THE WEEK THAT WAS, ENDING September 12th – major event was Black Rock Coffee Bar IPO – otherwise a quiet reporting week, losing 1 and gaining 1 publicly held restaurant company -check the rest of September’s schedule , and/or click through yellow box on Home Page for over 60 write-ups, including conference call transcripts

articles, Uncategorized
DC Advisory
Print Friendly, PDF & Email

REPORTED IN PRIOR WEEKS (below): Potbelly Restaurants downgraded as it is about to go private. No other ratings changes.

MOST IMPORTANT EVENT OF THE WEEK THAT WAS – INITIAL PUBLIC OFFERING OF BLACK ROCK COFFEE BAR (BRCB) – GROWING CHAIN OF DRIVE THRU COFFEE KIOSKS, LOTS OF SIMILARITIES TO DUTCH BROS (BROS),- IPO PRICE $20/SHARE, TRADED IN THE HIGH 20s WITH ABOUT 47M SHARES FULLY DILUTED. ADJUSTED EBITDA OF $14M FOR LATEST SIX MONTHS (UP FROM $11M IN ’24) IMPLIES $30-35M FOR CALENDAR ’25. ENTERPRISE VALUE (AT $28/SHARE) IS THEREFORE JUST OVER 40X ’25 ADJUSTED EBITDA. (ABOUT THE SAME MULTIPLE OF EBITDA THAT DUTCH BROS CURRENTLY  TRADES AT.  WILL PROVIDE FURTHER DETAILS NEXT WEEK.

Otherwise:

Darden maintained at Equal-Weight by 1 firm and Positive at 2 firms.

Chipotle maintained at Equal-Weight by 1 firm and Buy at 1 firm.

Cracker Barrel maintained at Sell by 1 firm.

Portillo maintained at Neutral by 1 firm.

Driven Brands, Wingstop & Valvoline maintained Positive at 1 firm.

Reporting companies in past week:  None

Conference call transcripts are below for all companies reporting in prior weeks with ratings change in THE WEEK THAT WAS: (Potbelly leaving, so why bother?) Initiations (none), or companies reporting::(none).

GIVES YOU TIME TO READ SOME PREVIOUS TRANSCRIPTS!