Tim Heitman February 5, 2020 Idea Exchange

Ark Restaurants: Lots Of Hidden Value + Low Liquidity + No Near-Term Catalyst = Excellent Opportunity For Patient Investors

Summary 10% free cash flow yield, 50% being returned as a dividend. Acquisition of individual restaurants from retiring owners/operators is creating value that is not reflected in the balance sheet/market valuation of the company. 9% ownership in Meadowlands provides free option on the approval of a casino in northern New Jersey. Operational improvements at remodeled Sequoia restaurant in Washington DC could provide additional improvement in cash flow. CEO Michael Weinstein owns 27% of the company and is 76 years old. Insiders own 42%. Company rejected...

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