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Revolution Share Discussion Threads
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|Yep good spot jg88721, I incorrectly used the store adjusted ebitda figure from their stats and not the adjusted ebitda figure so the be at one proposed multiple is much higher at c13-14x (please ignore the figures in my original post). The key point is that RBG looks v.inexpensive for a roll out at c6x EV/EBITDA.|
|good post valuehunter. Inspired me to look a bit more at its CH accounts too.
60m valuation for 31 bars (and 8m debt as at March 2016). Looks like they are doing about 1m pd a bar in revenue p.a., earn a ~73% gross margin, and earn a 5% operating profit (a/cs to March 2016)
OTOH, RBG also does food and this might partly explain why RBG's avg rev a bar pa is ~ 2m (120/62). RBG's gross margin is similar, at ~76% gross margin, and operating margin is a little better at 6%.
RBG has 60 bars and is valued at 100m (with no debt). So, 1.6m / RBG bar, versus 2m/bar for Be At One.
RBG's EBITDA reported at was 15.6m so, yes, about 6x. But Be At One's EBITDA (After centralised costs) was only 4.7m, so > 13x if they get 60m for the business (14/5x including 8m of debt). I think you may have used Be At One's store adjusted EBITDA?|
|Peel Hunt initiates coverage with 260p target.|
|True salchow, I may drop in anyway market research :-)|
|No ADRED, no shareholder discounts. Not a great reason for holding a share in any event.|
|Planning permission in for Revolution Bar in Solihull, do shareholders get a discount?|
|Lets not forget tha TU from just 3 weeks ago.
"Trading results are expected to be in line with the Board's expectations, reflecting a further period of growth in the number of sites, revenue and profit."|
|MIGHT WARN NOW THE FD HAS QUIT|
|Great buying opportunity!
|I'm in for the progressive div anyway. Bought in a few months and happy to hold|
|Bought in @ 183. Tree shakes good for some, less so for others. Nice to be here.|
|that was fun|
|so just stops being hit then, as this is a SETS stock?|
|If it looks like a tree shake ...|
|mmmm L2 suddenly looking very strong....|
|l seem to remember this happened at Pace. CFO suddenly resigned, everyone panicked and bailed out, turned out everything was fine. It then got bought out at a premium a year later. Anyway I might live to regret it but I've bought more :-/|
|This does not look good to me and is on my avoid list!|
|I'm out too, there's something fishy here and I'm not talking
about the contents of Baldrick's apple crumble :)|
|It's not panicking. There are plenty of fish in the sea and I prefer to catch those whose CFO has not suddenly resigned. Simple risk aversion for me in a risk seeking portfolio.|
|Panicking, well quite possibly but I will put off buying into RBG until there is a touch clarity from the business simple as that.
I will continue to have on the watch list but share price is down now about 20% from recent highs. Maybe that makes it a bargain at the moment or maybe a risk?|