Restaurants Research

Title Tickers Date
GHRA ROIC Quarterly: Taking Stock of Value Creation - WING & CMG Positioned to See Greatest ROIC Expansion; CMG’s Valuation Discounting 2015 ROIC Levels – Overly Optimistic 2019-04-08
Economic Data as a Leading Indicator of Restaurant SSS - Leading Economic Indicator Trends (Including GDP & Redbook Index Growth) Point to Decelerating Casual Dining SSS Growth 2019-04-04
RRGB: Red Robin - RRGB Pursuing a New CEO; but There Are No Quick Fixes for This Regional Casual Dining Concept. 20% FCF Yield Keeps Us Hold Rated RRGB 2019-04-03
PLAY: Dave & Buster's - 4Q SSS, Rev & EBITDA Outpace Guidance & Street Ests.: 2019 Guidance Looks Conservative - Setting Stage for Upward Revisions PLAY 2019-04-02
2019 Restaurant Sector Unit-level Economics Deep Dive - Which Companies Have the Greatest Economic Incentive to Build New Restaurants? WING, CMG, SBUX & SHAK Top the List 2019-04-01
PLAY: Dave & Buster's - Looking for LSD FY19 SSS Guide; PLAY Riding an Underappreciated 3-Qtr Upward EBITDA Revision Run – One We Expect to Continue PLAY 2019-03-29
JACK: Jack in the Box - Upgrading to Buy: Compelling Risk/Reward with More Aggressive Value Strategy Pivot & Low Fundamental Expectations Bar JACK 2019-03-27
Restaurant Sector Unit Growth Quality Analysis - When It Comes to Quality Among the Early Stage Unit Growth Companies - There is WING and Then There is Everyone Else 2019-03-25
DRI: Darden Restaurants - Upgrading to Hold: DRI Is a True Casual Dining Outlier - Delivering Upward Revision Momentum Across Both SSS and EPS DRI 2019-03-21
DRI: Darden Restaurants - Market Share Gains Reaccelerate at Core Concepts; Flow Through Underwhelming, But SSS Momentum Deserves the Spotlight DRI 2019-03-21
Casual Dining Off-premise Sales Deep Dive - Outside of Early-Stage Delivery & Large Party Catering, Off-Premise Sales Do Not Appear to Drive Share Gains 2019-03-19
DRI: Darden Restaurants - Weak February Segment Sales Trends Weigh on SSS Upside Potential DRI 2019-03-15
BLMN: Bloomin Brands, Inc. - Analyst Meeting Highlights Ample SSS Drivers; Margin Expansion a Show-Me Story, But at Less Than 7x EBITDA – We Like Risk/Reward BLMN 2019-03-12
Restaurant Sector Share Prices Defying Revision Trends - Stocks Have Moved Up on Downward Revisions: Precedent Suggests This Is Unsustainable 2019-03-07
WING: Wingstop - Fundamentals Continue to Impress: EPS Estimates Coming Down on Higher Interest Expense with EBITDA Estimates Resilient WING 2019-02-28
Mobile App Data Deep Dive: Burger/Chicken Sandwich Segment - The Consumer Adoption Leader is Chick-Fil-A with McDonald’s Having A Strong Grip on the Number 2 Spot 2019-02-28
RRGB: Red Robin - 2019 Guidance & SSS Recovery Strategy Are Big Show-Me Stories; At ~5x 2020 EBITDA – Shares Discounting Challenging Road Ahead RRGB 2019-02-26
CBRL: Cracker Barrel - Underwhelming Profit Flow Through A Recurring CDR Theme; Off-premise SSS Tailwind to Moderate Moving Past Holiday Season CBRL 2019-02-26
CBRL: Cracker Barrel - Restaurant SSS Upside, Offset by Retail SSS Miss & Labor Pressure. Contribution of $110 Holiday To-Go Meals to SSS Upside? CBRL 2019-02-26
BJRI: BJ's Restaurants - Slowing SSS, Wage Inflation & Accounting Headwinds Drive Downward Revisions: We Remain Underperform W/ More to Come BJRI 2019-02-21

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