Bridgford Foods Corporation

AI-generated fair value estimate for this company.

Method: Net asset value: $107.77M book stockholders' equity (TTM); +$16.5M after-tax mark-up of owned land/buildings from ~$28M acquisition cost to ~$50M estimated market value (25% tax on the gain); -$41.0M capitalized value of average -$4.1M/yr free cash flow burn (FY2023-FY2025 average) capitalized at a 10% discount rate; 9.08M shares outstanding.

Reasoning: Bridgford's operating cash flow has been negative in 4 of the last 5 fiscal years (including FY2025), making a forward FCF DCF unreliable, but the company owns substantial real estate (Anaheim CA headquarters/plant, Dallas, Chicago, and Statesville facilities) carried at historical cost well below current market value, as evidenced by the 2022 sale of its Chicago meat-processing plant for $60M; a net asset value approach that marks the real estate to market and deducts the capitalized value of ongoing cash burn better captures intrinsic value for this asset-rich, operationally-challenged small-cap than a standard DCF.