Olive Garden was First to Report for the 4Q20 Season; More Value is Necessary…; 4Q Rebound Still in Progress with a Government Backstop; Commodity & Labor Continue to Ramp-Up; Progress on Unit-Level Valuation Rebound; RR Index Ends Year in the Black; Cap Rates Tick Higher with Rates
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Not Bad Given All Things Considered; Challenge is to Maintain 3Q20 Momentum; Value Represented by Gift Card Bonuses & Free Delivery; 4Q Rebound Continues to Build Momentum; Commodity Prices Accelerate; FSR Valuation Outlook Recovers From Lows; RR Index Surges in Broad Based Rally; and Cap Rate Spreads Normalize after October Surge.
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Let’s Keep It Rolling; 3Q Same Store Sales Rebound Nicely; Less Value for Now…; 3Q Economy Grows at Fastest Pace on Record; Commodity Prices Continue to Ramp-up; Valuations Trend Slightly Lower; RR Index Follows Market Lower; and Spreads Widen to Highest Level Since April.
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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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