Restaurants Research

Title Tickers Date
Wingstop (Sizeable Value Creation Premium Justified: We See Several Years of Mid-to High-Teens EBITDA Growth on Minimal Capex) WING 2018-10-19
Dave & Buster's (We See the Return of SSS Growth in F4Q as a Multiple Expansion Catalyst for One of the Last Remaining 10%+ Unit Growth Stories) PLAY 2018-10-19
Cheesecake Factory (We See a Continued Tug of War Between Market Share Gains & Outsized Exposure to Wage Rate Inflation ) CAKE 2018-10-19
BJ's Restaurants (Impressive SSS and Margin Expansion Momentum in 2018E, But We Expect It to Fade in 2019E with Valuation Following) BJRI 2018-10-19
Bloomin Brands, Inc. (Drivers in Place for Continued Market Share Gains - And In turn, A Narrowing of Sizeable Valuation Discount) BLMN 2018-10-19
Cracker Barrel (Margin Pressure and Decelerating SSS Kept in Check by Healthy Dividend Yield Support) CBRL 2018-10-19
Chipotle (Premium Multiple Unsustainable - Even if Most Optimistic Street Estimates Are Met in 2019E, 2020E and Beyond) CMG 2018-10-19
Texas Roadhouse (SSS Will Cont to Impress, But EPS Growth Could be Cut in Half with Persistent Labor Cost Pressure & Loss of Tax Reform Tailwinds) TXRH 2018-10-19
Dunkin' Brands (2020 SSS and Unit Development Targets Look Like a Long Shot - But Valuation Peak Here to Stay with DNKN a Perceived M&A Target) DNKN 2018-10-19
Darden Restaurants (Near Peak Valuation Premium Will Be Hard to Hold, Given Meaningful EPS Growth Deceleration Lurking) DRI 2018-10-19
Jack in the Box (Sizeable Valuation Discount Reflects Modest Near-Term SSS Prospects; Disgruntled Franchisee Base a Potential Catalyst ) JACK 2018-10-19
Red Robin (Shares Are Bouncing Off of Trough Valuation Levels, but Continued Market Share Losses/Margin Headwinds Keep Us on Sidelines) RRGB 2018-10-19
Brinker International (EAT Shares Have Earned Their Valuation Upgrade, But We Think This is as Good as it Gets) EAT 2018-10-19
McDonald's (Valuation Discount Poised to Narrow with Greater Clarity on Short-Term Nature of EOTF Headwinds & Continued Margin Expansion ) MCD 2018-10-19
Wendy's (WEN Approaching FCF Yield Tipping Point (~5.5%) a Level at Which We See Share Price Tracking FCF Growth ) WEN 2018-10-19
Jeff Farmer Joins Gordon Haskett Research Advisors to Cover the Restaurant Sector 2018-07-30

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