Author Topic: BEBE - bebe stores  (Read 3880 times)

valuedontlie

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Re: BEBE - bebe stores
« Reply #10 on: January 31, 2019, 06:59:16 PM »
Shares have been selling off lately, maybe time to revive...

11.4m shares out x $6.45 = $73.5m market cap... net cash could be ~$0-10m depending on how you treat some A/P from disc ops...

for $73.5m you get: 1) $7.8m net income from bebe JV (has been growing) and 2) whatever net income is generated from recent ~$21m investment in 2 bankrupt brands -- Brookstone and Charles Vogele

this is the first NOL shell i've seen done right in quite a while (the boys at RILY are being smart about it)... goal is to get high yielding licensing income coming in which requires no/minimal overhead expense... looks like they've now spread these out over 3 brands and intend to dividend all/most of the cash flow back to shareholders... given the licensing revenue and dividend goals this will never be a BV play... i could see them periodically doing a rights offer to take advantage of other bankrupt brands down the road...

certainly depends on the returns generated from recent JV investments but could absolutely see dividends of $1/sh each year...

certainly more interesting in the $5 neighborhood :)


valuedontlie

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Re: BEBE - bebe stores
« Reply #11 on: February 11, 2019, 12:52:40 PM »
Plenty o' shares out there at $5.50 to $5.70 realm... hope I'm not missing something here?

About 9x earnings before the recent investments in Brookstone and Charles Vogele...
« Last Edit: February 11, 2019, 12:57:39 PM by valuedontlie »

Schwab711

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Re: BEBE - bebe stores
« Reply #12 on: February 14, 2019, 08:09:46 AM »
Thanks for highlighting this. I think it's a good idea. It will be interesting to see what is said about the two acquisitions in the next 10-q.

Charles Vogele's CEE segment's 1H 2016 looks like (values in CHF):
rev: 81.1m
EBITDA: -0.8
EBIT: -2.9

FY 2015:
rev: 164.3
EBITDA: 1.8
EBIT: -2.5


Gross margin was 65%-70% (I forgot to write it down, I can look up the exact number later), so there's some potential. I didn't look in to Brookstone yet.

valuedontlie

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Re: BEBE - bebe stores
« Reply #13 on: February 14, 2019, 08:41:54 AM »
i'm planning to attend annual meeting in LA on 2/26 if anyone wants to attend or will be around...

JayGatsby

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Re: BEBE - bebe stores
« Reply #14 on: February 14, 2019, 06:46:55 PM »
Where are you pulling the Qs? Did you buy a share and ask for them?

I'm a big fan of RILY, so seems like a good spot to fish.

Schwab711

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Re: BEBE - bebe stores
« Reply #15 on: February 14, 2019, 07:22:37 PM »
Where are you pulling the Qs? Did you buy a share and ask for them?

I'm a big fan of RILY, so seems like a good spot to fish.

https://www.otcmarkets.com/stock/bebe/disclosure