Cedar Fair LP

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FUN : NYSE : Services
$61.32 | %
Today's Range: 61.09 - 61.53
Avg. Daily Volume: 136,900
07/22/16 - 4:02 PM ET

Financial Analysis


CEDAR FAIR -LP's gross profit margin for the first quarter of its fiscal year 2016 has significantly increased when compared to the same period a year ago. Sales and net income have grown, and although the growth in revenues has outpaced the average competitor within the industry, the net income growth has not. CEDAR FAIR -LP has very weak liquidity. Currently, the Quick Ratio is 0.37 which clearly shows a lack of ability to cover short-term cash needs. The company's liquidity has increased from the same period last year.

At the same time, stockholders' equity ("net worth") has significantly decreased by 97.27% from the same quarter last year. The key liquidity measurements indicate that the company is in a position in which financial difficulties could develop in the near future.

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Income Statement Q1 FY16 Q1 FY15
Net Sales ($mil)58.4446.82
EBITDA ($mil)-57.77-62.87
EBIT ($mil)-62.96-66.88
Net Income ($mil)-48.49-83.83


Balance Sheet Q1 FY16 Q1 FY15
Cash & Equiv. ($mil)64.5519.73
Total Assets ($mil)2003.762005.9
Total Debt ($mil)1604.91615.85
Equity ($mil)-41.81-21.19


Profitability Q1 FY16 Q1 FY15
Gross Profit Margin-55.45-78.82
EBITDA Margin-98.85-134.29
Operating Margin-107.74-142.86
Sales Turnover0.620.58
Return on Assets7.365.18
Return on Equity0.00.0
Debt Q1 FY16 Q1 FY15
Current Ratio0.620.67
Debt/Capital1.031.01
Interest Expense20.5821.48
Interest Coverage-3.06-3.11


Share Data Q1 FY16 Q1 FY15
Shares outstanding (mil)56.0755.95
Div / share0.830.75
EPS-0.87-1.5
Book value / share-0.75-0.38
Institutional Own % n/a n/a
Avg Daily Volume131822.0218476.0

Valuation


BUY. CEDAR FAIR -LP's P/E ratio indicates a discount compared to an average of 27.82 for the Hotels, Restaurants & Leisure industry and a value on par with the S&P 500 average of 25.03. Normally, for additional comaprison, we would look at the price-to-book ratio; however, this company's price-to-book ratio is negative making the value useless for comparisons. The current price-to-sales ratio is well above the S&P 500 average, but below the industry average. After reviewing these and other key valuation criteria, CEDAR FAIR -LP proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
FUN 23.58 Peers 27.82   FUN 10.30 Peers 14.87

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

FUN is trading at a discount to its peers.

 

Discount. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

FUN is trading at a significant discount to its peers.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
FUN 16.22 Peers 24.75   FUN 0.29 Peers 2.77

Discount. A lower price-to-projected earnings ratio than its peers can signify a less expensive stock or lower future growth expectations.

FUN is trading at a significant discount to its peers.

 

Discount. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

FUN trades at a significant discount to its peers.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
FUN NM Peers 12.07   FUN 39.57 Peers 18.71

Neutral. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

FUN's P/B is negative making this valuation measure meaningless.

 

Higher. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

FUN is expected to have an earnings growth rate that significantly exceeds its peers.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
FUN 2.77 Peers 2.90   FUN 6.98 Peers 8.82

Average. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

FUN is trading at a valuation on par with its industry on this measurement.

 

Lower. A sales growth rate that trails the industry implies that a company is losing market share.

FUN trails its peers on the basis of sales growth

 

 

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