Might be interesting actually. Just pulled up the figures, around 8x EBITDA and SSS been good over last few years. Ares owning 84% is quite the weird overhang tho and may affect the relative multiples w comps; but it’s not like the stock hasn’t seen better days in times past.
Just to say that I've discovered your blog today, have read through several articles in a row now, and am grateful for you sharing your thoughts here. You distill complex matters to their essentials and write convincingly about them. It's impressive to read, and I learn a lot in little time.
Thanks for the post and I enjoyed reading it. Have you looked at Savers Value Village? Any thoughts or comments?
Might be interesting actually. Just pulled up the figures, around 8x EBITDA and SSS been good over last few years. Ares owning 84% is quite the weird overhang tho and may affect the relative multiples w comps; but it’s not like the stock hasn’t seen better days in times past.
Really enjoyed this piece. Nice work! Looks like others include the lease obligations in the EV as debt. Any thought on this approach?
EBITDA under GAAP would have already factored lease payments as an expense so including leases would be double counting IMO.
Just to say that I've discovered your blog today, have read through several articles in a row now, and am grateful for you sharing your thoughts here. You distill complex matters to their essentials and write convincingly about them. It's impressive to read, and I learn a lot in little time.
Welcome Simon. Your feedback means a lot to me <3