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Financial Analysis and Valuation of Einstein Noah Restaurant Group

This report delves into the financial analysis and valuation of Einstein Noah Restaurant Group, the leading owner and operator of bagel specialty restaurants in the U.S. With over 817 locations in 40 states and a focus on high-quality food in a bakery-café environment, the company showcases strong brand presence through its Einstein Bros., Noah's, and Manhattan Bagel chains. The report discusses recent sales trends, cost-cutting strategies, and analysts' moderate earnings growth projections while reviewing strategic alternatives to enhance shareholder value.

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Financial Analysis and Valuation of Einstein Noah Restaurant Group

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  1. Analysis & Valuation Using Financial Statements Specialty Eateries – Einstein Noah Dennis Dai

  2. Agenda • Company Background • Footnote Disclosures • Expanded B/S • Expanded I/S • Issues

  3. Company Background • Einstein Noah Restaurant Inc. • largest owner/operator, franchisor and licensor of bagel specialty restaurants in the United States. • Business presence • it had 817 restaurants in 40 states and in the District of Columbia. • Business Emphasize • high-quality foods for breakfast, lunch and afternoon snacks in a bakery-café atmosphere • Brands • Einstein Bros. restaurants, • Noah’s restaurants in California • Manhattan Bagel restaurants

  4. Expanded B/S

  5. Expanded B/S (Cont’)

  6. Expanded B/S (Cont’)

  7. Deferred Income Tax Assets

  8. Prepaid Expenses

  9. Other (Current) Assets

  10. Property, Plant & Equipment

  11. Trademarks & Intangibles

  12. Accrued Expenses & Other Current Liabilities

  13. Other Liabilities

  14. Other Comprehensive Income

  15. Expanded I/S

  16. Expanded I/S (Cont’)

  17. Other Operating Income & Expenses

  18. Issue: Sales • Earnings conference call • Sales moderated • Focus on cost cutting • Focus on franchising • Value menu expansion • Analysts expectations • Hold/(Buy) • Moderate earnings growth projections for 2014-2016 • High: 6% Low: 1.2% Median: 2-3%

  19. Strategic Alternative Review • On May 3, 2012 • authorized a review of strategic alternatives to the Company, including a possible business combination or sale • On December 6, 2012 • completed its review and elected to recapitalize the Company by amending existing credit facility and declaring a one-time special cash dividend • Going concern? • Profitability?

  20. Thanks!Q&A

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