My fifth write-up is now available for download!
PLAY is an owner and operator of over 200 entertainment and dining venues across North America. Despite facing tough comps from the post-pandemic surge, the new management has laid out a near-term plan to achieve $1bn in adj. EBITDA, a target currently met with what I describe as "conclusive disbelief."
In short, this target is expected to be reached through a combination of six organic growth initiatives, domestic and international unit expansion, and cost saving measures. Each one shows clear signs of progress, with the only uncertainty being the timing of achieving the company’s targets, rather than their feasibility.
Note: As always, this isn't a short-term earnings trade but rather a long-term investment thesis.
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