Restaurants Research

Title Tickers Date
JACK: Jack in the Box - Looking for a Modest F3Q SSS & EPS Miss and Overdue Repo Announcement; We Like Risk/Reward with Fundamentals Bar Low JACK 2019-08-05
DoorDash Acquiring Caviar - Caviar Acquisition Speeds Up DoorDash’s Market Share Expansion in Three Key Markets – San Francisco, Chicago & Boston 2019-08-01
WING: Wingstop - 13% SSS Met with Frustration Over Paltry Flow Through; Better Margins Coming w/ New Delivery Structure & Less COGS Pressure WING 2019-08-01
YUM: Yum! Brands - Strong SSS Across Portfolio, View 2Q SSS as High-water Mark; Valuation Premium Sustainable, but Additional Expansion Limited YUM 2019-08-01
DNKN: Dunkin' Brands - 2Q19 First Look: Solid Results Lapping the Go2s Menu Introduction; 2019 EPS Guidance Bumped on Lower Tax Rate & Interest Expense DNKN 2019-08-01
CAKE: Cheesecake Factory - The Market Appreciates a High-profile Acquisition, but Potential Hurdles Are All Around w/ CAKE Trying to Stabilize Core Business CAKE 2019-07-31
BLMN: Bloomin Brands, Inc. - BLMN Needs to Deliver on Its Aggressive SSS Guidance, but at 6x EBITDA & with Margins Improving – We Like the Risk/Reward BLMN 2019-07-31
BLMN: Bloomin Brands, Inc. - 2Q19 First Look: 2019 Guidance Reiterated Across Board Despite Healthy SSS Miss – BLMN Has Some Explaining to Do BLMN 2019-07-31
GRUB: Grubhub Inc - Strong Topline Momentum Overshadowed by Higher Exps. Continue to Look to 4Q Margin Improvement as Share Price Catalyst GRUB 2019-07-30
WEN: Wendy's - Looking for Modest SSS Miss/Guidance Reiteration; See WEN Offering Solid Risk/Reward Under Appealing Franchise Umbrella WEN 2019-07-30
TXRH: Texas Roadhouse - EPS Numbers Finding Stability vs. Our Street-Low Numbers, But we See the Consensus Numbers Continuing to Fall TXRH 2019-07-29
MCD: McDonald's - Global SSS Momentum Accelerating with U.S. Increasingly Pulling Its Own Weight; Lack of Margin Expansion the Lone Knock on Qtr MCD 2019-07-26
BLMN: Bloomin Brands, Inc. - Looking for Modest SSS Miss/Guidance Reiteration; At 6x 2020E EBITDA, Risk/Reward Merits Greater Investor Attention BLMN 2019-07-26
WING: Wingstop - SSS Expectations High - We Expect WING to Deliver; Valuation Undeniably Lofty, But Long List of SSS Drivers Can Keep It There WING 2019-07-26
BJRI: BJ's Restaurants - Weak July SSS & Mounting Cost Pressures Will Push Street EPS Estimates Lower - a Revision Trend we Expect to Continue BJRI 2019-07-25
SBUX: Starbucks Corp - U.S. SSS Deliver a Healthy Step Change; China SSS Solid, but Need Their Own Step Change to Drive Further Multiple Expansion SBUX 2019-07-25
CMG: Chipotle - Recovery Momentum Continues to Impress; We See All-time High Valuation Fading as CMG Begins to Lap Intro of Digital Initiatives CMG 2019-07-24
GRUB: Grubhub Inc - Expect Modest 2Q Revenue, EBITDA and EPS Upside; Half of 2019E Street EPS Estimates Fail to Reflect Recent Debt Issuance GRUB 2019-07-24
TXRH: Texas Roadhouse - Looking for Largely In-line 2Q SSS & EPS, but Expect 2019/2020 Street EPS Ests. to Fall for 4th Consecutive Qtr on Cost Headwinds TXRH 2019-07-23
GRUB: Grubhub Inc - Social Media Promo Analysis: Promos +50% Q/Q in 2Q; GRUB Continuing to Focus on High Quality Diners, Peers Not So Much GRUB 2019-07-22

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