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Strategies & Market Trends : Value Investing
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To: Brendan W who wrote (5291)11/19/1998 12:11:00 AM
From: Paul Senior  Read Replies (2) of 78568
 
Brendan: re STAR and LDRY. Thanks. Your post very helpful to me.

I'll turn away from STAR. Many of the financials look okay to me, although it does seem like they are being trounced by Outback (OSSI). The niche is mid-price steak restaurants. Seems like a market already well served.

LDRY also has some pretty good numbers I see. Their ROE isn't as good (as STAR), but it looks okay to me for a restaurant chain. Both stocks show book value at about $14 with no or minimal LTD, and both stocks are selling for about 7 1/2 - 8.

I found that LDRY is the number two seafood chain (after Red Lobster)in terms of number of restaurants. I suspect (but have no facts), that the seafood business is a more difficult concept to execute than steaks (importance of freshness of product,spoilage control, being able to properly cook the fish vs just grilling a steak), so maybe the barriers to entry are tougher too. I'll look more closely at LDRY.

Thanks again. Paul.
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