Loading...
BH logo

Biglari Holdings Inc.NYSE:BH 주식 보고서

시가총액 US$882.4m
주가
US$276.68
US$850.91
67.5% 저평가 내재 할인율
1Y10.2%
7D1.5%
1D
포트폴리오 가치
보기

Biglari Holdings Inc.

NYSE:BH 주식 리포트

시가총액: US$882.4m

Biglari Holdings (BH) 주식 개요

는 자회사를 통해 주로 미국에서 레스토랑을 운영하고 프랜차이즈를 운영하고 있습니다. 자세히 보기

BH 펀더멘털 분석
스노우플레이크 점수
가치 평가2/6
미래 성장0/6
과거 실적0/6
재무 건전성4/6
배당0/6

BH Community Fair Values

Create Narrative

See what others think this stock is worth. Follow their fair value or set your own to get alerts.

Biglari Holdings Inc. 경쟁사

가격 이력 및 성과

Biglari Holdings 주가의 최고가, 최저가 및 변동 요약
과거 주가
현재 주가US$276.68
52주 최고가US$483.60
52주 최저가US$234.92
베타0.63
1개월 변동-10.56%
3개월 변동-26.53%
1년 변동10.19%
3년 변동33.86%
5년 변동59.96%
IPO 이후 변동14.01%

최근 뉴스 및 업데이트

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.

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).

주주 수익률

BHUS HospitalityUS 시장
7D1.5%2.0%2.5%
1Y10.2%-7.2%26.4%

수익률 대 산업: BH은 지난 1년 동안 -7.2%의 수익을 기록한 US Hospitality 산업보다 더 좋은 성과를 냈습니다.

수익률 대 시장: BH은 지난 1년 동안 26.4%를 기록한 US 시장보다 저조한 성과를 냈습니다.

주가 변동성

Is BH's price volatile compared to industry and market?
BH volatility
BH Average Weekly Movement9.4%
Hospitality Industry Average Movement7.2%
Market Average Movement7.2%
10% most volatile stocks in US Market16.5%
10% least volatile stocks in US Market3.1%

안정적인 주가: BH는 지난 3개월 동안 US 시장에 비해 주가 변동성이 크지 않았습니다.

시간에 따른 변동성: BH의 주간 변동성(9%)은 지난 1년 동안 안정적이었습니다.

회사 소개

설립직원 수CEO웹사이트
19342,359Sardar Biglariwww.biglariholdings.com

는 자회사를 통해 주로 미국에서 레스토랑을 운영 및 프랜차이즈하고 있습니다. 이 회사는 스테이크 앤 쉐이크와 웨스턴 시즐린이라는 이름으로 레스토랑을 소유, 운영 및 프랜차이즈하고 있습니다. 또한 트럭 운전자에게 물리적 손해 및 비트럭 운송 책임 보험 판매, 재산 및 상해 보험 및 재보험을 포함한 상업용 트럭 보험 인수 업무에도 종사하고 있습니다.

Biglari Holdings Inc. 기초 지표 요약

Biglari Holdings의 순이익과 매출은 시가총액과 어떻게 비교됩니까?
BH 기초 통계
시가총액US$882.37m
순이익 (TTM)-US$18.74m
매출 (TTM)US$397.71m
2.3x
주가매출비율(P/S)
-48.5x
주가수익비율(P/E)

BH는 고평가되어 있습니까?

공정 가치 및 평가 분석 보기

순이익 및 매출

최근 실적 보고서(TTM)의 주요 수익성 지표
BH 손익계산서 (TTM)
매출US$397.71m
매출원가US$183.72m
총이익US$153.28m
기타 비용US$172.03m
순이익-US$18.74m

최근 보고된 실적

Mar 31, 2026

다음 실적 발표일

해당 없음

주당순이익(EPS)-29.86
총이익률38.54%
순이익률-4.71%
부채/자본 비율46.2%

BH의 장기 실적은 어땠습니까?

과거 실적 및 비교 보기

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/05/26 16:08
종가2026/05/26 00:00
수익2026/03/31
연간 수익2025/12/31

데이터 소스

당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.

패키지데이터기간미국 소스 예시 *
기업 재무제표10년
  • 손익계산서
  • 현금흐름표
  • 대차대조표
분석가 컨센서스 추정치+3년
  • 재무 예측
  • 분석가 목표주가
시장 가격30년
  • 주가
  • 배당, 분할 및 기타 조치
지분 구조10년
  • 주요 주주
  • 내부자 거래
경영진10년
  • 리더십 팀
  • 이사회
주요 개발10년
  • 회사 공시

* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.

별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.

분석 모델 및 스노우플레이크

이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드YouTube 튜토리얼도 제공합니다.

Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.

산업 및 섹터 지표

산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.

분석가 소스

Biglari Holdings Inc.는 1명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Michael GalloCL King & Associates, Inc.