NYSE:FUN

Stock Analysis Report

Executive Summary

Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada.

Rewards


Snowflake Analysis


Similar Companies

Share Price & News

How has Cedar Fair's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FUN's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-28.2%

FUN

-14.7%

US Hospitality

-2.0%

US Market


1 Year Return

-68.8%

FUN

-52.0%

US Hospitality

-15.1%

US Market

Return vs Industry: FUN underperformed the US Hospitality industry which returned -52% over the past year.

Return vs Market: FUN underperformed the US Market which returned -15.1% over the past year.


Shareholder returns

FUNIndustryMarket
7 Day-28.2%-14.7%-2.0%
30 Day-57.2%-42.8%-19.7%
90 Day-70.9%-55.2%-23.2%
1 Year-66.4%-68.8%-50.7%-52.0%-13.4%-15.1%
3 Year-71.3%-76.3%-39.9%-44.0%10.9%3.7%
5 Year-61.5%-71.4%-36.5%-43.6%28.4%14.4%

Price Volatility Vs. Market

How volatile is Cedar Fair's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Cedar Fair undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FUN ($16.28) is trading below our estimate of fair value ($56.18)

Significantly Below Fair Value: FUN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: FUN is good value based on its PE Ratio (5.3x) compared to the Hospitality industry average (11.5x).

PE vs Market: FUN is good value based on its PE Ratio (5.3x) compared to the US market (12.4x).


Price to Earnings Growth Ratio

PEG Ratio: FUN is poor value based on its PEG Ratio (1.9x)


Price to Book Ratio

PB vs Industry: FUN has negative assets, so we can't compare its PB Ratio to the US Hospitality industry average.

Future Growth

How is Cedar Fair forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

2.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FUN's forecast earnings growth (2.9% per year) is above the savings rate (1.7%).

Earnings vs Market: FUN's earnings (2.9% per year) are forecast to grow slower than the US market (13.4% per year).

High Growth Earnings: FUN's earnings are forecast to grow, but not significantly.

Revenue vs Market: FUN's revenue (2.8% per year) is forecast to grow slower than the US market (7.1% per year).

High Growth Revenue: FUN's revenue (2.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FUN's Return on Equity is forecast to be high in 3 years time (26.6%)

Past Performance

How has Cedar Fair performed over the past 5 years?

7.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FUN has high quality earnings.

Growing Profit Margin: FUN's current net profit margins (11.7%) are higher than last year (9.4%).


Past Earnings Growth Analysis

Earnings Trend: FUN's earnings have grown by 7.7% per year over the past 5 years.

Accelerating Growth: FUN's earnings growth over the past year (36.1%) exceeds its 5-year average (7.7% per year).

Earnings vs Industry: FUN earnings growth over the past year (36.1%) exceeded the Hospitality industry 1.6%.


Return on Equity

High ROE: FUN's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.

Financial Health

How is Cedar Fair's financial position?


Financial Position Analysis

Short Term Liabilities: FUN has negative shareholder equity, which is a more serious situation than short term assets not covering short term liabilities.

Long Term Liabilities: FUN has negative shareholder equity, which is a more serious situation than short term assets not covering long term liabilities.


Debt to Equity History and Analysis

Debt Level: FUN has negative shareholder equity, which is a more serious situation than a high debt level.

Reducing Debt: FUN's has negative shareholder equity, so we do not need to check if its debt has reduced over time.

Debt Coverage: FUN's debt is not well covered by operating cash flow (18.5%).

Interest Coverage: FUN's interest payments on its debt are not well covered by EBIT (2.7x coverage).


Balance Sheet

Inventory Level: FUN has a high level of physical assets or inventory.

Debt Coverage by Assets: FUN has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.

Dividend

What is Cedar Fair's current dividend yield, its reliability and sustainability?

22.97%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FUN's dividend (22.97%) is higher than the bottom 25% of dividend payers in the US market (2.05%).

High Dividend: FUN's dividend (22.97%) is in the top 25% of dividend payers in the US market (5.71%)


Stability and Growth of Payments

Stable Dividend: FUN's dividend payments have been volatile in the past 10 years.

Growing Dividend: FUN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (121.3%), FUN's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FUN's dividends in 3 years are not forecast to be well covered by earnings (95.6% payout ratio).

Management

How experienced are the management team and are they aligned to shareholders interests?

8.2yrs

Average management tenure


CEO

Richard Zimmerman (58yo)

2.25s

Tenure

US$3,691,327

Compensation

Mr. Richard A. Zimmerman has been Chief Executive Officer Cedar Fair Management, Inc. at General Partner of Cedar Fair, L.P. since January 01, 2018 and has been its President since October 26, 2016. He was ...


CEO Compensation Analysis

Compensation vs Market: Richard's total compensation ($USD3.69M) is about average for companies of similar size in the US market ($USD3.31M).

Compensation vs Earnings: Richard's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Richard Zimmerman
President2.25yrsUS$3.69m0.34% $3.2m
Brian Witherow
Executive VP & CFO of Cedar Fair Management Inc.8.25yrsUS$1.94m0.23% $2.2m
Tim Fisher
Chief Operating Officer of Cedar Fair Management Inc.2.33yrsUS$2.21m0.043% $393.2k
Duffield Milkie
Executive VP12.17yrsUS$1.49m0.12% $1.1m
Kelley Semmelroth
Executive VP & Chief Marketing Officer of Cedar Fair Management Inc.8.17yrsUS$1.22m0.082% $751.9k
David Hoffman
Senior VP & Chief Accounting Officer of Cedar Fair Management8.25yrsUS$344.80k0.069% $639.1k
Michael Russell
Corporate Director of Investor Relationsno datano datano data
Scott Tanner
Corporate Vice President of Sales - Cedar Fair Management Co.8.5yrsno datano data
Craig Heckman
Executive Vice President of Human Resources - Cedar Fair Management3.25yrsno data0.015% $138.6k
Robert Decker
Senior Vice President of Planning & Design - Cedar Fair Management Inc5.25yrsUS$603.26k0.12% $1.1m

8.2yrs

Average Tenure

54.5yo

Average Age

Experienced Management: FUN's management team is seasoned and experienced (8.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Richard Zimmerman
President2.25yrsUS$3.69m0.34% $3.2m
Gina France
Director of Cedar Fair Management Inc.8.75yrsUS$225.00k0.019% $171.3k
David Olivet
Director of Cedar Fair Management Inc.6.83yrsUS$204.98k0.013% $117.6k
Debra Smithart-Oglesby
Independent Director of Cedar Fair Management Inc.7.83yrsUS$250.00k0.044% $401.6k
Lauri Shanahan
Independent Director of Cedar Fair Management Inc.7.83yrsUS$208.90k0.0063% $58.2k
Daniel Hanrahan
Independent Chairman Cedar Fair Management Inc.0.25yrUS$212.77k0.053% $486.8k
Matthew Ouimet
Director of Cedar Fair Management Inc.8.67yrsUS$4.44m0.54% $4.9m
Carlos Ruisanchez
Director of Cedar Fair Management Inc.0.83yrno data0.020% $184.1k
John Scott
Director of Cedar Fair Management Inc.9.83yrsUS$208.10k0.023% $216.2k

7.8yrs

Average Tenure

58yo

Average Age

Experienced Board: FUN's board of directors are considered experienced (7.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: FUN insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Cedar Fair, L.P.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cedar Fair, L.P.
  • Ticker: FUN
  • Exchange: NYSE
  • Founded: 1983
  • Industry: Leisure Facilities
  • Sector: Consumer Services
  • Market Cap: US$922.579m
  • Shares outstanding: 56.67m
  • Website: https://www.cedarfair.com

Number of Employees


Location

  • Cedar Fair, L.P.
  • One Cedar Point Drive
  • Sandusky
  • Ohio
  • 44870
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FUNNYSE (New York Stock Exchange)YesLimited Partnership UnitsUSUSDApr 1987
7CFDB (Deutsche Boerse AG)YesLimited Partnership UnitsDEEURApr 1987

Biography

Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. The company operates approximately 11 amusement parks, 2 outdoor water parks, 1 indoor water park, and 4 hotels. Its amusement parks include Cedar Point located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Knott's Berry Farm near Los Angeles, California; Canada's Wonderland near Toronto, Canada; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania; Kings Dominion located near Richmond, Virginia; California's Great America located in Santa Clara, California; Valleyfair located near Minneapolis/St. Paul, Minnesota; Worlds of Fun located in Kansas City, Missouri; Michigan's Adventure located near Muskegon, Michigan; Schlitterbahn Waterpark & Resort New Braunfels in New Braunfels, Texas; and Schlitterbahn Waterpark Galveston in Galveston, Texas. The company also manages and operates Gilroy Gardens Family Theme Park in Gilroy, California; and owns and operates the Castaway Bay Indoor Waterpark Resort in Sandusky, Ohio. As of December 31, 2019, the company operated 11 amusement parks, and 4 separate gated outdoor water parks, as well as resort accommodations approximately 2,300 rooms and 600 luxury RV sites. Cedar Fair Management, Inc. serves as the general partner of Cedar Fair, L.P. The company was founded in 1983 and is headquartered in Sandusky, Ohio. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/04 03:28
End of Day Share Price2020/04/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.