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Jamba's New CEO Providing a Boost |
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| Mar 30, 2009 07:12 AM UTC |
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Tracked Blogger
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Via Long Investment Ideas from Seeking Alpha:
The market’s valuation of Jamba Inc. (JMBA) seems to reflect a consensus view that this chain of 729 smoothie stores will not survive. After a review of JMBA’s fourth quarter and full-year 2008 results, and several calls with management, I disagree. I predict that this company will not only survive but thrive. Below is an abbreviated version of my latest analysis of JMBA. A more detailed version is available at JohnAppel.com. Current Valuation & Consensus View
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A recent share price of $0.47 implies an enterprise value (equity + debt – unrestricted cash) of $25 million – approximately 0.6x store-level EBITDA and about 3.3x adjusted EBITDA, based on my 2009 forecast. For comparison, PEET trades at about 7.9x EBITDA, and SBUX trades at approximately 7.6x EBITDA. QSR concepts SONC and JACK trade at about 6.7x EBITDA.Be the first to comment on this story and earn 2 points.
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