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ELTA is really mostly the UK franchise of Fridays, the popular American-themed casual dining restaurant, which will be spun out to shareholders in next few months. The implied valuation of the new entity, Hostmore, is ~6-7x EV/EBITDA for a growing franchise likely taking share and ear...
The Restaurant Group delivered Interim Results on Tuesday. The impact of COVID on highstreet footfall has heavily affected an already struggling restaurant owner. Whilst the Wagamama acquisition came at a large price at the time, I believe it offers long-term promise for the compa...
Welcome to the annual UK Value Investor portfolio review, in which I either a) bask in the glory of my investing genius or b) role out a long list of excuses as to why I underperformed the market again. In this review, I'll briefly touch on a range of topics including performance (of course)...
The Restaurant Group (RSTGF) (which I'll shorten to TRG) joined the model portfolio in early 2016, shortly after the company published some very upbeat 2015 results. Revenues were up 8% while earnings and dividends per share were up 13%, continuing the company's long track record of impressi...
Unless you're an accountant or an experienced and well-read investor, chances are you either haven't heard of capitalising lease obligations or, if you have, it's something you don't do because it can be a lot of work. Until recently, I fell into the second group. I knew what lease capitalis...
2019 has been a fruitful year for the portfolio so far. In 1Q19, the portfolio returned 17.69%, versus 10.51% for the MSCI ACWI ex-US and 9.16% for the DAX. Year to date, the portfolio has returned 23.22%, versus 11.84% for the MSCI ACWI ex-US and 16.60% for the DAX. The careful and stra...