Intrinsic value of Biglari Holdings - BH

Previous Close

$417.15

  Intrinsic Value

$110.40

stock screener

  Rating & Target

str. sell

-74%

Previous close

$417.15

 
Intrinsic value

$110.40

 
Up/down potential

-74%

 
Rating

str. sell

We calculate the intrinsic value of BH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -1.28
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  850
  867
  887
  910
  935
  964
  995
  1,029
  1,065
  1,105
  1,147
  1,193
  1,241
  1,293
  1,347
  1,405
  1,467
  1,532
  1,601
  1,674
  1,751
  1,832
  1,918
  2,008
  2,103
  2,203
  2,309
  2,419
  2,536
  2,659
  2,788
Variable operating expenses, $m
 
  844
  863
  885
  910
  937
  967
  1,000
  1,036
  1,074
  1,115
  1,155
  1,202
  1,252
  1,305
  1,361
  1,421
  1,484
  1,550
  1,621
  1,695
  1,774
  1,857
  1,944
  2,036
  2,133
  2,235
  2,343
  2,456
  2,575
  2,700
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  818
  844
  863
  885
  910
  937
  967
  1,000
  1,036
  1,074
  1,115
  1,155
  1,202
  1,252
  1,305
  1,361
  1,421
  1,484
  1,550
  1,621
  1,695
  1,774
  1,857
  1,944
  2,036
  2,133
  2,235
  2,343
  2,456
  2,575
  2,700
Operating income, $m
  32
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
EBITDA, $m
  55
  49
  50
  51
  52
  54
  56
  58
  60
  62
  64
  67
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  107
  112
  118
  123
  129
  135
  142
  149
  156
Interest expense (income), $m
  0
  10
  10
  11
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  37
  39
  41
  43
  46
  49
  51
Earnings before tax, $m
  146
  14
  14
  14
  14
  15
  15
  15
  16
  16
  17
  21
  22
  22
  23
  23
  24
  25
  25
  26
  27
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
Tax expense, $m
  47
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
Net income, $m
  99
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  24
  25
  26
  27

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  98
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,097
  1,019
  1,042
  1,069
  1,099
  1,132
  1,169
  1,209
  1,252
  1,298
  1,348
  1,401
  1,458
  1,519
  1,583
  1,652
  1,724
  1,801
  1,882
  1,967
  2,058
  2,153
  2,253
  2,359
  2,471
  2,589
  2,713
  2,843
  2,980
  3,125
  3,276
Adjusted assets (=assets-cash), $m
  999
  1,019
  1,042
  1,069
  1,099
  1,132
  1,169
  1,209
  1,252
  1,298
  1,348
  1,401
  1,458
  1,519
  1,583
  1,652
  1,724
  1,801
  1,882
  1,967
  2,058
  2,153
  2,253
  2,359
  2,471
  2,589
  2,713
  2,843
  2,980
  3,125
  3,276
Revenue / Adjusted assets
  0.851
  0.851
  0.851
  0.851
  0.851
  0.852
  0.851
  0.851
  0.851
  0.851
  0.851
  0.852
  0.851
  0.851
  0.851
  0.850
  0.851
  0.851
  0.851
  0.851
  0.851
  0.851
  0.851
  0.851
  0.851
  0.851
  0.851
  0.851
  0.851
  0.851
  0.851
Average production assets, $m
  347
  354
  362
  371
  382
  393
  406
  420
  435
  451
  468
  487
  506
  527
  550
  573
  599
  625
  653
  683
  714
  748
  782
  819
  858
  899
  942
  987
  1,035
  1,085
  1,138
Working capital, $m
  8
  -85
  -87
  -89
  -92
  -94
  -97
  -101
  -104
  -108
  -112
  -117
  -122
  -127
  -132
  -138
  -144
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -206
  -216
  -226
  -237
  -249
  -261
  -273
Total debt, $m
  289
  294
  307
  322
  338
  357
  377
  400
  424
  450
  478
  507
  539
  573
  609
  647
  688
  730
  776
  824
  874
  927
  984
  1,043
  1,105
  1,171
  1,240
  1,313
  1,390
  1,471
  1,556
Total liabilities, $m
  565
  570
  583
  598
  614
  633
  653
  676
  700
  726
  754
  783
  815
  849
  885
  923
  964
  1,006
  1,052
  1,100
  1,150
  1,203
  1,260
  1,319
  1,381
  1,447
  1,516
  1,589
  1,666
  1,747
  1,832
Total equity, $m
  532
  449
  460
  471
  485
  499
  516
  533
  552
  573
  595
  618
  643
  670
  698
  728
  760
  794
  830
  868
  907
  949
  994
  1,041
  1,090
  1,142
  1,196
  1,254
  1,314
  1,378
  1,445
Total liabilities and equity, $m
  1,097
  1,019
  1,043
  1,069
  1,099
  1,132
  1,169
  1,209
  1,252
  1,299
  1,349
  1,401
  1,458
  1,519
  1,583
  1,651
  1,724
  1,800
  1,882
  1,968
  2,057
  2,152
  2,254
  2,360
  2,471
  2,589
  2,712
  2,843
  2,980
  3,125
  3,277
Debt-to-equity ratio
  0.543
  0.650
  0.670
  0.680
  0.700
  0.710
  0.730
  0.750
  0.770
  0.790
  0.800
  0.820
  0.840
  0.860
  0.870
  0.890
  0.900
  0.920
  0.930
  0.950
  0.960
  0.980
  0.990
  1.000
  1.010
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
Adjusted equity ratio
  0.434
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  99
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  24
  25
  26
  27
Depreciation, amort., depletion, $m
  23
  25
  26
  26
  27
  27
  28
  29
  30
  31
  32
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  44
  47
  49
  51
  54
  56
  59
  62
  65
  68
Funds from operations, $m
  71
  35
  36
  36
  37
  38
  39
  40
  41
  43
  44
  44
  46
  48
  49
  51
  53
  55
  57
  60
  62
  65
  67
  70
  73
  76
  80
  83
  87
  91
  95
Change in working capital, $m
  8
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
Cash from operations, $m
  63
  37
  38
  39
  40
  41
  42
  44
  45
  47
  48
  49
  51
  53
  55
  57
  59
  61
  64
  67
  70
  73
  76
  79
  82
  86
  90
  94
  98
  103
  107
Maintenance CAPEX, $m
  0
  -21
  -21
  -22
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -44
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
New CAPEX, $m
  -12
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
Cash from investing activities, $m
  -29
  -28
  -29
  -31
  -32
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -53
  -57
  -59
  -63
  -65
  -69
  -72
  -76
  -79
  -84
  -88
  -92
  -97
  -101
  -107
  -112
  -118
Free cash flow, $m
  34
  9
  8
  8
  7
  7
  6
  6
  5
  5
  4
  2
  2
  1
  1
  0
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -10
Issuance/(repayment) of debt, $m
  -15
  12
  13
  15
  17
  19
  20
  22
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
Issuance/(repurchase) of shares, $m
  0
  0
  0
  2
  3
  4
  5
  6
  7
  9
  10
  8
  9
  11
  12
  13
  14
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  38
  40
Cash from financing (excl. dividends), $m  
  -15
  12
  13
  17
  20
  23
  25
  28
  31
  35
  38
  38
  41
  45
  48
  51
  54
  59
  62
  67
  71
  75
  80
  84
  89
  95
  100
  106
  112
  119
  125
Total cash flow (excl. dividends), $m
  19
  20
  22
  24
  27
  29
  32
  34
  37
  39
  42
  40
  43
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  85
  89
  94
  99
  104
  109
  115
Retained Cash Flow (-), $m
  -81
  -8
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -20
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -57
  -61
  -64
  -67
Prev. year cash balance distribution, $m
 
  91
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  103
  11
  12
  13
  15
  16
  17
  18
  19
  20
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  98
  10
  10
  10
  10
  10
  10
  10
  9
  9
  6
  6
  6
  5
  4
  4
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  99.8
  99.4
  98.9
  98.3
  97.6
  96.7
  95.8
  94.8
  94.0
  93.1
  92.2
  91.2
  90.2
  89.1
  87.9
  86.8
  85.6
  84.3
  83.1
  81.8
  80.6
  79.3
  78.0
  76.7
  75.4
  74.1
  72.8
  71.6

Biglari Holdings Inc. is a holding company owning subsidiaries engaged in various business activities, including media, property and casualty insurance, and restaurants The Company's segments include Restaurant Operations, First Guard, Maxim, Other and Corporate. The Company's restaurant operations' activities are conducted through approximately two restaurant concepts operated by subsidiaries Steak n Shake Inc. (Steak n Shake) and Western Sizzlin Corporation (Western). Steak n Shake is engaged in the ownership, operation and franchising of Steak n Shake restaurants. Western is engaged primarily in the franchising of restaurants. The Company's insurance business consists of First Guard Insurance Company and its agency, 1st Guard Corporation. First Guard is a direct underwriter of commercial trucking insurance, selling physical damage and non-trucking liability insurance to truckers. Its media business consists of Maxim. Maxim's business lies principally in media and licensing.

FINANCIAL RATIOS  of  Biglari Holdings (BH)

Valuation Ratios
P/E Ratio 8.7
Price to Sales 1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 16.9
Growth Rates
Sales Growth Rate -1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.1%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio 14
Current Ratio 0.1
LT Debt to Equity 53%
Total Debt to Equity 54.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 9.5%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 12.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 20.1%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 21.4%
Gross Margin - 3 Yr. Avg. 21.2%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 13.3%
Operating Margin 3.8%
Oper. Margin - 3 Yr. Avg. 2.8%
Pre-Tax Margin 17.2%
Pre-Tax Margin - 3 Yr. Avg. 10.4%
Net Profit Margin 11.6%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 32.2%
Eff/ Tax Rate - 3 Yr. Avg. 41.4%
Payout Ratio 0%

BH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BH stock intrinsic value calculation we used $850 million for the last fiscal year's total revenue generated by Biglari Holdings. The default revenue input number comes from 2016 income statement of Biglari Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BH stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for BH is calculated based on our internal credit rating of Biglari Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Biglari Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BH stock the variable cost ratio is equal to 97.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Biglari Holdings.

Corporate tax rate of 27% is the nominal tax rate for Biglari Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BH are equal to 40.8%.

Life of production assets of 16.8 years is the average useful life of capital assets used in Biglari Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BH is equal to -9.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $532 million for Biglari Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 2.068 million for Biglari Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Biglari Holdings at the current share price and the inputted number of shares is $0.9 billion.

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TXRH Texas Roadhous 52.09 40.69  hold
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COMPANY NEWS

▶ Biglari reports 3Q loss   [Nov-03-17 04:10PM  Associated Press]
▶ Biglari Holdings Inc. News Release   [04:00PM  PR Newswire]
▶ Vonage and Biglari Are Marching to their Own Beat   [Aug-11-17 09:00AM  TheStreet.com]
▶ Biglari posts 2Q profit   [Aug-04-17 09:29PM  Associated Press]
▶ Biglari Holdings Inc. News Release   [04:01PM  PR Newswire]
▶ 3 Stocks That Had a Reverse Split and Lived   [Jul-10-17 09:30AM  Motley Fool]
▶ Cracker Barrel Barrels Ahead With Tasty Dividend in Tow   [Jun-07-17 12:00PM  TheStreet.com]
▶ Biglari Holdings buys California insurance company in $299.5 million deal   [May-28-17 02:15PM  American City Business Journals]
▶ A Noteworthy Thursday for 4 Value Names   [10:00AM  TheStreet.com]
▶ Biglari reports 1Q loss   [May-05-17 06:45PM  Associated Press]
▶ Biglari Holdings Inc. News Release   [04:01PM  PR Newswire]
▶ Biglari Holdings Annual Meeting Should Be a Really Big Show   [Apr-24-17 09:00AM  TheStreet.com]
▶ Biglari Holdings Inc. News Release   [Feb-25-17 07:57AM  PR Newswire]
▶ Cracker Barrel Stock Upgraded: What You Need to Know   [Dec-01-16 12:26PM  Motley Fool]
▶ Biglari Holdings Inc. News Release   [04:04PM  PR Newswire]
▶ *** DATA NOT AVAILABLE ***   [06:06AM  at noodls]
▶ After rally, junk bond buyers turn more cautious   [Oct-07-16 11:48AM  Reuters]
▶ Why you shouldnt piggyback on Bill Ackmans Chipotle purchase   [Sep-08-16 03:39PM  at MarketWatch]
▶ Biglari Holdings Inc. News Release   [04:02PM  PR Newswire]
▶ Mr. Grumpy and a Case of Latour   [May-16-16 09:04AM  at Bloomberg]
▶ Biglari Holdings Inc. News Release   [04:01PM  PR Newswire]
Financial statements of BH
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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