10 Year Financial Data of Biglari Holdings, Inc. (BH)

404.71 (1y: +7%)

Market Cap	579.94 M	P/E(ttm)	36.20
Enterprise Value	420.75 M	P/B	1.70

BH- NYSE (USA)
Biglari Holdings, Inc.

Currently 1/5

Business Predictability Rank: 1-Star (On Watch)
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$404.71

2 Severe Warning Signs 3 Medium Warning Signs

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	3.7	7.1	1.7
EBITDA Growth (%)	-1.6	34.4	-34
Free Cash Flow Growth (%)	0	0	0.8
Book Value Growth (%)	4.6	5.7	29

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Sep03	Sep04	Sep05	Sep06	Sep07	Sep08	Sep09	Sep10	Sep11	Sep12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	368	399	433	456	464	432	438	480	530	554	555	167	131	130	125	169
EBITDA per Share	50.09	56.34	58.49	57.25	45.42	18.38	25.29	56.42	60.48	52.06	40.37	15.14	10.40	10.79	9.93	9.25
Free Cashflow per Share	14.75	0.80	0.47	-14.88	-17.87	-4.96	32.56	42.68	43.80	30.88	32.50	3.48	14.00	10.05	4.35	4.10
Earnings per Share ($)	15.40	20.00	21.60	20.00	8.40	-16.20	4.20	19.99	25.86	16.15	11.24	3.39	3.63	2.56	3.42	1.63
Book Value per Share	139	159	180	205	215	201	204	177	209	261	299	232	248	261	258	299
Month End Stock Price	298	342	363	338	300	174	235	329	296	365	373	403	386	365	390	373
Ratios	Annuals											Quarterly
Fiscal Period	Sep03	Sep04	Sep05	Sep06	Sep07	Sep08	Sep09	Sep10	Sep11	Sep12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	11.10	12.60	11.90	9.80	3.90	-8.10	2.10	11.30	12.40	6.20	2.00	6.00	6.00	4.00	5.20	2.00
Return on Assets %	5.00	6.40	6.40	5.20	2.10	-4.40	1.20	5.00	5.10	2.80	1.20	2.40	2.80	1.60	2.40	1.20
Return on Capital - Joel Greenblatt %	13.50	15.10	13.60	11.40	6.70	-1.80	1.30	14.40	16.70	16.10	7.60	16.00	11.20	12.40	10.80	7.60
Debt to Equity	0.92	0.74	0.64	0.63	0.63	0.60	0.52	0.66	0.89	0.71	0.62	0.78	0.71	0.71	0.75	0.62

Gross Margin %	28.10	27.80	28.30	27.60	25.50	75.20	22.10	25.60	26.10	26.40	24.40	25.80	25.40	26.30	24.70	24.40
Operating Margin %	8.80	9.60	9.10	8.00	4.90	-1.30	0.80	7.40	7.40	5.80	2.00	5.40	4.50	4.80	4.40	2.00
Net Margin %	4.20	5.00	5.00	4.40	1.80	-3.80	1.00	4.20	4.90	2.90	1.00	2.00	2.80	2.00	2.70	1.00

Days Sales Outstanding	2.50	2.70	1.60	3.30	3.50	9.30	4.50	3.20	2.10	3.50	3.20	3.30	3.90	3.70	3.40	3.20
Days Inventory	5.90	5.70	5.30	5.50	5.40	16.40	4.90	4.40	4.10	4.40	3.40	3.50	4.20	4.70	4.80	3.40
Inventory Turnover	62.40	64.40	68.40	65.90	67.40	22.20	74.10	82.80	89.00	82.30	27.00	25.90	21.80	19.40	18.80	27.00

Debt to Revenue	0.35	0.29	0.27	0.28	0.29	0.28	0.24	0.24	0.35	0.34	1.09	1.07	1.34	1.43	1.56	1.09
COGS to Revenue	0.72	0.72	0.72	0.72	0.74	0.25	0.78	0.74	0.74	0.74	0.76	0.74	0.75	0.74	0.75	0.76
Inventory to Revenue	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.03	0.03	0.03	0.04	0.04	0.03
Interest Exp. to Revenue %	-2.68	-2.32	-2.08	-1.78	-2.14	-2.30	-2.19	-1.87	-1.78	-1.92	-1.16	-2.17	-1.78	-1.54	-0.84	-1.16

Asset Turnover	1.20	1.28	1.28	1.18	1.16	1.17	1.22	1.20	1.05	0.96	0.27	0.31	0.24	0.23	0.22	0.27
Buyback Ratio	-6.80	-7.70	-7.50	-7.10	-16.00	5.00	-14.30	-9.00	--	--	--	--	--	--	--	--
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Sep03	Sep04	Sep05	Sep06	Sep07	Sep08	Sep09	Sep10	Sep11	Sep12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue	499	554	607	639	654	610	627	674	709	740	742	224	176	174	167	225
Cost of Goods Sold	359	400	435	462	487	151	489	502	524	545	555	166	131	129	125	170
Gross Profit	140	154	172	176	167	459	138	172	185	195	187	57.61	44.64	45.83	41.20	55.00

Selling, General, &Admin. Expense	66.96	76.48	89.57	96.23	103	433	85.90	93.02	104	125	130	37.01	30.72	30.86	27.82	40.88
Earnings Before DDA	67.92	78.09	82.06	80.26	64.08	25.97	36.17	79.28	80.86	69.61	53.97	20.25	13.92	14.43	13.27	12.35

Depreciation, Depletion and Amortization	24.17	24.71	26.95	28.97	32.19	33.66	31.37	29.26	28.36	26.42	25.72	8.10	6.03	5.99	5.94	7.75

Operating Income	43.75	53.38	55.12	51.29	31.90	-7.69	4.80	50.02	52.50	43.18	28.26	12.15	7.89	8.43	7.33	4.60
Interest Income/Expense	-13.39	-12.83	-12.64	-11.37	-14.02	-14.01	-13.74	-12.60	-12.63	-14.23	-9.83	-4.86	-3.13	-2.69	-1.40	-2.61
Net Income	20.94	27.66	30.22	28.00	11.81	-22.98	6.00	28.09	34.57	21.59	15.01	4.53	4.85	3.42	4.56	2.18

Earnings per Share ($)	15.40	20.00	21.60	20.00	8.40	-16.20	4.20	19.99	25.86	16.15	11.24	3.39	3.63	2.56	3.42	1.63
Total Shares Outstanding	1.36	1.39	1.40	1.40	1.41	1.41	1.43	1.41	1.34	1.34	1.34	1.34	1.34	1.34	1.34	1.34
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Sep03	Sep04	Sep05	Sep06	Sep07	Sep08	Sep09	Sep10	Sep11	Sep12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	25.74	25.62	3.06	4.82	1.50	6.86	54.40	80.09	214	330	405	255	292	330	338	405
Accounts Receivable	3.47	4.12	2.62	5.86	6.29	15.62	7.66	5.82	4.13	7.00	7.84	8.13	7.49	7.00	6.27	7.84
Inventory	5.76	6.20	6.37	7.02	7.23	6.80	6.60	6.06	5.89	6.62	6.29	6.42	6.02	6.62	6.68	6.29
Other Current Assets	4.28	9.46	8.99	13.22	33.19	31.66	22.06	17.87	16.26	5.16	4.39	12.60	11.85	5.16	4.06	4.39
Total Current Assets	39.26	45.40	21.04	30.92	48.20	60.94	90.72	110	241	349	424	282	318	349	355	424

Property, Plant and Equipment	361	383	440	490	493	433	400	386	372	357	352	362	358	357	353	352
Intangible Assets	--	--	9.54	16.64	16.46	23.95	16.07	36.72	34.48	33.78	35.63	34.12	33.95	33.78	33.61	35.63
Other Long Term Assets	14.50	5.20	4.46	4.82	7.95	2.56	8.08	31.11	26.06	34.38	34.96	33.22	33.26	34.38	32.59	34.96
Total Assets	415	433	475	543	565	520	514	564	673	774	846	711	743	774	774	846

Accounts Payable	50.18	48.44	52.21	66.29	60.82	56.99	52.67	68.06	83.46	87.08	85.46	82.66	89.23	87.08	82.36	85.46
Current Portion of Long-Term Debt	11.62	10.51	7.84	16.80	33.76	19.33	22.86	22.71	31.41	17.85	22.01	31.74	31.79	17.85	30.55	22.01
Other Current Liabilities	0.00	-0.00	--	--	-0.00	-0.00	--	0.00	--	19.37	46.37	4.03	12.96	19.37	15.55	46.37
Total Current Liabilities	61.80	58.94	60.05	83.08	94.57	76.32	75.53	90.76	115	124	154	118	134	124	128	154

Long-Term Debt	161	151	154	163	156	151	130	142	217	231	224	209	204	231	229	224
Other Long-Term Liabilities	2.90	3.41	7.70	9.60	10.76	9.65	16.98	82.05	60.83	69.77	68.89	74.66	72.25	69.77	70.79	68.89
Total Liabilities	226	214	222	255	261	237	223	315	393	425	447	402	411	425	428	447

Common Stock	15.17	15.17	15.17	15.17	15.17	15.17	15.17	--	0.76	0.76	0.76	0.76	0.76	0.76	0.76	0.76
Retained Earnings	88.11	116	145	173	185	162	168	196	230	252	259	244	249	252	257	259
Additional Paid-In Capital	123	124	124	124	126	129	129	144	145	143	142	139	141	143	140	142
Treasury Stock	-37.65	-33.62	-29.11	-25.21	-22.74	-21.85	-20.43	-89.96	-90.57	-90.55	-90.54	-90.57	-90.55	-90.55	-90.55	-90.54
Total Equity	189	220	253	287	304	284	292	249	280	349	399	310	332	349	345	399
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Sep03	Sep04	Sep05	Sep06	Sep07	Sep08	Sep09	Sep10	Sep11	Sep12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	20.94	27.66	30.22	28.00	11.81	-22.98	6.00	29.42	33.96	24.75	16.99	5.53	5.00	4.22	4.39	3.39
Depreciation, Depletion and Amortization	24.17	24.71	26.95	28.97	32.19	33.66	31.37	29.26	28.36	26.42	25.72	8.10	6.03	5.99	5.94	7.75
Cash Flow from Others	5.60	-4.98	7.11	12.61	-0.56	13.75	14.94	9.94	9.25	-1.20	12.24	-6.25	9.80	5.10	-3.34	0.68
Cash Flow from Operations	50.70	47.39	64.28	69.58	43.43	24.43	52.31	68.62	71.58	49.97	54.95	7.38	20.83	15.31	6.99	11.82

Investment for Property, Plant & Equipement	-30.71	-46.28	-63.62	-90.44	-68.64	-31.44	-5.75	-8.65	-13.02	-8.68	-11.50	-2.73	-2.10	-1.87	-1.18	-6.34
Cash Flow from Acquisitions	--	--	-16.08	--	--	--	--	-2.45	0.20	--	-3.77	--	--	--	--	-3.77
Cash Flow from Investing	-24.41	-38.02	-74.87	-87.31	-60.11	-16.59	4.95	-31.42	-89.50	-87.89	-73.46	-78.57	-7.58	-11.66	-45.20	-9.02

Net Issuance of Stock	0.43	2.12	2.26	1.68	1.89	1.14	0.86	-35.76	--	--	--	--	--	--	--	--
Net Issuance of Debt	-7.21	-11.74	-14.40	17.74	10.46	-3.62	-17.14	-5.15	84.16	-0.44	6.90	-7.28	-4.14	12.29	11.26	-12.51
Cash Flow for Dividends	--	--	--	--	--	--	-0.02	-1.37	-16.08	-0.25	-1.54	-0.03	-0.13	-0.10	-1.31	--
Other Financing	0.00	0.60	0.65	0.07	1.00	-0.00	3.59	1.25	1.27	-0.01	-4.86	0.12	0.45	-1.95	0.03	-3.38
Cash Flow from Financing	-6.78	-9.02	-11.49	19.49	13.36	-2.48	-12.72	-41.03	69.35	-0.71	0.50	-7.19	-3.83	10.24	9.98	-15.90

Net Change in Cash	19.51	0.36	-22.09	1.76	-3.32	5.36	44.54	-3.83	51.42	-38.63	-18.01	-78.38	9.43	13.89	-28.23	-13.10

Free Cash Flow	20.00	1.11	0.66	-20.86	-25.21	-7.01	46.56	59.97	58.56	41.29	43.45	4.65	18.73	13.44	5.81	5.47
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Sep03	Sep04	Sep05	Sep06	Sep07	Sep08	Sep09	Sep10	Sep11	Sep12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Sep03	Sep04	Sep05	Sep06	Sep07	Sep08	Sep09	Sep10	Sep11	Sep12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

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BH: 10-Q - BIGLARI HOLDINGS INC. (0000093859) (Filer): (10-Q) - 2010-05-21

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