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Saturday, December 10, 2022

Cedar Fair L.P. (FUN) on the Path to Profitability

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Many stocks have been testing new highs in 2020, and one of the most notable is Cedar Fair L.P. (FUN). Currently, FUN is trading at $38.92 and the avg recommendation for the stock is Strong Buy. while the current analyst price target stands at $34.70.

To add more color to this target, the company’s high over the last year is $64.86 and the low is $13.00. Over the last 52 weeks, FUN is down -39.99% while the S&P 500 is up 1.21%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, FUN reported a profit of $47.25 million. Cedar Fair L.P. also saw revenues increase to $53.63 million. In addition, FUN has free cash flow of -$163.17 million as of 03-2020 The company’s EBITDA came in at -$90.69 million which compares well with its peers.

FUN booked profit margins of 2.70%, its Return on Equity (ROE) is -46.90%, and its Return on Assets is 1.60%. All told, it is clear that, FUN needs to be on your watchlist.

About Cedar Fair L.P.

If readers are unfamiliar, Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. The company operates approximately 11 amusement parks, 2 outdoor water parks, 1 indoor water park, and 4 hotels. Its amusement parks include Cedar Point located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Knott’s Berry Farm near Los Angeles, California; Canada’s Wonderland near Toronto, Canada; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania; Kings Dominion located near Richmond, Virginia; California’s Great America located in Santa Clara, California; Valleyfair located near Minneapolis/St. Paul, Minnesota; Worlds of Fun located in Kansas City, Missouri; Michigan’s Adventure located near Muskegon, Michigan; Schlitterbahn Waterpark & Resort New Braunfels in New Braunfels, Texas; and Schlitterbahn Waterpark Galveston in Galveston, Texas. The company also manages and operates Gilroy Gardens Family Theme Park in Gilroy, California; and owns and operates the Castaway Bay Indoor Waterpark Resort in Sandusky, Ohio. As of December 31, 2019, the company operated 11 amusement parks, and 4 separate gated outdoor water parks, as well as resort accommodations approximately 2,300 rooms and 600 luxury RV sites. Cedar Fair Management, Inc. serves as the general partner of Cedar Fair, L.P. The company was founded in 1983 and is headquartered in Sandusky, Ohio.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. FUN has a short ratio of 1.98 and outstanding shares of 56.41M.

Company Outlook

FUN has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 1.0 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 0.67. Cedar Fair L.P. FUN also noted assets of $2.39 billion at the end of the last quarter. Investors should also keep an eye on sector updates as FUN has historically followed its peers on positive news.

All told, Cedar Fair L.P. FUN has strung together solid data and demonstrated underlying fundamentals. At its current valuation, FUN represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Cedar Fair L.P. FUN is now commanding a market cap of 2.20B and a float of 55.76M. FUN is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of FUN stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in FUN, either long or short, and we have not been compensated for this article.

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