Long PIR

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.

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