BERAL, INC.
Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944
E-mail: mlikar@aol.com

Recorded Interview

Robert Schermer,CEO
Meritage Hospitality Group

March 15, 2014

MERITAGE HOSPITALITY GROUP INC.

MHGU – OTCC
Price: $5.30
Price Range: $2.82 - $6.00
Shares Outstanding: 5,240,000
Market Value: $27,000,000.00

Schermer

Andrew are you recording this verbatim?

Racz

Yes we do, but before it is released, you can review the interview.

Schermer

Okay – no – I just wanted to know what the ground rules are.

Racz

We always show the transcript and you can change anything.

Schermer

Okay – fair enough.

Racz

Now, Mr. Schermer, this is an interview with the Chairman of the Meritage Hospitality Group. The company ,about which quite frankly not many people have heard, has had very big figures and once they see the figures many people will become admirers. The first question is – how did you set up Meritage and what is the near term prospect?

Schermer

Well Andrew, one clarification – I am the president and the CEO and my father, Robert Schermer, Sr. is Chairman of the Board.

Racz

Oh, I’m sorry.

Schermer

Oh – no problem. Just want to clarify that and how did we set up in terms of our legal public structure?

Racz

Yes

Schermer

We are a C Corp. and as a C Corporation formally we are traded on the American Stock Exchange. We are currently listed on the OTC QAX under the symbol MHGU for our Common Stock and MHGUP for our Preferred Shares.

Racz

I travel a lot in America. At some stage the name Wendys came up. Then came the franchise boom which included Wendys as well. The question comes up how did a small franchisee like your company grow?

Schermer

Wendy’s the brand – it is a 40 year old iconic brand in the United States and Canada – really North America. And it is today the 3rd largest – the 2nd or the 3rd largest depending on the metric that you measure – the largest quick service restaurant tier one chain in the United States.

Racz

I know the main company has 6,500 restaurants and a market cap of $3 ½ billion – that’s impressive.

Schermer

Of that – the 6,500 stores in North America – 5,500 of those roughly are franchisees like myself. So Wendy’s the franchisor owns and operates 1,000 of the restaurants and then people like myself operate the remaining 5,500 restaurants. And the metrics of the system today are that the average Wendy’s franchisee is 63 years old and operates 6 restaurants.

Racz

Do you have that statistic showing that what the average franchisee operates – what is the revenue – what is the payment and roughly if you can, disclose what is the profitability.

The profile and future financing of Meritage Hospitality Group

  1. Meritage operates Wendys franchises.

  2. The parent company of Wendys has 6,500 franchises and has a Market Cap of $3.5Billion.

  3. Meritage has 120 Wendys franchises , has 5Million shares and a price of $5.3 per share. Its Market Cap is less than $25 Million.

  4. Meritage plans to acquire a total of 200 franchises of Wendys and is aiming at a total of 750 franchises of Wendys in less than 5 years.

  5. The company has $3.5 Million cash and a $50 Million line of credit for the purpose of acquiring other Wendys franchises. This $50M line of credit can be expanded.

  6. At the time of writing McDonalds is the largest franchise operation , Wendys is number two and Burger King is number three.

  7. It is estimated that a Wendy franchise creates $1Million cash flow per year. A growing operation brings in a better profit margin .

  8. A new type of financing can create an even higher profit margin by utilizing a zero coupon bonds and warrants instead of ordinary debenturew which obviously require heavy interest expenditure.

Schermer

Well Wendy’s you can get a lot of that out of Wendy’s filings. The average sales for a Wendy’s Restaurant or the franchisee is $1,408,000 per restaurant. The average operating cash flow out of a franchisee restaurant is between 10 and 11%.

Racz

So it’s about $100,000?

Schermer

Yes, after rent expense. So it is a little different calculation if you own the real estate – that number I gave you assumes you do not own the real estate you are paying a 3rd party rent.

Racz

Okay, so in other words – now – how many franchisees do you have at the moment?

Schermer

I’d have to get back to you to give you an exact number because there has been a fair amount of consolidation going on in the system, but let me continue to you explain kind of how we have evolved to where we are today, if I may?

Racz

Sure

Schermer

So what happened was in Wendy’s and I’m still on the franchisor part of the description – in the case of Wendy’s the founder passed away – Dave Thomas in the year 2002. And really for the next 8 to 10 years, the company really waffled back and forth – never really had clear direction in terms of product innovations and where it was headed as a brand, and then Nelson Peltz came in in approximately 2011 and worked out a transaction where he acquired a major stake in Wendy’s and put in a new management team which really spent the next 24 to 36 months kind of righting the ship in terms of costs at Wendy’s and they really consolidated a lot of jobs and hired a lot of new people and when the cost cutting exercise was done, he then looked outside and brought in Emile Brolick and Emile joined the company in September of 2011. Emile was formally – worked in marketing at Wendy’s and had left I believe around the year 2000 to join the Yum Brands under the Taco Bell franchise organization as the President and CEO of Taco Bell. So when Emile came back in 2011 into Wendy’s, he set into effect a number of major, major transitions which is what we are in today. He transformed and set out a vision to transform the entire brand and really bring it up to the current standards in the market place. And that included a transition of the food, transition of the marketing and the messaging and the major cost transition was in what we call in the system – Imageactivation – which is renovating the restaurant.

Racz

Who are the top 3 food chains?

Schermer

The top 3 largest quick service restaurants in the US are McDonalds, Wendy’s and Burger King.

Racz

Now let’s jump a little bit. For years you built up your franchise operation – today roughly how many do you operate?

Schermer

Today we have 119 restaurants.

Racz

Now according to your numbers, about $10 million net income and with 5 million shares, it’s $2 per share.

Schermer

That would be overstating the net income. That’s not correct. That would be operating cash flow at the restaurant level. But if you look at our consolidated financials, we reported in 2012 EBIDA of $5.5 million and net income of $2.9 million on sales of $89.9 million. I am about to report next week, for 2013 – we are just finishing up our audit, our sales will be north of $137 million.

Racz

That’s a nice jump so – so reducing it to the internal cash flow basis, is probably over $4 per share.

Schermer

Well if I may continue just on the history and I think it will give you a little visibility as to how we have grown internally and externally, so we started in the business back as a franchisee is we bought 20 stores. We bought 20 Wendy’s Restaurants which were located in West Michigan. This was in 1998 a long time ago. I made the acquisition on behalf of the company and then we turned around and we renovated all 20 of those restaurants in Michigan. And once we had the 20 renovated, I then began to build new restaurants. And, I opened a new Wendy’s Restaurant every 8 weeks for 5 years until really 2002/2003 the passing of the founder, Dave Thomas when everything kind of got put onto hold as far as the direction of the system. So we just kind of hit the pause button and wanted to see where this – where the brand was going to head once its fonder had passed away. So a few years went by and then we decided that we had built internally an operating platform and what I mean by that is 80% of the Wendy’s franchisees out in the system today do not have real time operating data available to them via the internet. So we put in place – we spent a lot of money on building an IP Platform and with operating software and accounting software that could be put into a restaurant, deliver us real time data on food costs, labor costs, cash handling – all of these sorts of metrics that are important to us in the business, and it was – it didn’t matter where you were geographically as long as you had access to the internet – so we have what we would consider a very unique operating platform for restaurants. In particular for Wendy’s Restaurants. So we started to make acquisitions outside of the state of Michigan and as you know today, we operate in Virginia, North Carolina, South Carolina, Georgia, and Florida.

Racz

Okay – but if you say that turned to the internet and in other words, you became part of the digital age, that certainly if anything – increases the profitability – okay. And with 120 and the next year if you are lucky, close to 200 – you are talking of original revenue basis of almost $2 billion – fully counted. Maybe I’m thinking big – but certainly you are talking of a corporation whose numbers are way above the achievement and operational performance and looking to the future – the numbers will carry the company very far.

Schermer

Well, I’ll tell you what my goal is. My goal is – and it is very simple – 60/25/25. Meaning in 60 months our EBITDA assuming we execute our plan, should be $25 million and the net enterprise value per common share on a basic look should be $25 per share. So, 60 months / $25 million of EBITDA / $25 common share. That’s assuming a very realistic executable upgrade of our existing system with minor acquisitions along the way.

Racz

What you are really saying is that some stage after executing a plan and organizing you will have a company which has a market cap today of hardly more than $20 million and by no means short of cash and in trouble, this will have revenue of at least $25 per share.

Schermer

Operating cash flow EBITDA of $25.

Racz

I have coined an expression which is in front of my on the table called the what is the Netflix Philosophy. The Netflix Philosophy was only born a few years ago when you had a company – a very simple company – had such a tremendous increase in revenues that it became a giant concept and those of us who stayed in Netflix, made a very nice amount of money. Netflix did not exist when I was a neighbor of Nelson Peltz. We had simple companies and we worked very hard but the Netflix Philosophy says the following: this world has about 8 billion people – when I left Hungary there were 2 ½ billion people and the earning capacity and the prosperity of the world is infinitely greater than it was in 1962. And, the Netflix Philosophy brought along other companies. For instance – Apple Computer, Tesla – many companies where the volume has been going up straight and who have the capacity and the possibility of going up higher and higher and finally that will bring along recognition to the few companies in the so-called Netflix Philosophy circle which people have never dreamed of before. I mean in your field – my 2nd year in America – I discovered the Ramada Inn in Phoenix. And I achieved and they were very happy with me – the stock went from $6 to $20. At that time – another different company – Sonesta was at 2.7 million shares – stock was $7 and one of the components of the 34 hotel – the Plaza Hotel – we valued at $4 per share. That resulted the re-evaluation of assets and Plaza Hotel was sold for $400 million. Now these were unique achievements – but you are in the Netflix Philosophy circle which says, I work hard, I am modernizing my approach, there has never been a complaint about my company – people we’ve hired – they have a decent life and then come out with a number – with simple business – the Netflix Philosophy is simple business. $25 cash flow – people couldn’t imagine such a number when I in America. And today a company – and I am not insulting you – an unknown company by being at the right place, organizing the right way and keeping customers happy and employees – can have numbers that never existed before. That’s the concept and the aim of your company.

Schermer

Yes. What I’m trying to do is take advantage of a real generational opportunity which comes along once every 30 or 40 years in these real iconic brands. And that’s where we are today at Wendy’s.

Racz

You know, I have a 9 year old grandson – Daniel – and he always asks me to buy him Apple Computer – you know all those things – and he wants to play with me and I cannot – and he said, Grandpa – I was brought up in the digital age – you have to upgrade yourself. (laughter) Grandpa – you have to upgrade yourself. I have been in your land meaning Hungary. I said that’s nice there is nothing moving – and now come to the very end of this interview. The logical question at least a mathematician or chess player has to ask, if everything what you work for is created – jump 5 years later or 10 years later – and what will happen? Well let me tell you, there is one thing – interesting to design and study. How would you use this tremendous leverage which will take a $20 million company maybe to $100 million market cap – what would you do – where is the company going and since your father is the Chairman, where would you children and grandchildren be in the company? But this is – if this never happened, I can tell you I knew personally most people in the food business – none of them had your dream and none of them had your potential achievement and they were very decent people. Nice human beings; they had a hotel in Key Biscayne, they had the Plaza Hotel – the father had the Waldorf Astoria – but let me tell you something – they didn’t have the prospect of what you have. That’s really your story.

Schermer

That is our story and where it takes us after 5 years I really have to cross that bridge when I get there.

Racz

I have the following question. I understand that you have a line of credit for expansion – the company.

Schermer

That’s correct. We have a combined $50 million acquisition facility.

Racz

Now – a bank institution – whoever individual – would come through with $10 million / $15/$20 million at an appropriate price, would you take it and why?

Schermer

Well here’s what we’ve done in the industry. And this kind of goes back to Wendy’s. And to their credit – Wendy’s as a brand has gone out over the years and established relationships with anywhere from 8 to 12 major lenders that they put on a report and make it available to all of their franchisees these are the “preferred lenders” for Wendy’s and a lot of these major international or national finance companies and they have certain underwriting criteria specifically and only for Wendy’s and all the major brands have these. This just happens to be in our case Wendy’s. So, we have established relationships over the years with various “preferred lenders” for Wendy’s and these lenders are very interested in consolidation within the Wendy’s system. So our relationships are with these lenders are really well informed and have in essence underwritten Wendy’s. So to answer your question – I don’t know. It would depend on the terms, the rates and term because they are very aggressive with rates and terms in the “preferred lenders” of Wendy’s.

Racz

I want to thank you for the interview. Maybe you should call up Mr. Putin to expand in Russia because he is a very constructive guy and he wants to create a lot for the Russian people – but one thing is sure the Netflix Philosophy will grow, will be international and cannot do any harm to our people. Okay –

Schermer

Yes, Sir.

Racz

Thanks very much.

 

 

Disclaimer

Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.

 

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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail: mlikar@aol.com

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