Cedar Fair LP

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FUN : NYSE : Services
$69.18 -0.17 | -0.25%
Today's Range: 68.85 - 69.505
Avg. Daily Volume: 148000.0
07/21/17 - 4:02 PM ET

Financial Analysis


CEDAR FAIR -LP's gross profit margin for the first quarter of its fiscal year 2017 has significantly decreased when compared to the same period a year ago. Sales and net income have dropped, although the growth in revenues underperformed the average competitor within the industry, the net income growth did not. CEDAR FAIR -LP has very weak liquidity. Currently, the Quick Ratio is 0.27 which clearly shows a lack of ability to cover short-term cash needs. The company's liquidity decreased from the same period a year ago, despite already having very weak liquidity to begin with. This would indicate deteriorating cash flow.

During the same period, stockholders' equity ("net worth") has decreased by 13.74% 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 FY17 Q1 FY16
Net Sales ($mil)48.3258.44
EBITDA ($mil)-69.07-57.77
EBIT ($mil)-74.44-62.96
Net Income ($mil)-64.75-48.49


Balance Sheet Q1 FY17 Q1 FY16
Cash & Equiv. ($mil)34.2464.55
Total Assets ($mil)1958.282003.76
Total Debt ($mil)1622.971604.9
Equity ($mil)-47.55-41.81


Profitability Q1 FY17 Q1 FY16
Gross Profit Margin-85.79-55.45
EBITDA Margin-142.94-98.85
Operating Margin-154.05-107.74
Sales Turnover0.650.62
Return on Assets8.247.36
Return on Equity0.00.0
Debt Q1 FY17 Q1 FY16
Current Ratio0.550.62
Debt/Capital1.031.03
Interest Expense19.9620.58
Interest Coverage-3.73-3.06


Share Data Q1 FY17 Q1 FY16
Shares outstanding (mil)56.2456.07
Div / share0.860.83
EPS-1.16-0.87
Book value / share-0.85-0.75
Institutional Own % n/a n/a
Avg Daily Volume136644.0121990.0

Valuation


BUY. The current P/E ratio indicates a significant discount compared to an average of 37.44 for the Hotels, Restaurants & Leisure industry and a value on par with the S&P 500 average of 24.41. 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 25.14 Peers 37.44   FUN 11.46 Peers 19.39

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 18.93 Peers 25.06   FUN 2.02 Peers 3.01

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 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 10.74   FUN 9.19 Peers 114.10

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 significantly 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 3.15 Peers 3.43   FUN 2.50 Peers 4.03

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 significantly trails its peers on the basis of sales growth

 

 

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