Good Times Restaurants FY24
Good Times Restaurants – A microcap with no analyst coverage, positive EBITDA and FCF & buying back 20% of the
Good Times Restaurants FY24
Good Times Restaurants ($GTIM) is a microcap in the restaurant industry. It owns and operates 66 (+4 franchises) stores in several states (Colorado and North Carolina are the main ones), generates continuously positive EBITDA and FCF and it is using that money to buyback shares (more than 15% of the company in the last 24 months), minority interest and franchises. Since the arrival of the new CEO (2019) it has eliminated $10MM in debt and has a net cash position ($3MM). Its Enterprise Value is $25MM and it is trading a 5x EV/EBITDA due to the fact that it is an illiquid company with no analyst coverage
They have experienced management, full alignment with main investors, the board has almost 30% of the company and the CEO & vice presidents’ incentives are fully aligned with shareholders
We have been covering the company and continuously talking with the company for the last 2 years. You have the updated investment thesis, financial model and CEO interview on our Equity Research section of our website
Good Times Restaurants FY24 Results Analysis & Outlook
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