Ignite Restaurant Group (NASDAQ:IRG) has struggled to find success since its acquisition of Macaroni Grill, and the company's stock has performed accordingly (the stock price has fallen 30% since mid-2013). I won't argue that the company's performance does not justify this move, but I will argue that the current valuation masks the value of the company's two great assets, Joe's Crab Shack and Brick House Tavern. These two units are not only putting up solid results, but each concept also provides an attractive unit growth story, and the value of these two businesses are worth much more than the company's current valuation.
Since Macaroni Grill is the reason for the company's depressed valuation, the thing we need to...
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