Wagamama - UK's Most Likely Casual Dining Winner Post COVID-19 Re-Opening - ResearchAndMarkets.com

DUBLIN--()--The "Wagamama: Most Likely UK Casual Dining Winner Post COVID-19 Re-Opening" company profile has been added to ResearchAndMarkets.com's offering.

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

Major 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?

Key Topics Covered

  1. View, Variant Perception & Recommendations
  2. Business Overview
  3. Industry Overview
  4. Peer Data on Coronavirus Impact & State Support
  5. Shareholding & Group Structure
  6. Historic Financial Analysis & Indenture Analysis
  7. Base Case Financial Projections & Valuation
  8. Stress Case Financial Projections & Valuation

Companies Mentioned

  • Wagamama
  • The Restaurant Group
  • Pizza Express
  • Azzurri Group
  • Prezzo
  • Strada
  • Franco Manca
  • Pizza Hut
  • Carluccio's

For more information about this company profile visit https://www.researchandmarkets.com/r/cun3nq

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900