BBQ Holdings, Inc.

NasdaqGS:BBQ Voorraadrapport

Marktkapitalisatie: US$185.5m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

BBQ Holdings Beheer

Beheer criteriumcontroles 3/4

Belangrijke informatie

Jeff Crivello

Algemeen directeur

US$377.7k

Totale compensatie

Percentage CEO-salaris66.18%
Dienstverband CEO4.8yrs
Eigendom CEO5.0%
Management gemiddelde ambtstermijn1.7yrs
Gemiddelde ambtstermijn bestuur4.3yrs

Recente managementupdates

Recent updates

Seeking Alpha • Aug 09

MTY Food to acquire BBQ for $17.25/share in an highly accretive transaction

MTY Food (OTCPK:MTYFF) and BBQ (NASDAQ:BBQ) entered into a definitive merger agreement wherein the former will acquire all of the issued and outstanding common shares of the latter for cash consideration of $17.25/BBQ share representing total transaction value of ~$200M including BBQ net debt. The transaction consideration will be 100% funded in cash; MTY will use its cash on hand and its existing credit facility to fund the cash consideration. On transaction completion (expected by Q4 of 2022), BBQ will become a subsidiary of MTY and the shares of BBQ will be de-listed from Nasdaq. As of Aug. 9, 2022, BBQ operates 200+ franchised and 100+ corporate-owned restaurants; for FY22 ending Jan. 1, 2023, the company is expected to generate 12-month run-rate system sales and cash EBITDA between $685M to $725M and $25.5M and $27.5M, respectively. With this Transaction, MTY will add leading restaurant brands to its network which will reach a total of ~7K locations, including 3.9K+ in U.S. The transaction is expected to be immediately accretive to MTY’s free cash flow per share; transaction represents a 7.5x multiple of BBQ mid-point FY2022E run-rate cash EBITDA guidance of $26.5M.
Seeking Alpha • Jul 12

BBQ Holdings: The Turnaround Is Now In Full Motion

BBQ is down more than 30% since my previous article which means it is a good time to revisit the investment thesis. In the short term, I believe investors are concerned that the company will suffer as consumer sentiment deteriorates across the economy. However, as evidenced by the recent results, I believe the long-term picture remains intact and the growth model based on cheap M&A deals has so far proved to be successful. According to my estimates and if management maintains the current momentum, BBQ could offer a 100% upside. Investors shouldn't get too excited just yet since market volatility will remain high in the coming months and offer numerous opportunities to accumulate shares at lower prices. Investment Thesis In my previous article on BBQ Holdings, Inc. (BBQ), I came to the conclusion that the company was pursuing a successful turnaround strategy focused on cheap acquisitions as the main growth source. You can read about it here. Since then, BBQ lost ~33% vs. a loss of ~14% for the S&P 500 and has outperformed the market. In the short term, I believe investors are concerned that deteriorating consumer sentiment will harm the company. However, I believe the long-term picture remains intact as illustrated by the recent results. Based on my estimates, BBQ could offer a 100% upside if management maintains the current momentum. As a result, I think the stock offers an attractive risk-reward scenario which makes it a buy. That said, investors shouldn't go all in just yet as I suspect that volatility will remain elevated in the markets in the months ahead and BBQ is likely to see lower prices. Recent Developments On May 10th, 2022, the company reported results for Q1 FY22. Overall, the results were solid and BBQ managed to beat both revenue and EPS estimates. Sales reached ~$64.18 million in the last quarter, representing a ~72% YoY increase. The results were boosted by the Village Inn and Tahoe Joe's Steakhouse acquisitions made in July and October 2021, respectively. More on that in my previous article on BBQ. On top of that, management remains committed to the same growth model going forward. The company acquired three bar-centric locations in March 2022, collectively referred to as Famous Craft Concepts, bringing the total cash spent on M&A deals for Q1 FY22 to $4.43 million. The company used less than $0.5 million in new debt to finance these acquisitions and mostly relied on cash from operating activities and accumulated cash reserves on its balance sheet. Another acquisition took place on April 11 2022 when BBQ closed the purchase of Barrio Queen, a chain of seven authentic Mexican fine dining restaurants in Phoenix, Arizona, for $28.5 million. BBQ 10-Q BBQ's numerous concepts continue to enjoy high comparable sales figures relative to 2019 and 2021, with a few exceptions. Famous Dave's company-owned restaurants are up 12.6%, whereas Village Inn and Bakers Square are down vs 2019. The next quarters will be very important to watch as they will give investors a good idea if management is successful in turning around these two lagging concepts. Given how high inflation is at the moment, I expect same-store sales to remain high over the next year on a company-wide level. BBQ Investor Relations Website TTM sales have now reached ~$233 million, and are at a multi-decade high. The turnaround is in full swing and management was successful in transforming this failing restaurant chain into a thriving M&A growth machine, while keeping the amount of leverage limited. BBQ finished the last quarter with less than $15 million in total debt, which is relatively low compared to the total amount spent on acquisitions in the previous 24 months. Management now expects revenue of $290 to $310 million for FY22, which is ~9% higher compared to the previous guidance from March 2022. Refinitiv Eikon What's good to see is that operations have benefited from this growth model. The TTM gross profit has now exceeded the 2015 high of ~$35 million and TTM cash from operating activities came close to $23.5 million. According to management, FY22 free cash flow is expected to range from $13.5 to $15.5 million, unchanged from what was communicated in March 2022. Refinitiv Eikon The company has a ~17% TTM gross margin, which remains below the 20% average between 2010 and 2015. It is of course very hard to compare today's situation with the last decade since BBQ has completely changed its strategy and is now focused on growing through acquisitions. This business model will impact the gross margin with every new acquisition. The operating margin is also stable at around ~13%, which is in line with other competitors. Refinitiv Eikon Refinitiv Eikon Valuation In my previous article on BBQ, I argued that the business was fairly priced at ~9.4x EV/EBITDA. Based on 10.6 million shares outstanding, the company has a market cap of approximately $117.6 million. In this part, I have used a DCF model to value the business. The following assumptions have been made in the model: Estimated free cash flow for FY23 of $17 million, slightly below Wall Street estimates of $19 million to provide a conservative intrinsic value figure. A growth rate of 5% until FY26. A 2% terminal growth rate. A 10% discount rate, in line with BBQ's WACC.
Analyseartikel • Jul 02

The Return Trends At BBQ Holdings (NASDAQ:BBQ) Look Promising

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
Analyseartikel • May 25

What Does BBQ Holdings, Inc.'s (NASDAQ:BBQ) Share Price Indicate?

BBQ Holdings, Inc. ( NASDAQ:BBQ ), might not be a large cap stock, but it saw significant share price movement during...
Seeking Alpha • Apr 20

BBQ Holdings's Strategy Is Working And The Stock Is Cheap

BBQ is run rating ~$715M in system wide sales yet has an enterprise value of ~$145M. CEO Crivello has quietly taken EBITDA from $4M in 2017 to the current run rate of $27.5M+. BBQ has a battle tested growth algorithm that should drive extraordinary returns for shareholders over the next 5 years - in similar fashion to BBQ's last 5 years. BBQ will likely generate $18.5M+ in royalty and license revenue, which is a highly valuable cash flow stream and alone is worth more than the current stock price. BBQ management has a proven track record and is highly aligned with shareholders.
Seeking Alpha • Mar 25

Time For Some BBQ Holdings

Management has executed an interesting strategy of buying restaurant brands under pressure during the pandemic, with limited debt or equity issuance. The reopening rebound in restaurant sales has been slowed by a jump in gasoline prices during the past year, hopefully soon to reverse. The stock valuation is extremely low, if Wall Street estimates prove close to reality. Share quote gains over the past year have led the sector, with accumulation trends continuing by forward-looking investors.
Analyseartikel • Feb 24

Returns Are Gaining Momentum At BBQ Holdings (NASDAQ:BBQ)

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly...
Seeking Alpha • Feb 07

BBQ Holdings: Revisiting The Investment Thesis

BBQ continues to be active in the M&A field and recently bought Tahoe Joe's through a bankruptcy auction. BBQ delivered a solid third-quarter and is now on track to generate more than $16 million in operating cash flow in FY21, a level not achieved since 2013. BBQ is attractively priced relative to its peers, assuming BBQ will continue to reach its strategic targets.
Seeking Alpha • Dec 01

BBQ Holdings Is Cooking Up A New Winning Recipe

BBQ Holdings is the new holding company created by Famous Dave’s restaurants. BBQ Holdings is a micro-cap in turnaround. The company is making major changes in structure, innovating sales opportunities, acquiring other brands, cross selling, and taking advantages of synergies to reduce. I see a fair market value of $27.60. There is much room for upside potential if the turnaround is a success.
Analyseartikel • Nov 17

Why BBQ Holdings' (NASDAQ:BBQ) Earnings Are Weaker Than They Seem

Despite posting strong earnings, BBQ Holdings, Inc.'s ( NASDAQ:BBQ ) stock didn't move much over the last week. We...
Seeking Alpha • Sep 19

BBQ Holdings: Fairly Priced Even After Stellar YTD Performance

The company has launched new initiatives that could increase revenue and margins in the near future. BBQ has been very active recently in the M&A field: they have acquired 4 businesses since the start of 2020. The stock is now fairly valued after a stellar YTD performance.
Analyseartikel • Sep 18

The Market Doesn't Like What It Sees From BBQ Holdings, Inc.'s (NASDAQ:BBQ) Earnings Yet

BBQ Holdings, Inc.'s ( NASDAQ:BBQ ) price-to-earnings (or "P/E") ratio of 11.6x might make it look like a buy right now...
Seeking Alpha • Jul 05

BBQ Holdings: Earnings Growth Combined With Multiple Expansion Should Rerate The Stock

BBQ is primarily a royalty income annuity FCF business with negligible capital needs. BBQ has excellent prospects for multi-year double-digit franchise unit and franchise income growth. Earnings estimates should be beat handily. BBQ has additional strategies to fuel growth including adding high-end breakfast/brunch in some concepts as well as a strong balance sheet for M&A led by talented and incentivized capital allocators.

Analyse CEO-vergoeding

Hoe is Jeff Crivello's beloning veranderd ten opzichte van BBQ Holdings's winst?
DatumTotale vergoedingSalarisBedrijfswinsten
Jul 03 2022n/an/a

US$12m

Apr 03 2022n/an/a

US$24m

Jan 02 2022US$378kUS$250k

US$24m

Oct 03 2021n/an/a

US$19m

Jul 04 2021n/an/a

US$14m

Apr 04 2021n/an/a

-US$8m

Jan 03 2021US$1mUS$260k

US$5m

Sep 27 2020n/an/a

US$6m

Jun 28 2020n/an/a

US$6m

Mar 29 2020n/an/a

US$13m

Dec 29 2019US$1mUS$250k

-US$649k

Sep 29 2019n/an/a

US$2m

Jun 30 2019n/an/a

US$4m

Mar 31 2019n/an/a

US$4m

Dec 30 2018n/an/a

US$5m

Sep 30 2018n/an/a

US$2m

Jul 01 2018n/an/a

-US$1m

Apr 01 2018n/an/a

-US$4m

Dec 31 2017US$455kUS$28k

-US$7m

Compensatie versus markt: De totale vergoeding ($USD 377.75K ) Jeff } ligt onder het gemiddelde voor bedrijven van vergelijkbare omvang in de US markt ($USD 1.66M ).

Compensatie versus inkomsten: De vergoeding van Jeff is het afgelopen jaar in lijn geweest met de bedrijfsprestaties.

CEO

Jeff Crivello (43 yo)

4.8yrs
Tenure
US$377,748
Compensatie

Mr. Jeffery Crivello, also known as Jeff, has been the Chief Executive Officer of BBQ Holdings Inc. (formerly known as BBQ Holdings, Inc. (formerly known as Famous Dave’s of America, Inc.) since November 1...

Leiderschapsteam

NaamPositieTenureCompensatieEigendom
Jeffery Crivello
CEO & Director4.8yrsUS$377.75k4.98%
$ 9.2m
Jason Schanno
Chief Financial Officer1.1yrsUS$861.92k0.039%
$ 73.2k
Albert Hank
Chief Operating Officer1.7yrsUS$308.61k0.17%
$ 320.5k
1.7yrs
Gemiddelde duur
33yo
Gemiddelde leeftijd

Ervaren management: Het managementteam van BBQ wordt niet als ervaren beschouwd (gemiddelde ambtstermijn 1.7 jaar), wat duidt op een nieuw team.

Bestuursleden

NaamPositieTenureCompensatieEigendom
Jeffery Crivello
CEO & Director5.1yrsUS$377.75k4.98%
$ 9.2m
Charles Davidson
Director2.3yrsgeen gegevensgeen gegevens
Peter Haeg
Independent Director4.3yrsgeen gegevens0%
$ 0
Bryan Wolff
Independent Director7.2yrsUS$66.38k0.078%
$ 145.3k
Rachael Maga
Independent Director1.3yrsUS$20.00k0.014%
$ 26.0k
4.3yrs
Gemiddelde duur
43yo
Gemiddelde leeftijd

Ervaren bestuur: De raad van bestuur van BBQ wordt beschouwd als ervaren (gemiddelde ambtstermijn 4.3 jaar).

Bedrijfsanalyse en status van financiële gegevens

GegevensLaatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse2022/09/27 15:41
Aandelenkoers aan het einde van de dag2022/09/27 00:00
Inkomsten2022/07/03
Jaarlijkse inkomsten2022/01/02

Gegevensbronnen

De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.

PakketGegevensTijdframeVoorbeeld Amerikaanse bron *
Financiële gegevens bedrijf10 jaar
  • Resultatenrekening
  • Kasstroomoverzicht
  • Balans
Consensus schattingen analisten+3 jaar
  • Financiële prognoses
  • Koersdoelen analisten
Marktprijzen30 jaar
  • Aandelenprijzen
  • Dividenden, splitsingen en acties
Eigendom10 jaar
  • Top aandeelhouders
  • Handel met voorkennis
Beheer10 jaar
  • Leiderschapsteam
  • Raad van bestuur
Belangrijkste ontwikkelingen10 jaar
  • Bedrijfsaankondigingen

* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.

Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.

Analysemodel en Snowflake

Details van het analysemodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina. We hebben ook handleidingen over hoe je onze rapporten kunt gebruiken en tutorials op YouTube.

Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.

Industrie en sector

Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.

Bronnen van analisten

BBQ Holdings, Inc. wordt gevolgd door 5 analisten. 2 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.

AnalistInstelling
Conrad LyonB. Riley Securities, Inc.
Brooks O'NeilColliers Securities
Alex FuhrmanCraig-Hallum Capital Group LLC