The Pantry, Inc. (NASDAQ:PTRY)

CAPS Rating: 2 out of 5

A convenience store operator in the southeastern United States. The company's stores market a broad selection of merchandise, gasoline and ancillary products and services designed to appeal to the convenience needs of their customers.

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Member Avatar elyk13 (43.85) Submitted: 6/10/2014 11:23:26 AM : Underperform Start Price: $16.98 PTRY Score: -23.60

Bleeding cash, margins on fuel are being squeezed from suppliers, and fuel sales in gallons dropped even with a decline in gas prices. They have like 83x operating income in debt. Who cares that their merch profit increased by 4m six months ended '14 over same period in '13

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Member Avatar rknapton (< 20) Submitted: 8/22/2013 4:48:21 PM : Underperform Start Price: $11.67 PTRY Score: -62.97

Short. 1500 quick stop stations. But profitability is being strangled by interest expense so the stock will probably continue to underperform the market.

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Member Avatar gunner2010 (< 20) Submitted: 10/18/2010 2:26:25 AM : Outperform Start Price: $22.48 PTRY Score: -73.97

Cost cutting and upgrades in progress.Profitability on rise. too cheap now.

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Member Avatar KnowNothingJon (84.41) Submitted: 6/1/2010 12:23:48 PM : Outperform Start Price: $15.23 PTRY Score: -42.25

I LOVE KANGAROOS!

I think ultimately these types of convenience stores will come to symbolize the early 2000's.

I'm also thinking they are the Wawa/Sheetz of the Southeast? Is that accurate?

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Member Avatar ScryingPool (< 20) Submitted: 1/7/2010 1:48:28 PM : Outperform Start Price: $12.99 PTRY Score: -10.53

PRTY is going to PARTY!! (also known as KANGAROO)

Still 2% within a 12 month low, Extreme undervaluationv (p/e ratio 5 ; industry p/e = 135), good cap size for immediate growth (zero div), 8410 employees (for this industry, this company probably isn't going to die alone), Revenue has dropped (red flag) however, net income/EBIT have been on a steady overall rise for the past 3 years! (green flag).

AND!!

The biggest green flag of all: Insider buying. Check the SEC 10-4 forms. Corporate exec. buy ins exploded in December!

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Member Avatar GreatStocks3728 (< 20) Submitted: 1/6/2010 8:21:16 AM : Outperform Start Price: $13.11 PTRY Score: -12.67

Great future earnings.

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Member Avatar jsullidog (< 20) Submitted: 12/7/2009 4:31:56 PM : Outperform Start Price: $14.39 PTRY Score: -32.62

This stock is undervalued, as the economy comes back the Pantry is set to benefit from increased travel and goods shipment.

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Member Avatar kevinottofro (98.93) Submitted: 12/4/2009 6:15:11 PM : Outperform Start Price: $14.38 PTRY Score: -31.10

low relative PE, good star & 2010 earnings. Bottom fishing week of 11/30

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Member Avatar physicsisphun (92.18) Submitted: 6/16/2009 10:18:46 AM : Outperform Start Price: $16.67 PTRY Score: -87.94

earnings projections are on the way back up, and this stock is far below the P/E of its industry peers. On the next one or two earnings cycles, I think it will bounce quite significantly. I note it's been ahead of earnings projections (way ahead!) for the last two quarters.

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Member Avatar hardthinker (58.34) Submitted: 4/17/2009 12:55:15 PM : Outperform Start Price: $21.84 PTRY Score: -133.14

Recent Price and earnings momentum.

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Member Avatar MViscio1 (99.67) Submitted: 10/23/2008 9:21:58 PM : Outperform Start Price: $17.01 PTRY Score: -116.83

hit a bottom

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Member Avatar BostonBandit (82.62) Submitted: 10/8/2008 11:46:41 AM : Underperform Start Price: $17.70 PTRY Score: +87.35

Bought Puts.

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Member Avatar iaburky02 (41.86) Submitted: 4/14/2008 3:17:33 AM : Outperform Start Price: $11.55 PTRY Score: +31.42

Numbers are good, Management seems solid. Can't do much about oil and gas prices, but you can make good money from buying oversold stocks. Chalk another one up to panic and mayhem. Personally, when I saw this stock go below $12, even I was panicked... Panicked my buy order for 2000 shares wouldn't go through before the stock price returned to $14 - $15.

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Member Avatar scbeachbum (82.46) Submitted: 4/10/2008 3:49:12 PM : Outperform Start Price: $11.40 PTRY Score: +34.81

Stock collapsed on a bad fuel hedge and slightly lower sales. It should recover nicely as margins improve in the coming quarters. The sell off is overdone, and even looks like it could be a classic no uptick bear raid.

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Member Avatar crlcw21 (98.14) Submitted: 3/10/2008 9:17:28 PM : Outperform Start Price: $24.00 PTRY Score: -66.75

I see a company which has made some aquisitions and is not paying off the debt from these to retool the stores under one brand name. Big future profits is what I belive the result will be.

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Member Avatar RockyNicky3728S (43.46) Submitted: 1/17/2008 1:00:29 PM : Outperform Start Price: $26.67 PTRY Score: -73.66

Great growth and earnings.

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Member Avatar saybrook99 (< 20) Submitted: 8/14/2007 3:47:13 PM : Outperform Start Price: $34.05 PTRY Score: -83.42

Well off its 52 week high, making it a current buy. Under the radar, but a good company.

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Member Avatar seabreezin (< 20) Submitted: 8/12/2007 10:44:22 PM : Outperform Start Price: $34.89 PTRY Score: -81.65

PTRY EPS suffered this year due to integration costs and a uncharacteristically weak Q1'07. When Q1'07's EPS of $0.01 rolls off and is replaced by a more normal $0.60, the company should be well on its way to achieving its projected $2.80 to $3.10 EPS for fiscal '08. This is not a heroic leap. If margins simply remain at their Q2 levels and gas gallons are flat, this EPS is not going to be a challenge. I believe analysts ($2.83 EPS est.)are overly discounting management's forecast because management was forced to lower it's estimates for F'07 due to the unusually high prices of gas. But as gas prices stabilize (or, better yet, decline some), PTRY will be able to make normal margins (as it did in Q2'07 and Q3'07).

If you believe in the '08 EPS as I do, then the stock appreciation arguement is an easy one. 18x $2.80 is a $50.40 stock price and a 48% increase--much higher than I expect for the S&P. Even at 16x its a $44.80 price and a 31% increase. And if gas prices decline, and/or the Petro acquisition's merchandise margins can be increased to match the rest of PTRY's, there is great upside!

I also believe the leverage ratio of the company is overstated. No doubt, they carry a significant amount of debt, but it is important to include a full year of Petro Express' earnings, which the historical numbers do not. This can be seen in a projection of PTRY's Net Debt/EBITDA levels which fall from about 4.75x as of Q3'07 to about 3.75x as of Q4'08. EBIT/interest is over 2x the whole time. To me, their leverage appears very managable. This is supported by their built-in bank loan increase feature, allowing them to increase their bank facility by $100 million in the next year.

If I had a criticism, it would only be that I'd like to see management more aggressively buying their stock, especially at the current price. However, the recent buyback certainly indicates that the board believes in the attractiveness of the stock price and the future cash flows of the company.

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Member Avatar DeepSouthValue (< 20) Submitted: 8/3/2007 1:41:34 PM : Outperform Start Price: $31.89 PTRY Score: -76.27

Excellent management and a track record of performance

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Member Avatar AtomicDoom (47.60) Submitted: 7/1/2007 9:20:27 PM : Underperform Start Price: $46.23 PTRY Score: +92.45

The price is right: Lower PE accounts for lower growth and margins than its industry peers.

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