Wondering if anyone else had taken a recent look at Cedar Fair? This company (an MLP by the way) that runs a number of large amusement, water parks etc. had been a very solid if somewhat boring investment for many years. Paid a decent distribution and showed some moderate share price appreciation. They made a large purchase of Paramount Parks in 2006 for $1.25 B taking on large debt. They have had problems since greatly worsened by the recent economic downturn. Earnings dropped sharply in 2007 but recoverd somewhat last year. Most recent Q (0.13) dissappointed analysts hitting the stock. EPS for 2009 are expected to be around 1.35, making the current 10.3 share price about 7.6 times. P/S is aroung 0.6, P/CF 2.8 numbers that would be attractive but there is that large debt.... FUN amended and extended its Credit Agreement back in August. http://finance.yahoo.com/news/Cedar-Fair-Amends-and-Extends-...Net Profit Margin has dropped substantially from the best years but it still a good 7-8%. Insider ownership is only about 4.4% per SEC filings.Last week we saw Blackstone make a major amusement park acquisition from InBev perhaps signalling the bottom of the market. FUN will be reporting earnings from the key summer season om 11/3. Value Line sees strong recovery potential here projecting total annualized returns in the 40% range if the amusement park attendance rebounds and FUN can service the debt.FUN pays a current distribution around 9%.While my strong preference is for better balance sheets, FUN might prove to be an intersting speculation on a turnaround.Anyone else for FUN?sw
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