Restaurants Research

Title Tickers Date Pages
TXRH: Texas Roadhouse - Labor Cost Control & Lull in Commodity Inflation Drive EPS Upside; Expect Valuation Premium to Further Narrow w/ Margin Erosion TXRH 2019-10-29 6
GRUB: Grubhub Inc - GRUB’s Decision to Play High Cost Promo Game Breaks Profit Model, and In Turn Our Thesis – Downgrading to Hold from Buy GRUB 2019-10-28 7
BLMN: Bloomin Brands, Inc. - Expect 3Q SSS Shortfall/Downward Revision to 2019 SSS Guidance; At <7x EBITDA & Delivery Tailwind Coming, We Like Risk/Reward BLMN 2019-10-25 11
BJRI: BJ's Restaurants - 3Q SSS Miss Underscores BJRI’s Eroding Market Share Gains; 2020E Street EPS & EBITDA Estimates Coming Down BJRI 2019-10-24 6
EAT: Brinker International - Looking for Modest SSS & EPS Upside; Compelling Risk/Reward with Early-Stage Delivery Catalyst & Low Fundamental Expectations EAT 2019-10-24 8
WING: Wingstop - Looking for SSS & EPS Upside; Valuation Outsized – But We Expect the Company’s Long List of SSS Drivers to Keep it There. WING 2019-10-23 7
CMG: Chipotle - 3Q Impresses Across the Board; $760 PT (20x 2021E EBITDA) Reflects Skew Toward Risk vs. Reward Lapping a Monster 2019 CMG 2019-10-22 7
MCD: McDonald's - With Shares Now Discounting Modest NT Profit Flow Through, Focus Intensifies on U.S. SSS and We See 2020E Upside MCD 2019-10-22 6
TXRH: Texas Roadhouse - Looking for Modest SSS & EPS Shortfall; Expect 2019 & 2020 Street Estimates to Fall Given Street’s Aggressive Labor Cost Modeling TXRH 2019-10-18 8
BJRI: BJ's Restaurants - Looking for 3Q19 SSS & EPS to Meet Modest Street Expectations; 2020 Numbers Aggressive in Face of Traffic/Wage Headwinds BJRI 2019-10-18 10
YUM: Yum! Brands - Expect Worldwide SSS to Meet 3% Street Est.; Premium Valuation Sustainable with Cash Flow Visibility Offsetting Decelerating SSS YUM 2019-10-17 8
SBUX: Starbucks Corp - Looking for Few Surprises w/ F4Q Numbers (Following Shock/Awe of F3Q); FY20 EPS Guidance Likely Below Street – But Discounted SBUX 2019-10-17 8
GRUB: Grubhub Inc - Looking for 4Q19 Guidance to Make (or Break) the Shares (& Our Thesis) with $1.50+ EBITDA per Order in Focus GRUB 2019-10-16 8
WEN: Wendy's - With Clarity on Longer-term Unit, EBITDA & FCF Guidance in Hand – Investor Focus Will Shift to SSS and We Expect WEN to Deliver WEN 2019-10-11 7
MCD: McDonald's - Looking for Largely In-Line SSS & EPS; Return of U.S. Traffic Growth No Layup, But Check Tailwinds Through 2020E Underappreciated MCD 2019-10-11 9
CMG: Chipotle - Upgrading to Hold: Bear Thesis Increasingly Untenable as Sales Momentum Persists Even as CMG Laps Wave of Key Drivers CMG 2019-10-09 9
Postmates: Key Takeaways from TechCrunch Disrupt SF - Postmates’ IPO Plans on Hold Due to Choppy Markets 2019-10-07 4
WEN: Wendy's - Breakfast Battleground Not for Faint of Heart, But We See Multi-Year SSS Tailwind w/ Lessons Learned & Resolute Franchise Group WEN 2019-10-04 6
Off-premise Sales Deep Dive: Turning Over Every Stone - Off-Premise: The Last Battleground for Restaurant Traffic Growth 2019-10-02 21
BLMN: Bloomin Brands, Inc. - Casual Dining Case Studies Point to DoorDash Partnership Driving a Sizeable Outback SSS Tailwind in Coming Quarters BLMN 2019-09-27 6

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