Restaurants Research

Title Tickers Date Pages
BLMN: Bloomin Brands, Inc. - BLMN Deserves Your Attention: Strongest Off-Premise Sales in Casual Dining; Ample Liquidity, Low Cash Burn & 65% Sell Off BLMN 2020-04-16 5
JACK: Jack in the Box - JACK Oversold vs. Franchise Peers: News of SSS That Are Equal or Greater than MCD & WEN & Ample Liquidity Increases Conviction JACK 2020-04-15 5
RRGB: Red Robin - QTD SSS Offer Few Surprises; Weekly Sales Disclosure Confirms Healthy Consumer Shift to Off-Premise Casual Dining Offerings RRGB 2020-04-15 5
Casual Dining Web Traffic Points to Still Accelerating Off-Premise - Web Traffic Data Through 4/12 Indicates Olive Garden & Chili’s Seeing Accelerating To-go Sales; Texas Roadhouse Biggest Jump 2020-04-15 16
GRUB: Grubhub Inc - GRUB Proving Delivery Not Immune from COVID-19; Another Round of Downward EBITDA Revisions Weighing on the Stock GRUB 2020-04-13 5
RRGB: Red Robin - Aggressive Cost Control & Facility Borrowing Will Keep RRGB Solvent, but EPS Losses Will Be Outsized; Activism Keeps Us Hold RRGB 2020-04-13 7
YUM: Yum! Brands - Updating SSS & EPS for COVID Impact: More Than Ample Liquidity, But Outsized Global Exposure to Some of Hardest Hit Countries YUM 2020-04-13 6
JACK: Jack in the Box - JACK Oversold vs Franchise Peers w/ (1) Sufficient Liquidity, (2) Minimal Securitized Financing Risk, & (3) Low Discretionary Menu JACK 2020-04-13 7
SBUX: Starbucks Corp - Store Closure-Driven U.S. SSS Trends Ugly, But Will Recover Quickly w/ May Reopening; Shares Very Resilient Facing Big EPS Cuts SBUX 2020-04-09 6
WEN: Wendy's - Updating SSS & EPS: Remain Bullish with Breakfast Redux in 2H20, Plenty of Cash & Share Performance Gap vs. Franchise Peers WEN 2020-04-09 7
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

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