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PLAY - Dave & Buster's Posted Record Q2 FY 2021 Earnings Offered Solid Q3 Guidance And The Shorts Keep Shorting
Dave & Buster's Entertainment Inc.
Dave & Buster's crushed Q2 FY 2021 estimates with Adj. EBITDA of $119 million vs. consensus estimates of $86 million (and 11 sell siders cover D&B).
Dave & Buster's is a great business with mid twenties Adj. EBITDA margins, generates strong free cash flow, and trades at only 6.9X EB/ Adj. EBITDA FY 2021.
With 13% of PLAY's float sold short, and after record Q2 FY 2021 results, the short thesis looks increasingly misguided and invalid.