Maran Capital Management presentation on Biglari Holdings from the ValueX Vail, June 24, 2015. Biglari Holdings - A ~50-65c Dollar Price is what you pay:$410/sh(~$850mm market cap) Value is what you get: Executive Summary - Biglari Holdings (BH -$410): Platform company comprised of cash, investments (largest holding: CBRL), and operating businesses Steak n Shake, Western Sizzlin’, Maxim, and First GuardRun by Sardar Biglari: entrepreneurial CEO who is a proven operator and capital allocatorCore operating business Steak n Shake undergoing resurgent growth through capital-light franchising and traffic-driven same store salesSignificant Margin of Safety: the stock is trading close to cash/investments on the books net of all recourse debt and deferred tax liabilitiesInvestors are essentially getting Steak n Shake for free, and are paying nothing for any future capital allocation-driven upsideConservative intrinsic value estimate: $650+ per share (and growing); potential for $800+ within three yearsOpportunity created by complex structure, and controversy over corporate governance and executive... More