As much as I like Ibersol I find the write up flawed in many respects from basic accounting figures (eg profit from BK sale) to comps and valuation. It does not give a clear view of the business or the main figures of the company. Comparing with Restaurant Brands in the table says a lot. Ibersol does not deserve a 22p/e and you cannot have such a gap between DCF and comp valuation which clearly indicates the DCF is wrong. How much shares have Ibersol bought back? Is it a considerable amount? The industry is not cyclical (it has seasonality) and debt is not minimal (there is a large net cash position). I hope you can improve in next write ups
As much as I like Ibersol I find the write up flawed in many respects from basic accounting figures (eg profit from BK sale) to comps and valuation. It does not give a clear view of the business or the main figures of the company. Comparing with Restaurant Brands in the table says a lot. Ibersol does not deserve a 22p/e and you cannot have such a gap between DCF and comp valuation which clearly indicates the DCF is wrong. How much shares have Ibersol bought back? Is it a considerable amount? The industry is not cyclical (it has seasonality) and debt is not minimal (there is a large net cash position). I hope you can improve in next write ups
I'm sorry you didn't like it. I will try to improve in the following ones.
Just to know, what benefit did Ibersol get from the sale of the bk?
c.140m capital gain