Restaurants Research

Title Tickers Date Pages
MCD: McDonald's - 1Q20 SSS & COVID Update Largely as Expected with MCD Updating Investors Twice in March; Accelerating SSS Declines Await in 2Q MCD 2020-04-08 6
DNKN: Dunkin' Brands - Updating SSS & EPS Estimates: DNKN is a Name We Missed in the Mid-$40s, We Would Pursue Pullbacks in the High-$40 Range DNKN 2020-04-08 7
CMG: Chipotle - Updating SSS & EPS: Plenty of Cash & Competitive Advantages, but 2020E Numbers Falling & Stock Has Been Big Outperformer CMG 2020-04-08 7
DRI: Darden Restaurants - Olive Garden To-Go Sales at 40% of Pre-COVID Total Volumes Providing Big Offset to both SSS & DRI’s Weekly Cash Burn Rate DRI 2020-04-07 5
WING: Wingstop - Wingstop Business Model Proving to be Definition of Restaurant Company Resilience Posting HSD % SSS in Eye of COVID Storm WING 2020-04-07 5
Social Distancing Restaurant Consumer Survey: Week 4 - Tracking Restaurant Customer Response to COVID – Social Distancing Long Tailed, But Pace of Behavioral Change Moderating 2020-04-06 8
CAKE: Cheesecake Factory - What Does a $3 Million Off-Premise Run Rate Look Like? We Spent an Hour at a Suburban Boston Cheesecake Unit to Find Out CAKE 2020-04-06 6
CAKE: Cheesecake Factory - Market “Sleeping” on Cheesecake’s $60,000+ per Week Off-Premise Sales; A Number That Will Meaningfully Reduce Cash Burn Rate CAKE 2020-04-03 5
PLAY: Dave & Buster's - With Revenue Turned Off & Only Modest Facility $ Available - PLAY Has Aggressively Cut Costs to One of Lowest Burn Rates in Sector PLAY 2020-04-02 7
BJRI: BJ's Restaurants - BJRI Can Weather Storm w/ Aggressive Cash Preservation; Weaker Pre-COVID Fundamentals Temper Valuation Recovery BJRI 2020-04-02 7
CBRL: Cracker Barrel - Updating SSS & EPS for Daunting NT Reality; Retail Biz & Suspension of Best-in-Class Div Pose Unique Recovery Headwinds CBRL 2020-04-02 7
BLMN: Bloomin Brands, Inc. - Updating SSS & EPS Estimates to Reflect Sobering Near-Term Reality; With $400 Million in Cash – BLMN Will Weather the Storm BLMN 2020-04-01 8
International Third-party Delivery COVID-19 Deep Dive - International Third-party Delivery Companies Feeling the Negative Effects of Social Distancing 2020-04-01 17
Analyzing the Impact of COVID-19 On Third-party Delivery (pt. 3) - Delivery App Downloads Picking Up, but Not Usage 2020-03-31 6
CAKE: Cheesecake Factory - Upgrading to Buy: Leadership in Disclosing Labor & Rent Hurdles Drives Exaggerated Sell-Off – Dominant Mall Anchor Will Survive CAKE 2020-03-31 8
EAT: Brinker International - Updating SSS & EPS Estimates for Harsh Near-term Reality; Leverage High, but we Expect EAT to Have Access to Remaining Facility $ EAT 2020-03-31 8
DPZ: Domino's Pizza Inc - DPZ Just Reported the Best 1Q U.S. Comp the Sector Will See (+1.6%), but Strong Number Expected; We See SSS Softening in 2Q DPZ 2020-03-30 5
Social Distancing Restaurant Consumer Survey: Week 3 - Tracking the Restaurant Consumer Response to COVID-19 with Survey of 300+ Households - Week 3 Takeaways 2020-03-30 7
Tracking Company Exposure to Growing Global Case Count - U.S. & China Have Dominated Investor Attention, but Europe Case Count Jumping – MCD, PZZA and DPZ Most Exposed 2020-03-30 5
Shelter in Place Jumping, Greater QSR SSS Declines to Follow - State-by-State Restaurant SSS for Week-ended March 21: Suggests Accelerating Shelter-in-Place Mandates Will Turbo Charge Declines 2020-03-27 4

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