Cedar Fair LP

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FUN : NYSE : Services
$58.06 -0.43 | -0.74%
Today's Range: 58.03 - 58.92
Avg. Daily Volume: 157,400
08/24/16 - 4:05 PM ET

Financial Analysis


CEDAR FAIR -LP's gross profit margin for the second quarter of its fiscal year 2016 is essentially unchanged when compared to the same period a year ago. The company has grown sales and net income during the past quarter when compared with the same quarter a year ago, however, it was unable to keep up with the growth of the average competitor within its industry. CEDAR FAIR -LP has very weak liquidity. Currently, the Quick Ratio is 0.44 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, indicating improving cash flow.

At the same time, stockholders' equity ("net worth") has significantly decreased by 705.06% 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 Q2 FY16 Q2 FY15
Net Sales ($mil)388.03377.41
EBITDA ($mil)144.67141.44
EBIT ($mil)96.3794.34
Net Income ($mil)57.9857.58


Balance Sheet Q2 FY16 Q2 FY15
Cash & Equiv. ($mil)68.0935.45
Total Assets ($mil)2072.382076.28
Total Debt ($mil)1589.771600.85
Equity ($mil)-28.43-3.53


Profitability Q2 FY16 Q2 FY15
Gross Profit Margin50.549.54
EBITDA Margin37.2837.47
Operating Margin24.8425.0
Sales Turnover0.610.57
Return on Assets7.145.66
Return on Equity0.00.0
Debt Q2 FY16 Q2 FY15
Current Ratio0.680.69
Debt/Capital1.021.0
Interest Expense21.8122.47
Interest Coverage4.424.2


Share Data Q2 FY16 Q2 FY15
Shares outstanding (mil)56.0756.01
Div / share0.830.75
EPS1.031.02
Book value / share-0.51-0.06
Institutional Own % n/a n/a
Avg Daily Volume155116.0156565.0

Valuation


BUY. This stock's P/E ratio indicates a discount compared to an average of 31.03 for the Hotels, Restaurants & Leisure industry and a discount compared to the S&P 500 average of 25.30. 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 22.08 Peers 31.03   FUN 8.85 Peers 14.46

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

FUN is trading at a significant 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 15.82 Peers 25.37   FUN 0.27 Peers 2.85

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 40.41   FUN 24.76 Peers 31.54

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.

 

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

However, FUN is expected to trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
FUN 2.58 Peers 2.88   FUN 6.58 Peers 5.70

Discount. 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 discount to its industry on this measurement.

 

Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share.

FUN has a sales growth rate that exceeds its peers.

 

 

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