Author Topic: BH - Biglari Holdings  (Read 1399658 times)

RVP

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Re: BH - Biglari Holdings
« Reply #2880 on: November 04, 2019, 10:21:17 PM »
Southern oil acquisition looks attractive. With the caveat that its cyclical and limited data provided, they paid <3x after-tax TTM earnings and <6x after-tax 2018 earnings. Also doesn't look like they acquired much on-balance sheet liabilities (aside from operating lease liabilities).


InelegantInvestor

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Re: BH - Biglari Holdings
« Reply #2881 on: November 06, 2019, 01:27:08 PM »
https://www.restaurantbusinessonline.com/financing/sardar-biglari-demands-documents-cracker-barrel

Good thing Sardar knows how to fix Cracker Barrel. Too bad he has no idea how to fix SnS

awindenberger

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Re: BH - Biglari Holdings
« Reply #2882 on: November 26, 2019, 09:23:03 AM »
Does anybody here know or remember what % of The Lion Fund I was owned by Sardar himself? BH owns about 2/3s of the assets and obviously there are additional early investors who own a portion of the remaining 1/3.

OracleofCarolina

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Re: BH - Biglari Holdings
« Reply #2883 on: November 26, 2019, 10:17:18 AM »
wonder how that visit to inspect Cracker Barrel's records went :)?

RVP

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Re: BH - Biglari Holdings
« Reply #2884 on: November 26, 2019, 11:22:33 AM »
Financials for their recent oil and gas acquisition (Southern Oil) released today.

https://www.sec.gov/Archives/edgar/data/1726173/000092189519002877/ex991to8ka07428007_11252019.pdf

The balance sheet looks good and decent profitability if you assume much of the capex is growth (an assumption that is yet to be proven in the E&P space).

awindenberger

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Re: BH - Biglari Holdings
« Reply #2885 on: November 26, 2019, 07:03:50 PM »
Financials for their recent oil and gas acquisition (Southern Oil) released today.

https://www.sec.gov/Archives/edgar/data/1726173/000092189519002877/ex991to8ka07428007_11252019.pdf

The balance sheet looks good and decent profitability if you assume much of the capex is growth (an assumption that is yet to be proven in the E&P space).

The Capex is definitely growth as evidenced by the revenue growth over the periods we can see. I was excited to see it fall off during H1 2019, as that will mean higher cashflow. I'm trying to figure out what I'm missing with this transaction as it seems like Biglari was able to buy it for less than 2x 2019 FCF. Looking forward to the annual letter and meeting to ask him more questions about it.

Value^2

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Re: BH - Biglari Holdings
« Reply #2886 on: February 24, 2020, 04:51:34 AM »