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1. Company Snapshot

1.a. Company Description

Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States.It owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names.As of December 31, 2021, it operated 199 Steak n Shake company-operated restaurants, 159 franchise partner units, and 178 traditional franchise units, as well as 3 Western Sizzlin company-operated restaurants and 38 franchised units.


The company also engages in underwriting commercial trucking insurance; selling physical damage and non-trucking liability insurance to truckers; and providing property and casualty insurance.In addition, it operates oil and natural gas properties in the Gulf of Mexico; and publishes and sells magazines and related publishing products under the MAXIM brand name.Further, it licenses media products and services; and engages in the investment activities.


The company was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc.in April 2010.Biglari Holdings Inc.


was founded in 1934 and is based in San Antonio, Texas.

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1.b. Last Insights on BH

Biglari Holdings' recent performance was positively driven by a significant swing to profitability in its fiscal Q2 2025 earnings, with net earnings of $50.9 million, compared to a $48.2 million loss in the prior year period. This turnaround was largely fueled by substantial investment gains of $61.4 million. The company's diversified operations across restaurants, insurance, oil and gas, and media likely contributed to the improved financials. Additionally, the company's recent earnings release highlights its ability to adapt to changing business conditions.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Biglari (NYSE:BH) Share Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Dec -03

Source: defenseworld.net

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AXQ Capital LP Invests $249,000 in Biglari Holdings Inc. $BH

Nov -25

Source: defenseworld.net

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Biglari Capital Highlights Support of Retail Shareholders Against the CEO

Nov -21

Source: prnewswire.com

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Biglari Capital Urges ALL Shareholders to Send a Strong Message to the Cracker Barrel Board That the Current Plan Is Failing

Nov -13

Source: prnewswire.com

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Biglari Holdings Inc. News Release

Nov -07

Source: prnewswire.com

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Egan-Jones Recommends Leadership Change at Cracker Barrel: To Vote AGAINST the Election of Five Incumbent Directors, Including CEO Julie Masino

Nov -07

Source: prnewswire.com

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Analyzing Biglari (NYSE:BH.A) and Meritage Hospitality Group (OTCMKTS:MHGU)

Nov -05

Source: defenseworld.net

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519 Shares in Biglari Holdings Inc. $BH Purchased by AlphaQuest LLC

Nov -04

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Hospital and Health Care Center

Expected Growth: 4.5%

Growing demand for patient-centered care, increasing healthcare expenditure, and advancements in medical technology are expected to drive the growth of Biglari Holdings Inc.'s Hospital and Health Care Center.

7. Detailed Products

Steak 'n Shake Restaurants

A classic American brand serving burgers, milkshakes, and other American classics in a nostalgic diner-style setting.

Western Sizzlin Steakhouse Restaurants

Upscale steakhouse experience offering premium cuts of meat, seafood, and fine wines in an elegant atmosphere.

Max & Erma's Restaurants

Casual dining concept serving American comfort food with a focus on burgers, sandwiches, and salads in a friendly, welcoming environment.

Insurance Business

A range of insurance products and services, including auto, home, and commercial insurance, offered through various subsidiaries.

Media and Publishing

A portfolio of publications, including Maxim magazine, and other media properties.

8. Biglari Holdings Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Biglari Holdings Inc. operates in the restaurant industry, where substitutes are readily available. However, the company's brands, such as Steak 'n Shake and Western Sizzlin, have a strong brand presence, which reduces the threat of substitutes.

Bargaining Power Of Customers

Biglari Holdings Inc. operates in the quick-service restaurant industry, where customers have some bargaining power due to the availability of alternatives. However, the company's brands have a loyal customer base, which reduces the bargaining power of customers.

Bargaining Power Of Suppliers

Biglari Holdings Inc. relies on suppliers for ingredients and materials. While the company has some bargaining power due to its size, suppliers also have some power due to the specialized nature of some ingredients.

Threat Of New Entrants

The restaurant industry is highly competitive, and new entrants can easily enter the market. Biglari Holdings Inc. faces a high threat of new entrants, which can lead to increased competition and reduced market share.

Intensity Of Rivalry

The restaurant industry is highly competitive, with many established players. Biglari Holdings Inc. faces intense rivalry from competitors, which can lead to reduced prices, increased marketing expenses, and decreased market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 14.45%
Debt Cost 6.68%
Equity Weight 85.55%
Equity Cost 11.54%
WACC 10.84%
Leverage 16.89%

11. Quality Control: Biglari Holdings Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Flanigan's

A-Score: 5.3/10

Value: 8.1

Growth: 3.7

Quality: 5.1

Yield: 4.0

Momentum: 7.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Biglari

A-Score: 4.8/10

Value: 4.2

Growth: 2.3

Quality: 5.9

Yield: 0.0

Momentum: 10.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Cracker Barrel

A-Score: 4.6/10

Value: 6.3

Growth: 3.3

Quality: 2.8

Yield: 7.0

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Jack in the Box

A-Score: 4.0/10

Value: 7.7

Growth: 3.3

Quality: 3.5

Yield: 6.0

Momentum: 0.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Bloomin Brands

A-Score: 3.9/10

Value: 7.7

Growth: 2.0

Quality: 3.0

Yield: 8.0

Momentum: 0.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Ark Restaurants

A-Score: 3.1/10

Value: 9.6

Growth: 2.1

Quality: 2.4

Yield: 1.0

Momentum: 0.5

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

312.07$

Current Price

312.07$

Potential

-0.00%

Expected Cash-Flows