Biglari Holdings (BH) 주식 개요
는 자회사를 통해 주로 미국에서 레스토랑을 운영하고 프랜차이즈를 운영하고 있습니다. 자세히 보기
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Biglari Holdings Inc. 경쟁사
가격 이력 및 성과
| 과거 주가 | |
|---|---|
| 현재 주가 | US$276.68 |
| 52주 최고가 | US$483.60 |
| 52주 최저가 | US$234.92 |
| 베타 | 0.63 |
| 1개월 변동 | -10.56% |
| 3개월 변동 | -26.53% |
| 1년 변동 | 10.19% |
| 3년 변동 | 33.86% |
| 5년 변동 | 59.96% |
| IPO 이후 변동 | 14.01% |
최근 뉴스 및 업데이트
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 AlphaBiglari 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 AlphaBiglari 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 AlphaBiglari: 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
주주 수익률
| BH | US Hospitality | US 시장 | |
|---|---|---|---|
| 7D | 1.5% | 2.0% | 2.5% |
| 1Y | 10.2% | -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
| BH volatility | |
|---|---|
| BH Average Weekly Movement | 9.4% |
| Hospitality Industry Average Movement | 7.2% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.5% |
| 10% least volatile stocks in US Market | 3.1% |
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
| 설립 | 직원 수 | CEO | 웹사이트 |
|---|---|---|---|
| 1934 | 2,359 | Sardar Biglari | www.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
| BH 기초 통계 | |
|---|---|
| 시가총액 | US$882.37m |
| 순이익 (TTM) | -US$18.74m |
| 매출 (TTM) | US$397.71m |
BH는 고평가되어 있습니까?
공정 가치 및 평가 분석 보기순이익 및 매출
| BH 손익계산서 (TTM) | |
|---|---|
| 매출 | US$397.71m |
| 매출원가 | US$183.72m |
| 총이익 | US$153.28m |
| 기타 비용 | US$172.03m |
| 순이익 | -US$18.74m |
최근 보고된 실적
Mar 31, 2026
다음 실적 발표일
해당 없음
| 주당순이익(EPS) | -29.86 |
| 총이익률 | 38.54% |
| 순이익률 | -4.71% |
| 부채/자본 비율 | 46.2% |
BH의 장기 실적은 어땠습니까?
과거 실적 및 비교 보기기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2026/05/26 16:08 |
| 종가 | 2026/05/26 00:00 |
| 수익 | 2026/03/31 |
| 연간 수익 | 2025/12/31 |
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.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
| |
| 분석가 컨센서스 추정치 | +3년 |
|
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| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
| |
| 경영진 | 10년 |
| |
| 주요 개발 | 10년 |
|
* 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 가이드와 YouTube 튜토리얼도 제공합니다.
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산업 및 섹터 지표
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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.
| 분석가 | 기관 |
|---|---|
| Michael Gallo | CL King & Associates, Inc. |