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Wagamama: Most Likely UK Casual Dining Winner Post Covid-19 Re-Opening.

  • ID: 5131086
  • Company Profile
  • June 2020
  • Region: United Kingdom
  • 102 pages
  • Everest Research Group

FEATURED COMPANIES

  • Azzurri Group
  • Carluccio's
  • Franco Manca
  • Pizza Express
  • Pizza Hut
  • Prezzo
  • MORE
Why Read?
  • Understand why Wagamama is, in our view, the best positioned UK casual dining operator to navigate the post-COVID re-opening
  • Understand what it takes to break Wagamama’s liquidity and net leverage trajectory to the point where a refinancing of its £ 4.125% 7/2022 Senior Secured Notes (SSNs) becomes difficult
  • Understand how, pre-COVID-19, Wagamama was earning a 10 year unleveraged IRR of 19% on its new restaurants and generating steady state (leveraged) FCF of c. 7-19% of net debt each year in most years
  • Understand the likely phasing of Wagamama’s restaurant re-openings for dine-in and the impact of social distancing on Wagamama’s likely seating capacity vs pre-COVID-19
  • Understand flexibility in Wagamama’s cost base and potential to renegotiate rent lower
What’s New?
  • Detailed financial projections (including of liquidity by quarter) and assumptions across base, bear and bull cases
  • Steady state FCF methodological framework and estimation
  • Estimation of new restaurant IRRs
Questions Answered
  • Why do Wagamama’s liquidity, net leverage and valuation trajectories suggest it should be able to refinance in our base case?
  • How would Wagamama’s prospects of refinancing look if social distancing and seating capacity constraints persist deep into FY 21?
  • How is Wagamama competitively positioned within UK casual dining on re-opening of restaurants?
  • Which is likely the bigger constraint for Wagamama on re-opening - its seating capacity constraint or demand to dine-in?
  • Should SSNs holders be worried about priming potential if Wagamama does need additional liquidity?
  • Should SSNs holders be worried about restricted payments to The Restaurant Group Plc?
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Azzurri Group
  • Carluccio's
  • Franco Manca
  • Pizza Express
  • Pizza Hut
  • Prezzo
  • MORE
  • View, Variant Perception & Recommendations
  • Business Overview
  • Industry Overview
  • Peer Data On Coronavirus Impact & State Support
  • Shareholding & Group Structure
  • Historic Financial Analysis & Indenture Analysis
  • Base Case Financial Projections & Valuation
  • Stress Case Financial Projections & Valuation
Note: Product cover images may vary from those shown
  • Wagamama
  • The Restaurant Group
  • Pizza Express
  • Azzurri Group
  • Prezzo
  • Strada
  • Franco Manca
  • Pizza Hut
  • Carluccio's
Note: Product cover images may vary from those shown
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