Biglari Holdings Inc.

Report azionario NYSE:BH

Capitalizzazione di mercato: US$882.4m

Biglari Holdings Crescita futura

Criteri Future verificati 0/6

Al momento non disponiamo di una copertura analitica sufficiente per prevedere la crescita e il fatturato di Biglari Holdings.

Informazioni chiave

n/a

Tasso di crescita degli utili

n/a

Tasso di crescita dell'EPS

Hospitality crescita degli utili18.5%
Tasso di crescita dei ricavin/a
Rendimento futuro del capitale proprion/a
Copertura analitica

None

Ultimo aggiornamenton/a

Aggiornamenti recenti sulla crescita futura

Nessun aggiornamento

Recent updates

Seeking Alpha • Sep 10

Biglari Holdings: Revaluation On Decent Operational Outcomes And Improved Capital Conditions

Summary Biglari Holdings trades at a decent NAV discount, but it has comps that trade similarly and have less capped upside due to its unique carry structure and incentive scheme. Operational performance has been solid across restaurants, insurance, and oil & gas, but macroeconomic risks—especially for restaurants—remain a concern. Insurance investment returns may face pressure from lower rates, and oil & gas outlook is clouded by supply increases and uncertain demand. We think other ideas compete in value. Arguably they may be more levered to a return in PE activity or may be more recession resistant. Read the full article on Seeking Alpha
Seeking Alpha • Jul 03

Biglari Holdings: Governance Concerns Outweigh Embedded Value

Summary Governance and capital allocation concerns underpin our Sell rating. In our view, BH's corporate governance issues outweigh any embedded value in its underlying assets. The company's share repurchase strategy, compensation structure, and capital allocation track record raise red flags for us. Read the full article on Seeking Alpha
Seeking Alpha • Oct 05

Biglari Holdings: Very Unpredictable And Lacking Any Solid Direction

Summary Biglari Holdings has a low P/E ratio, but its financial metrics and revenues have deteriorated over the years. The company has a strong cash position and no debt, but its working capital ratio is at the minimum acceptable level. The company's investments in equities have led to a fluctuating bottom line, and its revenues have been affected by the pandemic. Read the full article on Seeking Alpha
Seeking Alpha • Feb 07

Biglari: More Franchise Agreements Could Make The Stock Price Rebound

Summary Biglari is a company engaged in a variety of business activities, including coverage and insurance services, licensing and communications, restaurant management, and oil and gas. In the first nine months of 2022, franchise partner fees increased by 48% as compared to the same period in 2021. In my view, if franchise fees continue to creep up, free cash flow growth could emerge. I would expect further internationalization of the brands, mainly in Europe, where the company already has an office in Monaco and several restaurants. Biglari Holdings Inc. (BH) is the developer of the brand Steak 'n Shake, which was created in 1934. BH is using financing obtained from franchise agreements to invest in insurance, oil and gas, and media business models. I believe that new franchise agreements will likely bring more FCF margin, which may lead to higher fair valuation. Even considering risks from further revenue declines or failed internationalization, I believe that the company trades significantly undervalued right now. Biglari Biglari Holdings, through its various subsidiaries, is a company engaged in a variety of business activities including coverage and insurance services, licensing and communications, restaurant management, and oil and gas. Each of these operations is framed in different segments, but all of them respond to Biglari's commercial and financial strategies. The restaurants and food services segment operates under two brands: Steak 'n Shake and Western Sizzlin Companion. Some of these stores are operated by the subsidiaries themselves, others by related franchises and common franchises. According to the last annual report, in total, this business segment has 577 units, of which 199 are operated by the company, the rest being franchises throughout the United States and Europe. Through First Guard Security and Southern Pioneer Property, Biglari offers its property insurance and life insurance services. This business segment is determined by the requirements and legislation of each district in the United States. Insurance includes tractor and fire insurance etc. Biglari also operates in the distribution of gas and oil, mainly in offshore operations in the Gulf of Mexico. This is fundamentally a commodity business. This segment has been exposed to radical variations in prices due to the Covid pandemic as well as the increase in transport prices due to the war between Russia and Ukraine. This is the segment where the company experiences the most risks due to a series of regulations and federal legislation in the USA. Finally, the licensing and communications business is carried out through Maxim and its brands with the same name. The Balance Sheet Appears In Good Shape As of September 30, 2022, Biglari reported $64 million in cash and $70 million in current investments. Property and equity was equal to $414 million with total assets of $862 million. The asset/liability ratio stands at more than 2x, and current assets/current liabilities ratio is equal to more than 1x. Hence, I believe that the balance sheet appears in good shape. Source: Quarterly Report Biglari does not report a lot of debt. I saw a line of credit of $30 million and total liabilities of $316 million. Considering the recent amount of FCF, I believe that Biglari could obtain debt financing from banks if necessary. Source: Quarterly Report If Franchise Partner Fees Continue To Increase, I Would Expect EBITDA Margin And FCF Growth Careful analysis of the company's revenue growth indicates that sales decreased significantly from 2017 to 2021. Revenue from restaurant operations decreased, and insurance and oil and gas increased. The decline in revenue is due to reduction in restaurants wholly operated by Biglari. It appears that management believes that it is more profitable to grow the number of franchise agreements. Source: Annual Report The last quarterly report appears to indicate an increase in sales in the third quarter and a massive increase in franchise partner fees. In the first nine months of 2022, franchise partner fees increased by 48% as compared to the same period in 2021. In my view, if franchise fees continue to creep up, and closure of wholly owned restaurants declines, free cash flow growth could emerge. Finally, let's keep in mind that the company's cost of sales is decreasing, which may lead to higher FCF margins in the coming years. Source: Quarterly Report A Lot Of Competitors Competition varies and corresponds to each of Biglari's segments. In any case, competitiveness is high in each of the markets, mainly in the gastronomy market, where the name and recognition of the classic North American products of its subsidiaries continue today to be a differential against other similar services. Maxim's advertising segment also suffers from highly competitive levels. Regarding its area of ​​insurance, First Guard competes with both large companies and small companies that offer specific services. My Base Case Scenario Includes Further Internationalization In Europe And More Franchise Partners, Which Would Lead To Larger FCF Margins Under my base case scenario, I assumed that the company will successfully sign more franchise agreements, so that the company's EBIT margin and FCF margin increase. I also assumed that Biglari would not change the current conditions for franchise partners, which I believe are quite beneficial for Biglari. The franchise agreement stipulates that the franchisee make an upfront investment totaling $10,000. Steak n Shake, as the franchisor, assesses a fee of up to 15% of sales as well as 50% of profits. Potential franchise partners are screened based on entrepreneurial attitude and ability, but they become franchise partners based on achievement. Each must meet the gold standard in service. Franchise partners are required to be hands-on operators, limited to a single location. Source: 10-K Under this scenario, I would expect further internationalization of the brands mainly in Europe, where the company already has an office in Monaco and several restaurants. Considering that Biglari runs a business model with a significant amount of know-how accumulated in the United States, I don't see why it wouldn't work in Europe or elsewhere. We have a corporate office in Monaco and an international organization with personnel in various functions to support our international business. As of December 31, 2021, we operated four company locations in Europe to promote the Steak n Shake brand to prospective franchisees. Source: 10-K The results for 2028 would include 2028 net sales of $369 million together with a net sales growth close to 1%, an EBIT of $81.1 million, and an EBIT margin of 22%. 2028 FCF would be $44 million with a FCF margin of 12%. I anticipate a WACC of 11% with a beta of 1.15, cost equity of 12.80%, effective tax rate of 19%, and cost of debt of 7.10%. My numbers are not far from the CAPM figures reported by other financial analysts. Source: Gurufocus Source: Internal Estimates In my view, the company appears undervalued. According to SA, Biglari reports EV/TTM EBITDA of 6x, and the median EV/EBITDA for the sector appears to be close to 10.52x. The EV/Forward EBITDA for the sector stands at 10.15x. The EV/ TTM EBIT would be 11.11x, and the sector median stands at 13.91x. In my view, the company could be worth much more if each business segment would trade separately. Let's keep in mind that according to the well-known experts, the restaurant business trades at close to 31x EBIT. Insurance trades at 12x-21x EBIT. Clearly, the decline in the revenue growth did affect the company's valuation. If sales declines stop as we saw in the last quarterly report, perhaps the company's EV/EBIT multiples would go up again.
Seeking Alpha • Nov 04

Biglari Holdings net income of $32M, revenue of $92.03M

Biglari Holdings press release (NYSE:BH): Q3 net income of $32M. Revenue of $92.03M (+12.1% Y/Y).
Seeking Alpha • Sep 20

Biglari Holdings: Limited Growth In Short To Medium-Term

Summary Biglari Holdings has been diversifying its business away from restaurant operations. The Insurance and Oil and Gas segments could continue to see strong revenue growth. However, it remains to be seen whether such growth will compensate for the drop in restaurant operations revenue over the longer-term. Investment Thesis: While Biglari Holdings (BH) has seen revenue growth across segments other than restaurant operations, it remains to be seen whether such growth can compensate for the decline across the company's restaurant operations. Biglari Holdings is an American holding company which is known for its operation of major subsidiaries including Steak n Shake Inc, First Guard Insurance, and Western Sizzlin Corporation. While the stock had seen significant upside in light of the March 2020 stock market crash - price has seen a decline since the latter half of 2021. investing.com The purpose of this article is to determine whether Biglari Holdings has the potential to see upside once market conditions become more stable. Performance From a balance sheet standpoint, we can see that the quick ratio (as measured by current assets less inventories over current liabilities) has increased significantly from June 2019 to the most recent quarter: June 2019 June 2022 Current assets 87747 150427 Inventories 5166 3458 Current liabilities 149284 138284 Quick ratio 55.32% 106.28% Source: Figures sourced from Biglari Holdings Q2 2019 and Q2 2022 Quarterly Reports. Quick ratio calculated by author. This indicates that the company is in a better position to service its short-term debt obligations. From a revenue standpoint - we can see that the size of the company's Restaurant operations segment has shrunk significantly. While we see that revenue has decreased across this segment - so too have Restaurant cost of sales. This is primarily due to the company's closure and subsequent re-franchising of numerous Steak n Shake restaurants during COVID-19. Q2 2019 Biglari Holdings Q2 2019 Quarterly Report. Q2 2022 Biglari Holdings Q2 2022 Quarterly Report. For the first six months of 2019 - Restaurant operations accounted for 95% of total revenue, while this had decreased to 68% of total revenue for the first six months of 2022. From this standpoint, the business model of Biglari Holdings has become more diversified, and less reliant on the Steak n Shake and Western Sizzlin subsidiaries to bolster revenue - with an increasing portion originating from insurance premiums and oil and gas. While we have seen that the company made a net loss of over $74 million for the first six months of 2022 - this was in large part down to losses on investment partnership gains. Biglari Holdings Q2 2022 Quarterly Report. From an earnings standpoint, while we see that the company's EV to EBITDA ratio is trading near a five-year low - the fact that recent earnings came in negative indicates that it would not be prudent to attempt to value the company from an earnings standpoint at this time. investing.com Looking Forward Going forward, inflation is likely to be a concern for the restaurant business as a whole heading into the winter months. As a result, we could see a decline in Restaurant operations revenue for the latter half of this year. However, the fall in revenue could be partially compensated for by a potential uptick in revenues across insurance premiums and oil and gas. With First Guard insurance operating in the truck and accidental insurance services segments - the industry as a whole has seen a decline in the number of companies willing to operate across this segment as a result of the rising cost of servicing crash payouts. Additionally, we can expect that claims will increase as traffic continues to return to pre-pandemic levels. However, should the company manage to grow its insurance premiums and strengthen its position in the industry - then this could be a good sign going forward. Moreover, with insurance demand more likely to increase as a result of higher accident costs - we could see revenue over this segment grow from here.
Seeking Alpha • Aug 05

Biglari Holdings GAAP EPS of -$244.37, revenue of $92.37M

Biglari Holdings press release (NYSE:BH): Q2 GAAP EPS of -$244.37. Revenue of $92.37M (+1.7% Y/Y).

In questa sezione di solito presentiamo le proiezioni di crescita dei ricavi e degli utili basate sulle stime di consenso degli analisti professionisti per aiutare gli investitori a capire la capacità della società di generare profitti. Tuttavia, poiché Biglari Holdings non ha fornito dati sufficienti sul passato e non ha previsioni degli analisti, i suoi utili futuri non possono essere calcolati in modo affidabile estrapolando i dati passati o utilizzando le previsioni degli analisti.

Si tratta di una situazione piuttosto rara, dato che il 97% delle società coperte da SimplyWall St dispone di dati finanziari passati.

Previsioni di crescita degli utili e dei ricavi

NYSE:BH - Stime future degli analisti e dati finanziari passati (USD Millions )
DataRicaviUtiliFlusso di cassa liberoLiquidità dell'operazioneAvg. Numero di analisti
3/31/2026398-1981111N/A
12/31/2025395-3777107N/A
9/30/2025387281107N/A
6/30/2025377406387N/A
3/31/2025368-601346N/A
12/31/2024362-41950N/A
9/30/2024362512656N/A
6/30/2024362-373362N/A
3/31/2024365135072N/A
12/31/2023365555073N/A
9/30/2023373205477N/A
6/30/2023374109101125N/A
3/31/202337333100127N/A
12/31/2022368-3298128N/A
9/30/2022369-4776117N/A
6/30/2022359-902276N/A
3/31/2022357-371885N/A
12/31/202136635164229N/A
9/30/202136777169222N/A
6/30/2021387108169206N/A
3/31/2021392172211232N/A
12/31/2020434-3897118N/A
9/30/2020492-61138160N/A
6/30/2020551-82179201N/A
3/31/2020623-102134154N/A
12/31/201966945N/A94N/A
9/30/201970674N/A66N/A
6/30/201974961N/A13N/A
3/31/201979031N/A20N/A
12/31/201881019N/A21N/A
9/30/201882446N/A3N/A
6/30/201883435N/A9N/A
3/31/201883964N/A6N/A
12/31/201784050N/A26N/A
9/30/201783752N/A24N/A
6/30/201783916N/A39N/A
3/31/201784532N/A56N/A
12/31/201685099N/A63N/A
9/30/2016859-7N/A74N/A
6/30/201686163N/A70N/A
3/31/201686425N/A70N/A
12/31/2015861-16N/A52N/A
9/30/2015871110N/A40N/A
6/30/2015860110N/A36N/A

Previsioni di crescita futura degli analisti

Guadagni vs tasso di risparmio: Dati insufficienti per determinare se la crescita degli utili prevista BH è superiore al tasso di risparmio ( 3.5% ).

Guadagni vs Mercato: Dati insufficienti per determinare se si prevede che gli utili di BH cresceranno più velocemente del mercato US

Guadagni ad alta crescita: Dati insufficienti per determinare se si prevede che gli utili di BH cresceranno in modo significativo nei prossimi 3 anni.

Ricavi vs Mercato: Dati insufficienti per determinare se si prevede che i ricavi di BH cresceranno più rapidamente del mercato US.

Ricavi ad alta crescita: Dati insufficienti per determinare se si prevede che i ricavi di BH cresceranno più rapidamente di 20% all'anno.

Previsioni di crescita dell'utile per azione

Rendimento futuro del capitale proprio

ROE futuro: Dati insufficienti per determinare se il Return on Equity di BH è previsto essere elevato tra 3 anni

Scoprire le aziende in crescita

7D

1Y

7D

1Y

7D

1Y

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2026/05/26 08:46
Prezzo dell'azione a fine giornata2026/05/26 00:00
Utili2026/03/31
Utili annuali2025/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; abbiamo anche guide su come utilizzare i nostri report e tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

Biglari Holdings Inc. è coperta da 1 analisti. 0 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

AnalistaIstituzione
Michael GalloCL King & Associates, Inc.