All posts by Roger Lipton

THE WEEK THAT WAS, ENDING FEBRUARY 23rd – EARNINGS SEASON IN HIGH GEAR – THREE DOWNGRADES (TWICE FOR ONE COMPANY) – with relevant transcripts

PREVIOUSLY REPORTING:  THREE DOWNGRADES, Wendy’s (twice) from Overweight  to Neutral and from Outperform to Market Perform – TX Roadhouse (once) from Buy to Neutral

Otherwise:

Wendy’s maintained by 1 firm at Neutral and Positive at 2 firms.

Chipotle maintained by 1 firm at Underweight (Valuation we guess)

Sweetgreen maintained by 1 firm at Neutral

TX Roadhouse, in addition to the Downgrade, was maintained by 1 firm at Neutral.

COMPANIES REPORTING DURING WEEK: Bloomin’ Brands, Chuy’s, Driven Brands, Planet Fitness. Pinstripes, Winmark, Dutch Bros, MIster Car Wash, Wingstop) – Lots of information provided, but nothing to cause ratings changes.

Wingstop: 2 firms maintain Neutral, 4 firms maintain Positive ratings.

Cheesecake Factory: 3 firms maintain Neutral, 1 firm reiterates Outperform

Chuy’s: 1 firm maintains Neutral, 1 firm stays at Outperform

Jack in the Box: 4 firms stay Neutral, out remains Positive

Planet Fitness: 3 firm maintain Positive ratings.

Dutch Bros: 2 firms stay Neutral, 1 remains Positive

Driven Brands: 2 firm maintain Positive ratings.

Conference call transcripts are below for all companies reporting in prior weeks with ratings changes (Wendy’s, TX Roadhouse),  initiations (none), or companies reporting in THE WEEK THAT WAS: (Bloomin’ Brands, Chuy’s, Driven Brands, Planet Fitness. Pinstripes, Winmark, Dutch Bros, MIster Car Wash, Wingstop).

TRANSCRIPTS:

TX Roadhouse (TXRH)

https://seekingalpha.com/article/4670843-texas-roadhouse-inc-txrh-q4-2023-earnings-call-transcript

Wendy’s (WEN)

https://seekingalpha.com/article/4670567-wendys-company-wen-q4-2023-earnings-call-transcript

https://seekingalpha.com/article/4670594-wendys-company-2023-q4-results-earnings-call-presentation

Bloomin’ Brands (BLMN)

https://seekingalpha.com/article/4672991-bloomin-brands-inc-blmn-q4-2023-earnings-call-transcript

Chuy’s (CHUY) – not available yet

Driven Brands (DRVN)

https://seekingalpha.com/article/4672634-driven-brands-holdings-inc-drvn-q4-2023-earnings-call-transcript

Planet Fitness (PLNT)

https://seekingalpha.com/article/4672452-planet-fitness-inc-plnt-q4-2023-earnings-call-transcript

Pinstripes (PNST)

https://seekingalpha.com/article/4673194-pinstripes-holdings-inc-pnst-q3-2023-earnings-call-transcript

Winmark (WINA) – no quarterly conference calls (so no transcripts, obviously)

Dutch Bros (BROS)

https://seekingalpha.com/article/4672192-dutch-bros-inc-bros-q4-2023-earnings-call-transcript

https://seekingalpha.com/article/4672136-dutch-bros-inc-2023-q4-results-earnings-call-presentation

MIster Car Wash (MCW)

https://seekingalpha.com/article/4672188-mister-car-wash-inc-mcw-q4-2023-earnings-call-transcript

Wingstop (WING)

https://seekingalpha.com/article/4672065-wingstop-inc-wing-q4-2023-earnings-call-transcript

 

 

 

RAVE RESTAURANT GROUP – (RAVE)

PENDING THE RELEVANT COMPANY’S REGISTRATION WITH US, THIS PARTICULAR CONTENT IS LIMITED TO SUBSCRIBERS. For $100/year, SUBSCRIBE HERE. Other content is available by way of Home Page.

INCLUDED IN YOUR ANNUAL SUBSCRIPTION:

  • Access to Corporate Descriptions of all publicly held restaurant companies and selected non-restaurant franchisors.
  • Broad economic insight. As described in “Restaurants/Retail – Why Bother?” the restaurant and retail industries provide a leading indicator of far broader economic trends. You no longer have to be the last to know.
  • Two to three analytical pieces per week (“Roger’s Rap”) personally written by Roger Lipton describing corporate developments within his industry specialization, including their relevance to the broader economy.
  • Periodic “macro” discussions personally written by Roger Lipton, analyzing fiscal and monetary matters that will likely affect your investments and your business.
  • A free copy of the legendary best selling book, How you can Profit from the coming devaluation, as shown at right, written in 1970 by Harry Browne, which predicted the 2000% rise in the price of gold. This profound piece is more relevant today than ever, so Roger re-published it in 2012. This book will help you preserve the fortune you are in the process of accumulating.

FLANIGAN’S ENTERPRISES (BDL)

PENDING THE RELEVANT COMPANY’S REGISTRATION WITH US, THIS PARTICULAR CONTENT IS LIMITED TO SUBSCRIBERS. For $100/year, SUBSCRIBE HERE. Other content is available by way of Home Page.

INCLUDED IN YOUR ANNUAL SUBSCRIPTION:

  • Access to Corporate Descriptions of all publicly held restaurant companies and selected non-restaurant franchisors.
  • Broad economic insight. As described in “Restaurants/Retail – Why Bother?” the restaurant and retail industries provide a leading indicator of far broader economic trends. You no longer have to be the last to know.
  • Two to three analytical pieces per week (“Roger’s Rap”) personally written by Roger Lipton describing corporate developments within his industry specialization, including their relevance to the broader economy.
  • Periodic “macro” discussions personally written by Roger Lipton, analyzing fiscal and monetary matters that will likely affect your investments and your business.
  • A free copy of the legendary best selling book, How you can Profit from the coming devaluation, as shown at right, written in 1970 by Harry Browne, which predicted the 2000% rise in the price of gold. This profound piece is more relevant today than ever, so Roger re-published it in 2012. This book will help you preserve the fortune you are in the process of accumulating.

NEW STOCK RECOMMENDATION OF THE MONTH – LIMITED TO SUBSCRIBERS, so you have to log in – THIS ONE IS ADEQUATELY BIG AND BUYABLE

PENDING THE RELEVANT COMPANY’S REGISTRATION WITH US, THIS PARTICULAR CONTENT IS LIMITED TO SUBSCRIBERS. For $100/year, SUBSCRIBE HERE. Other content is available by way of Home Page.

INCLUDED IN YOUR ANNUAL SUBSCRIPTION:

  • Access to Corporate Descriptions of all publicly held restaurant companies and selected non-restaurant franchisors.
  • Broad economic insight. As described in “Restaurants/Retail – Why Bother?” the restaurant and retail industries provide a leading indicator of far broader economic trends. You no longer have to be the last to know.
  • Two to three analytical pieces per week (“Roger’s Rap”) personally written by Roger Lipton describing corporate developments within his industry specialization, including their relevance to the broader economy.
  • Periodic “macro” discussions personally written by Roger Lipton, analyzing fiscal and monetary matters that will likely affect your investments and your business.
  • A free copy of the legendary best selling book, How you can Profit from the coming devaluation, as shown at right, written in 1970 by Harry Browne, which predicted the 2000% rise in the price of gold. This profound piece is more relevant today than ever, so Roger re-published it in 2012. This book will help you preserve the fortune you are in the process of accumulating.

FOR SUBSCRIBERS ONLY – STOCK RECOMMENDATION OF THE MONTH – STRONG FRANCHISOR SELLING AT LESS THAN 10X LAST TWELVE MONTHS ADJUSTED EBITDA

PENDING THE RELEVANT COMPANY’S REGISTRATION WITH US, THIS PARTICULAR CONTENT IS LIMITED TO SUBSCRIBERS. For $100/year, SUBSCRIBE HERE. Other content is available by way of Home Page.

INCLUDED IN YOUR ANNUAL SUBSCRIPTION:

  • Access to Corporate Descriptions of all publicly held restaurant companies and selected non-restaurant franchisors.
  • Broad economic insight. As described in “Restaurants/Retail – Why Bother?” the restaurant and retail industries provide a leading indicator of far broader economic trends. You no longer have to be the last to know.
  • Two to three analytical pieces per week (“Roger’s Rap”) personally written by Roger Lipton describing corporate developments within his industry specialization, including their relevance to the broader economy.
  • Periodic “macro” discussions personally written by Roger Lipton, analyzing fiscal and monetary matters that will likely affect your investments and your business.
  • A free copy of the legendary best selling book, How you can Profit from the coming devaluation, as shown at right, written in 1970 by Harry Browne, which predicted the 2000% rise in the price of gold. This profound piece is more relevant today than ever, so Roger re-published it in 2012. This book will help you preserve the fortune you are in the process of accumulating.

YOSHIHARU GLOBAL (YOSH)

PENDING THE RELEVANT COMPANY’S REGISTRATION WITH US, THIS PARTICULAR CONTENT IS LIMITED TO SUBSCRIBERS. For $100/year, SUBSCRIBE HERE. Other content is available by way of Home Page.

INCLUDED IN YOUR ANNUAL SUBSCRIPTION:

  • Access to Corporate Descriptions of all publicly held restaurant companies and selected non-restaurant franchisors.
  • Broad economic insight. As described in “Restaurants/Retail – Why Bother?” the restaurant and retail industries provide a leading indicator of far broader economic trends. You no longer have to be the last to know.
  • Two to three analytical pieces per week (“Roger’s Rap”) personally written by Roger Lipton describing corporate developments within his industry specialization, including their relevance to the broader economy.
  • Periodic “macro” discussions personally written by Roger Lipton, analyzing fiscal and monetary matters that will likely affect your investments and your business.
  • A free copy of the legendary best selling book, How you can Profit from the coming devaluation, as shown at right, written in 1970 by Harry Browne, which predicted the 2000% rise in the price of gold. This profound piece is more relevant today than ever, so Roger re-published it in 2012. This book will help you preserve the fortune you are in the process of accumulating.

REBORN COFFEE (REBN)

PENDING THE RELEVANT COMPANY’S REGISTRATION WITH US, THIS PARTICULAR CONTENT IS LIMITED TO SUBSCRIBERS. For $100/year, SUBSCRIBE HERE. Other content is available by way of Home Page.

INCLUDED IN YOUR ANNUAL SUBSCRIPTION:

  • Access to Corporate Descriptions of all publicly held restaurant companies and selected non-restaurant franchisors.
  • Broad economic insight. As described in “Restaurants/Retail – Why Bother?” the restaurant and retail industries provide a leading indicator of far broader economic trends. You no longer have to be the last to know.
  • Two to three analytical pieces per week (“Roger’s Rap”) personally written by Roger Lipton describing corporate developments within his industry specialization, including their relevance to the broader economy.
  • Periodic “macro” discussions personally written by Roger Lipton, analyzing fiscal and monetary matters that will likely affect your investments and your business.
  • A free copy of the legendary best selling book, How you can Profit from the coming devaluation, as shown at right, written in 1970 by Harry Browne, which predicted the 2000% rise in the price of gold. This profound piece is more relevant today than ever, so Roger re-published it in 2012. This book will help you preserve the fortune you are in the process of accumulating.

THE WEEK THAT WAS, ENDING FEBRUARY 16 – EARNINGS SEASON IN HIGH GEAR – NO SURPRISES APPARENTLY BECAUSE THERE WERE NO RATINGS CHANGES – with relevant transcripts

PREVIOUSLY REPORTING:  NO RATINGS CHANGES

Wingstop: 4 firms maintain Outperform, 1 firm says Buy.

Mister Car Wash: 1 firm maintains Neutral, 1 firm at Outperform

RCI Hospitality and CAVA Group maintained Positively

Bloomin’ Brands maintained by 1 firm at Neutral

COMPANIES REPORTING DURING WEEK: TX Roadhouse, BJ’s Restaurants, Shake Shack, Wendy’s, Flanigan’s, Denny’s, Restaurant Brands, Ark Restaurants. – No ratings changes (no surprises, apparently).

Shake Shack: maintained 6 times at Neutral, 3 times Positively

Restaurant Brands: Maintained twice at Neutral, 6 times Positively

TX Roadhouse: Maintained 3 times at Neutral, 3 times Positively

Denny’s: Maintained Neutral at 1 firm, Positively at 2 firms.

Wendy’s: Maintained Neutral at 2 firms, Positively at 1 firm.

BJ’s Restaurants: Maintained Neutral at 2 firms, Positively at 1 firm.

Conference call transcripts are below for all companies reporting in prior weeks with ratings changes (none),  initiations (none), or companies reporting in THE WEEK THAT WAS: (TX Roadhouse, BJ’s Restaurants, Shake Shack, Wendy’s, Flanigan’s, Denny’s, Restaurant Brands, Ark Restaurants).

TRANSCRIPTS:

TX Roadhouse (TXRH)

https://seekingalpha.com/article/4670843-texas-roadhouse-inc-txrh-q4-2023-earnings-call-transcript

BJ’s Restaurants (BJRI)

https://seekingalpha.com/article/4670865-bjs-restaurants-inc-bjri-q4-2023-earnings-call-transcript

Shake Shack (SHAK)

https://seekingalpha.com/article/4670591-shake-shack-inc-shak-q4-2023-earnings-call-transcript

Wendy’s (WEN)

https://seekingalpha.com/article/4670567-wendys-company-wen-q4-2023-earnings-call-transcript

https://seekingalpha.com/article/4670594-wendys-company-2023-q4-results-earnings-call-presentation

Flanigan’s (BDL) – No Conference Call, so no Transcript (obviously)

Denny’s  (DENN)

https://seekingalpha.com/article/4670012-dennys-corporation-denn-q4-2023-earnings-call-transcript

Restaurant Brands (QSR)

https://seekingalpha.com/article/4669840-restaurant-brands-international-inc-qsr-q4-2023-earnings-call-transcript

Ark Restaurants (ARKR)

https://seekingalpha.com/article/4669811-ark-restaurants-corp-arkr-q1-2024-earnings-call-transcript

THE COMING WEEK:

2/21 After Market Close   Pinstripes     PNST

 

 

“COMPANY DETAILED ANALYSES” (SUBSCRIBERS log in to view updated write-ups on over 60 restaurant/franchising companies) – newly updated – CHIPOTLE, STARBUCKS, BRINKER, NATHAN’S FAMOUS, GOOD TIMES RESTAURANTS – with relevant transcripts

CHIPOTLE MEXICAN GRILL (CMG)

https://www.liptonfinancialservices.com/2024/02/chipotle-mexican-grill-cmg-updated-writeup/

STARBUCKS (SBUX)

https://www.liptonfinancialservices.com/2023/02/starbucks-updated-write-up/

BRINKER INTERNATIONAL (EAT)

https://www.liptonfinancialservices.com/2024/02/brinker-international/

NATHAN’S FAMOUS (NATH)

https://www.liptonfinancialservices.com/2024/02/nathans-famous-nath-in-process/

GOOD TIMES RESTAURANTS (GTIM)

https://www.liptonfinancialservices.com/2024/02/good-times-restaurants-inc-gtim/