Hershey Posted September 8, 2011 Share Posted September 8, 2011 Interesting. High ROE, low PE. Biglari involvement. Too much debt for my taste. Stable business. Thoughts? Thanks Link to comment Share on other sites More sharing options...
OracleofCarolina Posted September 12, 2011 Share Posted September 12, 2011 http://www.bloomberg.com/news/2011-09-11/rush-to-restaurant-real-estate-brings-53-increase-in-valuation-real-m-a.html?cmpid=yhoo A little insight from Bloomberg on CBRL Link to comment Share on other sites More sharing options...
Munger Posted September 12, 2011 Share Posted September 12, 2011 Note the comments re RT are consistent with my earlier post on the company. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted September 23, 2011 Share Posted September 23, 2011 http://mobile.reuters.com/article/idUSL3E7KN21E20110923?irpc=43 Poison pill adopted...wonder how Biglari gets around? Link to comment Share on other sites More sharing options...
ragnarisapirate Posted September 23, 2011 Share Posted September 23, 2011 http://mobile.reuters.com/article/idUSL3E7KN21E20110923?irpc=43 Poison pill adopted...wonder how Biglari gets around? That's weak... I am not shocked, but, that is stupid. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted November 1, 2011 Share Posted November 1, 2011 Link to comment Share on other sites More sharing options...
Junto Posted November 16, 2011 Share Posted November 16, 2011 It may be time to look at joining Sardar on this stock, through CBRL ownership not through SNS ownership oops I mean BH ;) Latest as posted in the General Discussion http://enhancecrackerbarrel.com/pdfs/shareholderletter2.pdf Almost the same format as the letters used in the Steak N Shake campaign. Certainly worth watching. No position on my end yet. Link to comment Share on other sites More sharing options...
oddballstocks Posted November 16, 2011 Share Posted November 16, 2011 How did the SNS and Western Sizzlin stocks do after Sardar started to shake things up? Link to comment Share on other sites More sharing options...
OracleofCarolina Posted January 6, 2012 Share Posted January 6, 2012 Sardar continues buying CBRL, another 415,000 shares to bump up his ownership to around 11% Link to comment Share on other sites More sharing options...
Hershey Posted February 22, 2012 Author Share Posted February 22, 2012 Now what? A 50% short-term gain, plus dividends. Taxes matter . . . I think it is fairly valued at this price. I hate the selling the decision! Thoughts? Thanks. Link to comment Share on other sites More sharing options...
ragu Posted February 23, 2012 Share Posted February 23, 2012 I think it is fairly valued at this price. [...]Thoughts? As you undoubtedly know, Sardar has continued to buy CBRL stock (16% of the company now) after his failed bid to get on the board. I didn't expect that he'd back down after he lost, but I'll admit to being a little surprised with how aggressive he has been with his purchases. Highest reported purchase price was $53.45. Today's price is about 5.4% higher. As for what Sardar thinks about CBRL's valuation and the possibilities that a control investment provides, a look at his most recent BH shareholder letter provides more than just a hint (pg.3): If a company’s intrinsic value is $1 billion and the market value is $500 million, then a buyer is purchasing dollar bills for 50 cents. As a consequence, and assuming the p/v converges over a five-year period, the investor will profit at a rate of 15% per annum. Our divergence from most investors is illustrated by their settling for the status quo whereas we purchase with an option: taking action to improve the productivity of the target’s corporate assets. Thus, once we have assumed a position of influence by becoming active members of the board, let’s presume that we can help turn $1 in intrinsic value into $2. That jump in value would indicate that our return over 5 years would not be 15% but 32% per year. Disclosure: No direct position in CBRL. Best, Ragu Link to comment Share on other sites More sharing options...
Gopinath Posted February 23, 2012 Share Posted February 23, 2012 I am not surprised by his continued purchase. I expect that he will continue to purchase until 20% threshold & possibly be another round of trial getting into the board. Obviously the company has lot of assets(Real Estate), increased capital expenses every year does not increase the sales/profits proportionately. I would assume he would be inclined to stop the incremental cap expenditures & return the excess cash to shareholders via dividend/share repurchases based on the then stock price. How much would you pay for a controlling stake in a company with following characteristics? Average Cash flow in last 10 years is 190M Average depreciation expense for last 10 years is 60M Debt is around 550M Total Average Assets Employed is 1.2B. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted June 12, 2012 Share Posted June 12, 2012 Biglari is now up to 17.3% with purchases last week and this week. Link to comment Share on other sites More sharing options...
Rabbitisrich Posted June 12, 2012 Share Posted June 12, 2012 I am not surprised by his continued purchase. I expect that he will continue to purchase until 20% threshold & possibly be another round of trial getting into the board. Obviously the company has lot of assets(Real Estate), increased capital expenses every year does not increase the sales/profits proportionately. I would assume he would be inclined to stop the incremental cap expenditures & return the excess cash to shareholders via dividend/share repurchases based on the then stock price. It would be more interesting if Biglari achieves insider status and does NOT push for reduced capital spending. Management doesn't share the reasoning for the retail/restaurant split, but there must be some internal research to justify square footage allocations. Link to comment Share on other sites More sharing options...
Hershey Posted September 11, 2012 Author Share Posted September 11, 2012 Okay. MY CBRL is now up 65% +/-, and it is a long-term gain. Certainly not inexpensive anymore, however . . . Thoughts? Thanks, Hershey Link to comment Share on other sites More sharing options...
Parsad Posted November 5, 2012 Share Posted November 5, 2012 ISS and Glass-Lewis side with Cracker Barrel management. Cheers! http://blogs.wsj.com/deals/2012/11/05/cracker-barrel-2-proxy-advisory-firms-back-its-board-slate-poison-pill/?mod=yahoo_hs Link to comment Share on other sites More sharing options...
ragu Posted March 15, 2013 Share Posted March 15, 2013 Oddly enough, www.enhancecrackerbarrel.com returns a blank page. Wonder how long it's been that way. Impending truce? Best, Ragu Link to comment Share on other sites More sharing options...
OracleofCarolina Posted September 16, 2015 Share Posted September 16, 2015 http://finance.yahoo.com/news/cracker-barrel-reports-fourth-quarter-120000030.html The Company announced that its Chief Financial Officer, Lawrence E. Hyatt, plans to retire at the end of the 2016 fiscal year. Hyatt, who turns 61 next month, has been CFO since January 2011. He will participate in the search for his successor, and will assist with the transition. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted October 13, 2015 Share Posted October 13, 2015 http://www.sec.gov/Archives/edgar/data/1067294/000119312515342037/d15365ddefa14a.htm CBRL annual meeting is coming up next month and a vote to renew the "poison pill". Judging from the slides in the presentation, their relationship with Biglari has not improved. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted November 13, 2015 Share Posted November 13, 2015 http://www.sec.gov/Archives/edgar/data/1067294/000119312515375876/d75361d8k.htm Biglari votes against all the proposals but loses badly again. This is starting to look like J. Paul Getty's attempt to take control of Tide Water. That took about 20 years of proxy fighting...sheesh Link to comment Share on other sites More sharing options...
OracleofCarolina Posted February 20, 2016 Share Posted February 20, 2016 http://m.nrn.com/fast-casual/cracker-barrel-plans-fast-casual-biscuit-house I want to try...sounds delicious Link to comment Share on other sites More sharing options...
Gamecock-YT Posted February 20, 2016 Share Posted February 20, 2016 What is a biscuit house? I've lived in the south my entire life and have never heard of it. Is it like a diner? Meat and three? Cracker Barrel tried a fast casual thing once before back in the mid 90s. They had a few concept restaurants in the Nashville area. Think kind of a spin on a Boston Market. Wikipedia says it was take out only, but I remember eating at the store quite a bit. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted March 15, 2016 Share Posted March 15, 2016 https://eatbhamblog.wordpress.com/2016/03/13/holler-dash/ Here's a review of Cracker Barrel's new concept. What do you think? Link to comment Share on other sites More sharing options...
Gamecock-YT Posted March 15, 2016 Share Posted March 15, 2016 Are these supposed to be eaten like a sandwich? Open faced? Kind of has a Tupelo Honey Cafe vibe to it. I guess there's a market for it. Link to comment Share on other sites More sharing options...
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