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FUN

Cedar Fair

$56.00

-0.13 (-0.23%)

09:28
12/02/19
12/02
09:28
12/02/19
09:28

B. Riley downgrades Cedar Fair on toughest attendance comp in a decade

B. Riley FBR analyst Eric Wold downgraded Cedar Fair to Neutral from Buy with a price target of $57, down from $60. After a strong 2019, with attendance up an estimated 8%-9%, Cedar Fair will face the toughest attendance comp in a decade, Wold tells investors in a research note. Further, with higher off-season and other start-up costs, the analyst reduced his Q4 adjusted EBITDA estimate for the company from $64M to $62M. He finds it difficult to argue for a higher valuation multiple until we are closer to the start of the core 2020 season.

FUN Cedar Fair
$56.00

-0.13 (-0.23%)

10/04/19
10/04/19
NO CHANGE

Cedar Fair told Wells Fargo analyst it is not looking to be sold
10/04/19
WELS
10/04/19
NO CHANGE
WELS
Outperform
Six Flags an aggressive buy as Cedar Fun deal very unlikely, says Wells Fargo
While no specific comment was made regarding the Reuters article of Six Flags Entertainment (SIX) making a bid, Cedar Fair (FUN) management stated that the company is not looking to be sold, Wells Fargo analyst Timothy Conder told investors last night in a research note. Cedar Fair management conducted scheduled one-on-one meetings earlier in the week and has scheduled meetings next week, but did not participate in a conference yesterday based on counsel's advice, adds the analyst. The company has previously chosen not to convert to a C-Corp as this would involve either trigging a substantial tax bill for unitholders, or the tax bill being borne by the new C-Corp in the form of higher go forward tax rates, "neither of which is acceptable," says Conder. The analyst believes this same dilemma would face Six Flags in the event of an acquisition. For his part, Conder has yet to find any type of multiple stock class structures that would work and avoid the ability to defer a transactional tax bill to either unitholders or the surviving C-Corp. In addition, Six Flags launched a repricing of its $798M term loan due 2026 on September 30, Conder points out. It would be "strange that the company would do this ahead of a major acquisition bid," he says. As such, the analyst reiterates his view that a Six Flags acquisition of Cedar Fair is "highly unlikely." He also believes the recent pullback in Six Flags shares is "overdone and unwarranted." Candor would be an "aggressive" of Six Flags ahead of what he expects will be "solid" Q3 results from both companies. And if the recent buyout talk subsides, the analyst sees only a "modest" $2-$3 per share give back in Cedar Fun. He keeps an Outperform rating on both stocks.
10/04/19
KEYB
10/04/19
NO CHANGE
KEYB
Overweight
Keybanc says bid near $85 per share would be hard for Cedar Fair not to consider
After Reuters reported that Cedar Fair (FUN) has rejected a $70 stock-and-cash offer made by Six Flags (SIX) as too low, Keybanc analyst Brett Andress said his conversations with Cedar Fair lead him to conclude that the company is not for sale, "but everything does have a price." He thinks a bid near $85 per share would be "hard for Cedar Fair unitholders to turn down (or at least seriously consider)," Andress tells investors. While a theoretical $85 bid might be "doable," it would require a massive amount of equity "and this $85 scenario is still a far stretch," said the analyst, who admits that he "also thought SIX's initial idea to even approach FUN was a stretch." Andress has Overweight ratings on both Six Flags and Cedar Fair shares.
12/02/19
RILY
12/02/19
DOWNGRADE
Target $57
RILY
Neutral
Cedar Fair downgraded to Neutral from Buy at B. Riley FBR
B. Riley FBR analyst Eric Wold downgraded Cedar Fair to Neutral from Buy with a price target of $57, down from $60.

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AMRN

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AMRN

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APLT

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AMRN

Amarin

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AMRN

Amarin

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