Things are Looking Up!: Sales Continue to Improve as Capacity Trends Higher; Promotional Price Points are Ramping Higher; Economy Doing Well with 2nd Stimulus Coming; Commodity Prices Continue to Ramp-up; Franchisee M&A Supply Expected to Ramp-Up; RR Index Slightly Out-Performs in a Down Month and Spreads Shrink Between Cap Rates & 10 Yr.
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Getting Back to Normal: Preliminary 3Q Sales Trends Reveals Rebound Momentum; Value Offers are Finding Equilibrium; Government Back-Stops Strengthening Secular Trends; Increasing Commodity Prices Reflect Normalizing Demand; 2H:20 Valuations Outlook Grows More Optimistic; FSR Restaurant Stocks Stage Strong Rebound & Record Gap Remains Between Cap Rates & 10 Yr.
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Hopefully 2Q Represents a Volatile Bottom: Value Mix Reflects Segment Realities; More Stimulus is Coming; Commodity Prices Remain Volatile; 1H:20 Valuations In-Line with Sales Trends; Restaurant Stocks Weighed Down by FSR; Record Gap Remains Between Cap Rates & 10 Yr.
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Choppy Rebound to an Improving Trend: Same Store Sales Trends Continue to Improve; New Products Replace Free Delivery Offers; Employment Moving in the Right Direction; Commodity Prices Trend Lower, but Remain Volatile; Outlook Shifts Slightly Bearish, Strongly Favors QSR; Restaurant Stocks are Down -11% vs. Market during 1H20; Gap Between Cap Rates & 10-Year is at a 7 1/2 Year High.
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Economic Distortions Continue to Flow-Thru Sales Trends; Free Delivery Substitutes for Declining Value Offers; Stimulus Checks Bolster Income, but Consumers Save More; Margins Continue to Benefit from Lower Commodity Costs; Valuation Outlook Turns Slightly Bullish, Favors QSR; Stocks Extend April’s Rebound
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