Landry's
...PAGE REFERENCE
Executive Summary 1
Landry's, Inc Company Background 1
Landry's, Inc Peer Group Analysis 2
Business Strategy Analysis 3
Value Creation for Customers 4
Value Retention for Shareholders 4
Key Success Factors 5
Business Risks to Value Proposition/Business Model 5
Long-Term Growth Strategy 6
Accounting Analysis 6
Key Accounting Policies 6
Degree of Accounting Flexibility 7
Corporate Accounting Strategy 7
Quality of Disclosure 8
Red Flags Associated with Corporate Accounting Strategy 8
Financial Analysis 9
Quality of Earnings Analysis 9
Return on Equity Analysis 9
Operating Strategy Analysis 10
Investing Strategy Analysis 11
Financing Strategy Analysis 12
Conclusions & Recommendations 13
Exhibits 14 to 18
Executive Summary:
Landry's Restaurant's, Inc. is America's fastest growing casual dining seafood restaurant company. Aside from its core business, Landry's portfolio also includes some of the finest non-seafood eating establishments like Rainforest Café, Saltgrass Steak House, and Vic & Anthony's. The company has expanded rapidly through acquisition and has plans to grow one of its core restaurants, Joe's Crab Shack, from 145 units to over 500 in the next ten years. In the last year, Landry's financing decisions have led to strong operating cash flows. Additionally, by taking advantage of historically low interest rates and strong market demand, the organization was able to improve its working capital position, enhance its capital allocation strategy, and situate itself in a place to take advantage of opportunities to drive shareholder value within the restaurant, entertainment, hospitality, and gaming arenas.
Although expansion will fuel future revenue growth, Landry's, Inc. must maintain operational efficiency if it intends...
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