Flanigan's Enterprises, Inc. (BDL) | Investment Case

1. Company Snapshot

1.a. Company Description

Flanigan's Enterprises, Inc., together with its subsidiaries, operates a chain of full-service restaurants and package liquor stores in South Florida.It operates in two segments, Package Stores and Restaurants.The company operates package liquor stores under the Big Daddy's Liquors name, which offer private label liquors, beer, and wines; and restaurants under the Flanigan's Seafood Bar and Grill service mark that provide alcoholic beverages and full food services.

As of October 2, 2021, it operated 27 units consisting of restaurants, package liquor stores, and combination restaurants/package liquor stores; and franchised 5 units comprising 2 restaurants and 3 combination restaurants/package liquor stores.Flanigan's Enterprises, Inc.was incorporated in 1959 and is headquartered in Fort Lauderdale, Florida.

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1.b. Last Insights on BDL

Flanigan's Enterprises' recent performance was negatively driven by a decline in Q1 fiscal 2025 earnings, despite revenue growth. Higher costs led to a profit decline, despite menu price hikes boosting sales. The company's revenue growth in fiscal 2024 was driven by strong restaurant and retail sales, but profitability was challenged. The recent earnings release indicates that Flanigan's is under pressure to maintain profitability, as higher costs and declining earnings may impact the company's performance in the short term.

1.c. Company Highlights

Last Price	30.45
Change Percentage	0.00%
Open	30.33
Previous Close	30.45
Market Cap ( Millions)	57
Volume	69
Year High	35.98
Year Low	22.61
M A 50	31.49
M A 200	28.93

FCF Yield	22.72%
Dividend Yield	1.81%
ROE	6.88%
Debt / Equity	43.88%
Net Debt / EBIDTA	179.10%
Price To Book	0.88
Price Earnings Ratio	13.1
Price To FCF	4.4
Price To sales	0.28
EV / EBITDA	5.39

2. Transcript Summary

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3. NewsRoom

Flanigan's Gains 39% in Six Months: How to Play the Stock?

Oct -23

Source: zacks.com

Flanigan's Gains 37.7% in Six Months: How to Play the Stock?

Sep -23

Source: zacks.com

BDL Stock Slips Following Q3 Earnings Despite Revenue, Profit Growth

Aug -19

Source: zacks.com

FLANIGAN'S REPORTS EARNINGS

Aug -13

Source: prnewswire.com

Flanigan's Stock Gains Post Q2 Earnings, Revenues and Profit Improve

May -23

Source: zacks.com

FLANIGAN'S REPORTS EARNINGS

May -20

Source: prnewswire.com

BDL says Prosus' offer for Just Eat Takeaway is unfair to minority shareholders

Apr -02

Source: reuters.com

BDL Stock Gains Despite Q1 Earnings Decline, Revenues Improve Y/Y

Feb -17

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

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

6. Segments

Restaurants

Expected Growth: 4.5%

Growing demand for seafood and American cuisine, increasing popularity of casual dining, and expansion of restaurants in new locations drive growth for Flanigan's Enterprises, Inc.

Package Stores

Expected Growth: 4.5%

Growing demand for premium and craft beverages, increasing popularity of wine and spirits among millennials, and strategic store locations in Florida drive growth for Package Stores from Flanigan's Enterprises, Inc.

Other

Expected Growth: 4.5%

Growing demand for beverages, increasing popularity of craft beers, and strategic expansion of package stores are expected to drive the 'Other' segment's growth.

7. Detailed Products

Flanigan's Seafood Bar and Grill

Casual dining restaurant chain serving seafood, steaks, and pasta dishes

Joe's Crab Shack

Beach-themed seafood restaurant chain serving seafood, sandwiches, and salads

Big Daddy's

Upscale casual dining restaurant serving steaks, seafood, and pasta dishes

8. Flanigan's Enterprises, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Flanigan's Enterprises, Inc. is moderate due to the presence of alternative restaurants and food establishments that offer similar products and services.

Bargaining Power Of Customers

The bargaining power of customers is high due to the availability of alternative dining options and the ease of switching to competitors.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's ability to negotiate prices and terms with its suppliers.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of barriers to entry, such as high startup costs and regulatory requirements.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of established competitors and the need to differentiate the company's products and services.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	46.45%
Debt Cost	3.95%
Equity Weight	53.55%
Equity Cost	7.94%
WACC	6.09%
Leverage	86.73%

11. Quality Control: Flanigan's Enterprises, Inc. passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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 ->

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 ->

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 ->

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 ->

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 ->

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 ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-6.29%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.09%

Flanigan's Enterprises, Inc. - US3385171059

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BDL

1.c. Company Highlights

Fairly Valued

Stable Momentum

Average Yield

Average Quality

Cheaper

Weak Momentum

Medium Volatility

Less Volatile

Average Growth

Strong Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

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

6. Segments

Restaurants

Expected Growth: 4.5%

Package Stores

Expected Growth: 4.5%

Other

Expected Growth: 4.5%

7. Detailed Products

Flanigan's Seafood Bar and Grill

Joe's Crab Shack

Big Daddy's

8. Flanigan's Enterprises, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Flanigan's Enterprises, Inc. passed 4 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

30.45$

Current Price

30.45$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA