Category: Investor Briefs

RR StockSense – January 2021

QSR names continue to benefit from an asset-light model which insulate these companies from store-level margin compression. This segment also benefits from healthy post-lockdown performance as strong drive-thru and digital access solutions translate into solid valuation multiples with many stocks trading close to their 52-week highs.

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3Q20 Investor Call Summary & Analysis

The innovation and resiliency of the chain restaurant industry was on full display during reported 3Q20 results as these leading players bounced back from the depths of government mandated lockdowns that essentially shut-off the US economy. Unfortunately, some part of the chains’ resurgence came at the expense of the independent restaurants that lacked scale to weather the perfect storm. However, people still must eat, and further, social humanity can only live in isolation for a short time so it was inevitable that consumers would come back to the table.

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2Q20 Investor Call Summary & Analysis

Hopefully the trough of a shocking Black Swan event, 2Q20 gave us an average comp decline of -15.4% for 23 $1B+ chains under coverage. Notably, there was a very wide dispersion of results with a comp high of +32% (Wingstop) all the way to a low of -59% (IHOP) as consumers decidedly shifted away from dine-in to low-contact off-premise solutions.

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1Q20 Investor Calls: Key Points & Analysis

In a shocking Black Swan event, the industry suffered the forced closing of all dining rooms in late March 2020. While this shock was less troublesome to concepts already heavily oriented towards drive-thru and off-premise, the devastation for sit-down oriented chains has been previously unimaginable.

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4Q19 Investor Calls: Key Points & Analysis

The successful brands continue to add value in some form or another sufficient to drive higher tickets. It could be from menu improvements or innovation or digital order platform upgrades that add convenience to go with a higher check. It seems that those consumers with means can be cajoled into spending more if they perceive a value-added proposition in some form that resonates.

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