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Stock is Significantly Undervalued and Lags Peers
Up-Listing to a Major Stock Exchange Necessary to Unlock Value
272 Capital, LP Seeks Constructive Dialogue with the Board of Directors
DALLAS--(BUSINESS WIRE)-- 272 Capital, LP, a shareholder of Tile Shop Holdings, Inc. (OTCMKTS: TTSH), publicly released a letter it delivered to the Board of Directors of TTSH on October 27, 2020. The full text of the letter is included below.
To Members of the Board of Directors,
272 Capital, LP currently owns 660,306 shares of Tile Shop Holdings, Inc. (“TTSH” or the “Company”) and we are writing because we believe TTSH’s common stock shares (the “Shares”) are significantly undervalued. While we expect the Shares to appreciate as the Company reports improving financial performance during the remainder of 2020 and all of 2021, we believe TTSH’s Board of Directors (the “Board”) can also take action to significantly increase shareholder value in the near-term. Specifically, we urge the Board to immediately relist the Shares of the Company on a major stock exchange.
We strongly believe that up-listing to a major exchange will result in a significantly higher share price for the shareholders and a lower cost of capital for the Company. This will be the case for a multitude of reasons including:
EV/EBITDA | |||||
Company | Ticker | FY18 | FY19 | FY20E | MultipleExpan |
Floor & Decor Holdings | FND | 14.0x | 21.5x | 34.4x | 146% |
Lumber Liquidators | LL | 8.4x | 8.4x | 15.9x | 88% |
Tile Shop Holdings | TTSH | 6.6x | 10.1x | 6.1x | -8% |
Source: Bloomberg & 272 Capital Ests |
With the recent addition of three new independent Board members, it is crucial that the Board evaluate an up-listing, as we believe the benefit to shareholders outweighs the relatively small amount of cash savings that are derived from not being listed on a major exchange.
I look forward to discussing this further.
Sincerely,
Wes Cummins CEO, 272 Capital LP
wes@272.capital 214-556-2465
Disclaimer
This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this press release are for general information only, and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this press release that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this presentation in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and subject to revision without notice. 272 Capital, LP disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Past performance is not indicative of future results.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201027006189/en/
Wes Cummins CEO, 272 Capital LPwes@272.capital 214-556-2465
Source: 272 Capital LP