RICK - RCI Hospitality: My Mea Culpa Moment - I Was Wrong About The Stock

• As promised, this is my follow-up article to my previous, and only, bearish article titled, "RCI Hospitality Holdings: Danger Lurks Beyond The Reopening Trade".
• My previous analysis was fundamentally flawed in some ways, based on inaccurate data surrounding the company's long-term financial performance, particularly surrounding earnings and free cash flow.
• I am no longer bearish on the stock, but I am not a bull either. With a high EV/FCF ratio, the stock is still a bit overpriced for my taste.
• I rate RCI Hospitality Holdings as a Hold and would revisit the stock on a meaningful pullback to the $45 to $55 range.

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