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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Sales are Rebounding from April Lows; Declining Free Delivery Offers; Government Assistance Finally Kicks In; Lower Commodity Costs Helping Margins; Franchisee Valuations are Less Bearish, but QSR and FSR Outlooks Diverge; Stocks Rebound Sharply After March Free Fall; 1031 Transaction Volume Declines Sharply Despite Stable Cap Rates.
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Gauging A Sales Rebound; Half the Chains Are Offering Free Delivery; Government Help is On the Way; Lower Demand = Easing Commodity Costs; M&A Activity on Hold; Stocks Resume Free Fall Amid Shut-Down; Cap Rates Stable for Now
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