Fiesta Restaurant Group (NASDAQ:FRGI) recently completed a secondary offering that recapitalized its balance sheet, which should support both improved unit growth and earnings power in the future. When taking a look at the stock price (down almost 10% from the secondary offering price), this major move has seemed to have gone unnoticed. Additionally, current analyst estimates seem low, as I see significant upside to both short-term and long-term projections. This recapitalization puts FRGI in a position to self-fund industry-leading growth in its Pollo Tropical segment, which could push EPS to $3.50 by the end of the decade. 2014 is the year in which this unit growth really kicks in, and should continue or accelerate for the foreseeable future....
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