BH - Initiating Coverage Of Biglari Holdings At '3' On Severe Valuation Disconnect
We have been looking for companies to add to our coverage since our universe dropped below 40 some time ago. Heightened merger and acquisition activity in the dining space over the last year or two has seen the likes of Popeye's, Ruby Tuesday, Buffalo Wild Wings, Fogo de Chao, and Panera Bread all cease to trade on the public markets.
This week we added to our coverage group by initiating shares of Biglari Holdings (BH) (BH.A) at our highest "3" rating with shares trading at $206 each. While we have monitored BH for a long