems strange to imply that this is a short-term, one time, 'simple-minded' way to suck cash out of a business (I'm not sure what else you could be criticizing by that statement).  His time frame is not short-term because if it were, he would have taken their offer to buy back his shares. Also, when he was asked about his exit strategy in an interview, he replied with something along the lines of, "We have one of the longest time horizons in the investment world." And since you don't seem to believe anything that comes out of his mouth it should at least be obvious that he doesn't have an exit strategy and doesn't seem to care. In fact, I can't think of anything that has occurred to indicate this is a simple-minded way to 'suck cash out of the business.'

 

This is capital allocation 101. If the business does not need the capital to operate safely, it should be invested or returned to shareholders. It's clear Biglari can invest the capital better than CBRL management and so it's obvious why he wants the dividend paid. If you think that his proposed debt level is too high, that's one thing. However, I've yet to see anyone make that criticism. I'd be interested in an intelligent discussion on the matter. How can you have an opinion on whether they should pay the dividend without an opinion on CBRL's optimal capital structure?

 

This is subjective.  Is optimal capital structure to pull cash out of the SNS subsidiary, so as to allocate it into a one-shot all or nothing bet on CBRL, while same store sales stagnate at SNS?  CBRL management did many things wrong, but they were far from negligent.  Also, BH's horizon isn't anywhere as long as you think...that's a veiled threat to intimidate incumbent management.  BH's horizon only extends to their next action to release capital or take control.  Cheers!

[giofranchi]

This is subjective.  Is optimal capital structure to pull cash out of the SNS subsidiary, so as to allocate it into a one-shot all or nothing bet on CBRL, while same store sales stagnate at SNS? 

 

It doesn’t look like they have really stagnated… Of course, they won’t keep growing at the rate they did during the very successful turnaround, but nobody should expect that!

 

giofranchi

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