Restaurants Research

Title Tickers Date Pages
CBRL: Cracker Barrel - EPS Upside Delivered on Pre-announced SSS; QTD SSS Down 20%, Well Below Street – Impact of Indoor Dining Suspensions in Focus CBRL 2020-12-03 6
SBUX: Starbucks Corp - Investor Day 2020: Return of Flat U.S. SSS in F2Q Increasingly Demanding, Expect Reiteration of Both FY21 & LT Guidance SBUX 2020-12-03 7
Social Distancing Restaurant Consumer Survey Week 38 - With Rising Case Counts & Colder Weather, Restaurant Consumer Behavior Is Reverting to Patterns Not Seen Since Late May 2020-11-30 4
Restaurant Sector High Frequency Data Snapshot Through 11/22 - Analysis of 6 Different Sales & Traffic Data Sets Strongly Suggests That It’s Going to Get Quite a Bit Darker Before the Dawn 2020-11-25 6
JACK: Jack in the Box - F4Q Impresses from Top to Bottom: JACK Poised to Deliver More of the Same in Each of Next Two Quarters. Stay Buy Rated JACK 2020-11-19 6
JACK: Jack in the Box - Another Quarter of Significant SSS & EPS Upside; Best-in-Class SSS Continue Even in Backdrop of Highly Successful Peer Promos JACK 2020-11-18 5
Mounting Short-Term Demand Headwinds vs. Vaccine Optimism - With No Idea Which Factor Will Prove Stronger in Coming Months – We Favor Names That Could Benefit from Both: CAKE, EAT & MCD 2020-11-18 9
JACK: Jack in the Box - Looking for F4Q EPS Upside w/ Street Still Underestimating Flow Through on Franchise Rental Revenue & MSD QTD SSS Growth JACK 2020-11-16 5
EAT: Brinker International - Highlights from the GHRA-sponsored Virtual NDR with Brinker Management EAT 2020-11-16 5
WING: Wingstop - Highlights from the GHRA-Sponsored Investor Call with Wingstop Management WING 2020-11-10 5
MCD: McDonald's - Digital Dominance on a Global Scale Does Not Come Cheap; EPS & EBITDA Ests. Poised to Fall, But Investment to Drive Share Gains MCD 2020-11-09 9
RRGB: Red Robin - RRGB Making Sales Recovery Progress, but Materially Lagging Pace of Peers. Liquidity Risk Down Dramatically w/ $50MM Tax Refund RRGB 2020-11-05 5
WEN: Wendy's - Breakfast SSS Contribution Consternation Overdone, Drivers in Place for MSD to HSD SSS Through 1H21E; Mgmt. Call Back Notes WEN 2020-11-04 6
WING: Wingstop - 3Q Flow Though Underwhelmed; Looking Forward However, We See Return of Free Delivery Promo Driving Healthy 4Q SSS Upside WING 2020-11-02 7
WING: Wingstop - $5 Special Div. Almost 2x Our Previewed $2.70, Incentive Comp Weighs on 3Q EBITDA, Oct. SSS Update Will be THE Call Focus WING 2020-11-02 4
Social Distancing Restaurant Consumer Survey Week 34 - Comfort Level w/ Indoor Dining Down, While Delivery Demand Still Elevated: Trends That Will Only Intensify w/ Rising Case Counts 2020-11-02 4
SBUX: Starbucks Corp - U.S. Recovery Accelerates in Sept., But Final Recovery Stage Tough; Remain Hold w/ SBUX at Big Valuation & COVID Uncertainty Up SBUX 2020-10-30 6
CAKE: Cheesecake Factory - Upgrading to Buy: SSS Recovery Was Slow to Emerge, But It’s Here Now, Has Legs & Comes w/ Improved Profit Flow Through CAKE 2020-10-30 6
YUM: Yum! Brands - Strong 3Q SSS, but Recovery Momentum Poised to Slow; at 17x ’22 EBITDA, YUM Fully Valued w/ Unit Opening Estimates Still Falling YUM 2020-10-29 5
DNKN: Dunkin' Brands - SSS Recovery Progress Continues to Impress, But of Only Modest Consequence Given Our View that Inspire Deal Comes to Fruition DNKN 2020-10-29 6

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