Restaurants Research

Title Tickers Date
CBRL: Cracker Barrel - F4Q Topline Strong, but CBRL Pointing to Cautious NT Outlook; Lofty Valuation & Continued Margin Pressures Keep Us Underperform CBRL 2019-09-17
GRUB: Grubhub Inc - Non-Restaurant Delivery Partnerships Poised to be Next Trial & Awareness Driver w/ Exclusive Rest. Partnerships Nearly Exhausted GRUB 2019-09-16
DRI: Darden Restaurants - Near-term Risk/Reward Profile Skewed Toward Risk w/ DRI Shares at Peak Relative Valuation and Revision Momentum Slowing DRI 2019-09-13
CBRL: Cracker Barrel - Expect Solid Finish to FY19 w/ Fried Chicken Launch/Advertising Tailwind; Looking for FY20 EPS Guidance Intro to Fall Below Street CBRL 2019-09-12
PLAY: Dave & Buster's - Guidance Sees Another Sizeable Downward Revision & No Visibility into NT Improvement: Activist Involvement Keeps Us Hold Rated PLAY 2019-09-10
WEN: Wendy's - Breakfast Take 4: Hard Not to Like Strategy w/ Downside a $20M Hit/Frustrated Franchisees & Upside A Jump in LT Royalty Stream WEN 2019-09-09
Third-party Delivery Pricing Premium Analysis - Which Concepts are Pursuing a Delivery Pricing Premium (and which are not) & What is the Impact on Customer Demand? 2019-09-06
PLAY: Dave & Buster's - Expect F2Q SSS Shortfall w/ Softening Segment SSS & Continued Encroachment Headwinds; Aggressive Share Repo Supporting EPS PLAY 2019-09-04
EAT: Brinker International - Upgrading to Buy: Compelling Risk/Reward with Delivery Catalyst Building & A Low Fundamental Expectations Bar EAT 2019-09-03
Casual Dining Concepts Poised to See Greatest Hurricane Impact - BLMN, BJRI & DRI Have the Greatest Florida Restaurant Exposure: Hurricane Irma Case Studies Point to a 50+ bps 3Q SSS Headwind 2019-08-30
RRGB: Red Robin - 2Q19 Underscores What We View As A Multi-Quarter Traffic Headwind with Move Away from Value Promos RRGB 2019-08-23
GRUB: Grubhub Inc - Recent 22% Share Price Sell Off is Overdone w/ Street EBITDA Ests. Down Just 4%. European Peers Suggest Healthy Val. Discount GRUB 2019-08-22
Franchise System Sales Growth: The Key Value Creation Driver - Which Franchise Companies Lead the System Sales Growth Pack and How Are They Doing It? 2019-08-22
EAT: Brinker International - FY20 Fundamental/Stock Prospects Heavily Levered to Delivery Success: We See A Benefit Coming, But Magnitude is Up for Debate EAT 2019-08-16
EAT: Brinker International - Management Follow Up Call Quick Hits: EAT Points to Confidence in Delivery – We Agree on Opportunity, but View as Smaller Scale EAT 2019-08-13
EAT: Brinker International - F4Q19 1st Look: Aggressive FY20 Guidance Intro Will Be Analyst Focus on Call – Especially 1.75-2.5% SSS Guidance (Street at 1.5%) EAT 2019-08-13
JACK: Jack in the Box - The $4.99 Combo Meal Intro (and add-on purchases) Is Hitting the Right Spot with Core Jack Customers – and Appears to Have Legs JACK 2019-08-08
JACK: Jack in the Box - F3Q First Look: Healthy SSS Upside with Momentum Carrying into F4Q – Delayed Repo Announcement Proved to Signal Nothing JACK 2019-08-07
WEN: Wendy's - Expect Continued Multiple Expansion with WEN Poised to be One of Few Restaurants Delivering Accelerating SSS Growth in 2H19 WEN 2019-08-07
WEN: Wendy's - 2Q First Look: Upside Across SSS, EPS & EBITDA to Further Bolster Investor Confidence That WEN Can Deliver on 2020 Guidance WEN 2019-08-07

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