DIN: LIQUIDITY SHOULD BE A MAJOR CONCERN

12/11/08 04:29PM EST
Monday, 8 Sep 2008 - DineEquity, Inc. Announces Chief Financial Officer Transition
Tuesday, 7 Oct 2008 - DineEquity, Inc. Declares Quarterly Dividend
Monday, 27 Oct 2008 - DineEquity, Inc. Agrees To Sell 66 Applebee's Locations
Friday, 5 Dec 2008 - Southeastern Asset files 13D Reports in DineEquity
Thursday, 11 Dec 2008 DineEquity, Inc. Announces Suspension of Common Dividend

The company declared a dividend in October and then suspended it in early December. During the intervening time period sales for the casual dining industry slowed significantly. The dividend announcement speaks directly to the liquidity issues the company is facing.

There is no reason that DIN should be trading at a premium to any of its peers in the restaurant industry, and yet, the company is trading at 8.7x on a NTM EV/EBITDA basis relative to its casual dining peers at 5.5x.



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