Biglari Holdings: An Unloved & Misunderstood Cash Machine

Kyle Mowery presented his in-depth investment thesis on Biglari Holdings (NYSE:BH) at Deep Value Investing Summit 2013.

Kyle Mowery will present his best deep value investment idea. This company owns a stable, cash flowing business that is mispriced at the recent valuation of 3x enterprise value to EBITDA. The causes of the mispricing are extraneous factors including holding company complexity and corporate governance concerns. Yet, the equity has a reasonable chance of doubling in price over three to five years as Mr. Market recognizes the true business value.

About the instructor:

Kyle Mowery is the founder and managing partner of GrizzlyRock Capital, which is a long / short investor in corporate debt and equity. Prior to founding GrizzlyRock, Kyle held leveraged finance positions on both the buy-side and sell side. Kyle holds an MBA from the University of Chicago Booth School of Business and a BA in Economics from UCLA. Kyle is a long-form thinker and value investor with a credit focus.

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