Intrinsic value of Biglari Holdings - BH

Previous Close

$200.07

  Intrinsic Value

$65.54

stock screener

  Rating & Target

str. sell

-67%

Previous close

$200.07

 
Intrinsic value

$65.54

 
Up/down potential

-67%

 
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 2017), $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 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  857
  877
  899
  924
  952
  983
  1,017
  1,053
  1,092
  1,134
  1,179
  1,226
  1,277
  1,331
  1,389
  1,450
  1,514
  1,582
  1,654
  1,730
  1,811
  1,895
  1,984
  2,078
  2,177
  2,281
  2,391
  2,506
  2,628
  2,755
Variable operating expenses, $m
  825
  844
  865
  889
  916
  946
  978
  1,012
  1,049
  1,089
  1,126
  1,171
  1,220
  1,272
  1,326
  1,385
  1,446
  1,511
  1,580
  1,653
  1,729
  1,810
  1,895
  1,985
  2,079
  2,179
  2,283
  2,394
  2,510
  2,632
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
  825
  844
  865
  889
  916
  946
  978
  1,012
  1,049
  1,089
  1,126
  1,171
  1,220
  1,272
  1,326
  1,385
  1,446
  1,511
  1,580
  1,653
  1,729
  1,810
  1,895
  1,985
  2,079
  2,179
  2,283
  2,394
  2,510
  2,632
Operating income, $m
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
  103
  108
  113
  118
  124
EBITDA, $m
  76
  78
  80
  82
  85
  88
  91
  94
  97
  101
  105
  109
  114
  119
  124
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  223
  234
  245
Interest expense (income), $m
  0
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  54
  57
  61
  64
  68
  72
  76
  81
  86
  91
  96
Earnings before tax, $m
  13
  13
  13
  13
  13
  13
  14
  14
  14
  14
  21
  21
  22
  22
  22
  22
  23
  23
  23
  24
  24
  24
  25
  25
  26
  26
  27
  27
  28
  28
Tax expense, $m
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  7
  7
  7
  8
Net income, $m
  9
  9
  9
  10
  10
  10
  10
  10
  10
  10
  15
  16
  16
  16
  16
  16
  17
  17
  17
  17
  18
  18
  18
  18
  19
  19
  19
  20
  20
  21

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,085
  1,110
  1,138
  1,170
  1,206
  1,244
  1,287
  1,333
  1,382
  1,435
  1,492
  1,552
  1,617
  1,685
  1,758
  1,835
  1,917
  2,003
  2,094
  2,190
  2,292
  2,399
  2,512
  2,631
  2,756
  2,888
  3,027
  3,173
  3,326
  3,488
Adjusted assets (=assets-cash), $m
  1,085
  1,110
  1,138
  1,170
  1,206
  1,244
  1,287
  1,333
  1,382
  1,435
  1,492
  1,552
  1,617
  1,685
  1,758
  1,835
  1,917
  2,003
  2,094
  2,190
  2,292
  2,399
  2,512
  2,631
  2,756
  2,888
  3,027
  3,173
  3,326
  3,488
Revenue / Adjusted assets
  0.790
  0.790
  0.790
  0.790
  0.789
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
Average production assets, $m
  378
  387
  396
  408
  420
  434
  448
  464
  482
  500
  520
  541
  563
  587
  613
  639
  668
  698
  730
  763
  798
  836
  875
  917
  960
  1,006
  1,054
  1,105
  1,159
  1,215
Working capital, $m
  -124
  -127
  -130
  -134
  -138
  -143
  -147
  -153
  -158
  -164
  -171
  -178
  -185
  -193
  -201
  -210
  -220
  -229
  -240
  -251
  -263
  -275
  -288
  -301
  -316
  -331
  -347
  -363
  -381
  -400
Total debt, $m
  273
  285
  298
  313
  329
  347
  367
  388
  411
  436
  462
  490
  520
  552
  585
  621
  659
  699
  741
  785
  832
  882
  934
  989
  1,047
  1,108
  1,172
  1,240
  1,311
  1,386
Total liabilities, $m
  502
  514
  527
  542
  558
  576
  596
  617
  640
  664
  691
  719
  749
  780
  814
  850
  887
  927
  970
  1,014
  1,061
  1,111
  1,163
  1,218
  1,276
  1,337
  1,401
  1,469
  1,540
  1,615
Total equity, $m
  582
  596
  611
  628
  647
  668
  691
  716
  742
  771
  801
  834
  868
  905
  944
  985
  1,029
  1,076
  1,125
  1,176
  1,231
  1,288
  1,349
  1,413
  1,480
  1,551
  1,625
  1,704
  1,786
  1,873
Total liabilities and equity, $m
  1,084
  1,110
  1,138
  1,170
  1,205
  1,244
  1,287
  1,333
  1,382
  1,435
  1,492
  1,553
  1,617
  1,685
  1,758
  1,835
  1,916
  2,003
  2,095
  2,190
  2,292
  2,399
  2,512
  2,631
  2,756
  2,888
  3,026
  3,173
  3,326
  3,488
Debt-to-equity ratio
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.680
  0.690
  0.700
  0.710
  0.710
  0.720
  0.730
  0.730
  0.740
Adjusted equity ratio
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  9
  9
  10
  10
  10
  10
  10
  10
  10
  15
  16
  16
  16
  16
  16
  17
  17
  17
  17
  18
  18
  18
  18
  19
  19
  19
  20
  20
  21
Depreciation, amort., depletion, $m
  44
  45
  46
  47
  49
  50
  52
  53
  55
  57
  52
  54
  56
  59
  61
  64
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  105
  111
  116
  122
Funds from operations, $m
  54
  55
  56
  57
  58
  60
  62
  63
  65
  67
  67
  70
  72
  75
  77
  80
  83
  87
  90
  94
  97
  101
  106
  110
  115
  120
  125
  130
  136
  142
Change in working capital, $m
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
Cash from operations, $m
  56
  58
  59
  61
  62
  64
  66
  69
  71
  73
  74
  77
  80
  83
  86
  89
  93
  97
  100
  105
  109
  114
  119
  124
  129
  135
  141
  147
  154
  161
Maintenance CAPEX, $m
  -37
  -38
  -39
  -40
  -41
  -42
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -111
  -116
New CAPEX, $m
  -7
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -56
Cash from investing activities, $m
  -44
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -111
  -117
  -123
  -129
  -136
  -142
  -149
  -156
  -165
  -172
Free cash flow, $m
  12
  11
  10
  10
  9
  9
  8
  8
  7
  7
  4
  4
  3
  2
  2
  1
  0
  0
  -1
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -12
Issuance/(repayment) of debt, $m
  10
  12
  13
  15
  16
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
Issuance/(repurchase) of shares, $m
  2
  4
  6
  8
  9
  11
  13
  15
  16
  18
  15
  17
  19
  21
  23
  25
  27
  29
  32
  34
  37
  40
  42
  45
  48
  52
  55
  59
  62
  66
Cash from financing (excl. dividends), $m  
  12
  16
  19
  23
  25
  29
  33
  36
  39
  43
  41
  45
  49
  53
  57
  61
  65
  69
  74
  79
  84
  90
  94
  100
  106
  113
  119
  127
  133
  141
Total cash flow (excl. dividends), $m
  23
  27
  30
  32
  35
  38
  41
  43
  46
  49
  45
  48
  52
  55
  58
  62
  65
  69
  73
  77
  81
  86
  90
  95
  100
  106
  111
  117
  123
  129
Retained Cash Flow (-), $m
  -11
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -28
  -30
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -57
  -61
  -64
  -67
  -71
  -75
  -78
  -83
  -87
Prev. year cash balance distribution, $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 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
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
Discount rate, %
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
  11
  12
  12
  12
  12
  11
  11
  10
  10
  9
  6
  5
  5
  5
  4
  4
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  99.4
  98.5
  97.1
  95.4
  93.4
  91.2
  88.8
  86.2
  83.5
  80.7
  78.5
  76.2
  73.8
  71.4
  68.9
  66.4
  63.9
  61.4
  58.9
  56.4
  54.0
  51.7
  49.3
  47.1
  44.9
  42.7
  40.7
  38.7
  36.8
  34.9

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 4.2
Price to Sales 0.5
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 8.1
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 $840 million for the last fiscal year's total revenue generated by Biglari Holdings. The default revenue input number comes from 2017 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 5.5%, 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 96.3%.

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 7.3% 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 44.1%.

Life of production assets of 10 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 -14.5%. 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 - $571 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 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 $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
CBRL Cracker Barrel 152.11 98.17  sell
DIN Dine Brands Gl 80.29 19.00  str.sell
DENN Denny's 14.84 1.08  str.sell
TXRH Texas Roadhous 66.10 17.91  str.sell
SAUC Diversified Re 1.07 0.14  str.sell
DRI Darden Restaur 113.85 77.20  hold
BJRI BJ's Resta 66.75 17.69  str.sell

COMPANY NEWS

▶ Biglari: 2Q Earnings Snapshot   [Aug-03-18 04:54PM  Associated Press]
▶ Biglari Holdings Inc. News Release   [04:02PM  PR Newswire]
▶ Which San Antonio public company CEO's had the largest employee pay ratio disparity?   [Jul-06-18 03:39PM  American City Business Journals]
▶ From tax reform to trade wars, San Antonio public companies show resilience   [Jun-21-18 03:57PM  American City Business Journals]
▶ Biglari: 1Q Earnings Snapshot   [May-04-18 04:27PM  Associated Press]
▶ Biglari Holdings Inc. News Release   [04:00PM  PR Newswire]
▶ Will There Be More Biglari Selling Today?   [Apr-30-18 10:59AM  TheStreet.com]
▶ Biglari Holdings Inc. News Release   [Feb-24-18 06:00AM  PR Newswire]
▶ RM LAW Announces Investigation of Biglari Holdings Inc.   [Jan-26-18 06:45PM  PR Newswire]
▶ Largest Insider Trades of the Week   [04:48PM  GuruFocus.com]
▶ 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]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.