Full write-up can be found here: PIR: Opportunity Remains, But Things Have To Change
- PIR is not undertaking the great millennial opportunity set before it.
- Healthy enough balance sheet is not being optimized.
- CEO Alex Smith needs to show shareholders he is doing more to accelerate the store’s turnaround.
- Trading at low EV/EBITDA, company could be ripe for an activist.
- Stable 5% yield offers price floor making for an attractive buying opportunity on recent dip.