LUB - Luby's Recent Liquidation Transactions Imply Liquidation Proceeds Of $5-$7 Per Share

• Restaurant operator Luby's has completed various pieces of its liquidation process at valuations ahead of liquidation accounting.
• They have done well monetizing their major brands/franchises at attractive valuations and selling properties at potentially a premium to liquidation and appraisal value.
• Even on liquidation accounting assumptions including PPP loan forgiveness, investors should see around $4.44/share, but things appear to be trending better.
• Recent transactions imply over $5/share may be realized and higher valuations up to $7/share, though less likely, are not inconceivable.
• Luby's may offer upside of around 20%-65% on a 6 to 12-month view.

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