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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: thesilenttype who wrote (59881)5/1/2002 2:46:22 PM
From: SOROS  Read Replies (1) of 99280
 
Great short --- PFCB.

Valued at almost 900 million on ONLY like 15 million in profits. They reported 35% revenue growth and 3.4% growth in same store sales (stock rallies on this), but last year those numbers were 41% and 5.4% -- Instead of seeing growth, the reality is that PF Chang peaked LAST year. The company is forecasting 26% revenue growth in 2002. Does this revenue growth (DECLINING) deserve almost a 60 PE? Not a chance. If the economy slows, this kind of eatery will get butchered. They will be warning big time even on slowing growth numbers. They also have a HUGE store in the Aladdin casino, which is going broke. If it does, this will eat up PF Chang's cash at a quickened pace.

I remain,

SOROS
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