cheap valuation offset by cash burn
Dave & Buster's (PLAY) looks very cheap and is reinvesting (new Stranger Things games) despite negative free cash flow and a $400M credit line, making it a higher-risk, potentially turnaround consumer play if games drive traffic.
Dave & Buster's trades at a depressed multiple while funding Stranger Things gaming partnerships, but negative free cash flow and a $400M credit facility elevate execution risk. A traffic rebound driven by new game content is the key catalyst for any turnaround thesis.
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