Restaurants Research

Title Tickers Date Pages
JACK: Jack in the Box - Looking for Modest F4Q SSS Miss & Repo-driven EPS Upside; We Like Risk/Reward with Longer-term Fundamentals Bar Low JACK 2019-11-15 7
CBRL: Cracker Barrel - The Very Popular Holiday Heat n' Serve Offering Will See a ~15% Price Increase to $124.99 - Driving a Healthy F2QE SSS Tailwind CBRL 2019-11-08
EAT: Brinker International - Quick Hits from GHRA-Sponsored Conference Call with Brinker CEO & CFO EAT 2019-11-07 5
WEN: Wendy's - Expect Continued Multiple Expansion in Coming Quarters with Several Meaningful Top-line Drivers in Place WEN 2019-11-06 6
BLMN: Bloomin Brands, Inc. - SSS Miss/EPS Guidance Reiteration as Previewed; Remain Bullish W/ October SSS Better, Margins Improving & Potential Sale BLMN 2019-11-06 6
RRGB: Red Robin - Unenviable Top-line Dynamic Persists: Traffic Stability Comes Only with Discounting or Increased Advertising RRGB 2019-11-05 6
DNKN: Dunkin' Brands - Tax-Rate Driven EPS Upside on Modest SSS Miss; Confirmation That DNKN Will Not Contribute to “Reimage” Capex is Welcome DNKN 2019-10-31 6
SBUX: Starbucks Corp - U.S. Further Establishes Sizeable SSS Step Change; China Solid, but Needs a Step Change of Its Own to Drive Multiple Expansion SBUX 2019-10-30 4
EAT: Brinker International - Delivery Momentum Has Picked Up & Appears Sustainable with Recent Addition of National Advertising Support EAT 2019-10-30 5
WING: Wingstop - Another Strong Quarter for SSS – We see Multiple Topline Drivers In Place to Sustain The SSS Momentum and Valuation Premium WING 2019-10-30 6
YUM: Yum! Brands - System Sales & SSS Poised to Decelerate through 2Q20E; Cash Flow Visibility/Stability Will Limit Further Multiple Compression YUM 2019-10-30 5
CAKE: Cheesecake Factory - Quick Hits from Earnings Call & Mgmt. Follow Up: Low Drama Quarter for Casual Dining - Largely In-line EPS, SSS & Guidance CAKE 2019-10-29 6
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

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