DENN INITIATING COVERAGE ON DENNY’S WITH A RATHING OF …

By Mark Kalinowski Published on April 3, 2019 at 12:00 AM

We initiate coverage of Denny’s (DENN) with a Neutral rating. At present, we do not view the multiple opportunities and positives of the company (and its stock) as enough to overcome the concerns and risks that we have. Amongst those risks are: (1) the possibility that sell-side consensus EPS for 2019 is too high as of this writing, (2) a likely lack of possible upside to current Street expectations as regards U.S. same-store sales, and (3) some fast-expanding family-dining chain competition. As with each of our Neutral-rated stocks, our target price for DENN is NA (not applicable). We note the following:
NEW YORK CITY NON-DEAL ROADSHOW PLANNED FOR THURSDAY, JUNE 20TH

Restaurants Links to All Reports from Kalinowski Equity Research in March 2019

By Mark Kalinowski Published on April 1, 2019 at 12:00 AM

This report lists and provides links to all reports published by Kalinowski Equity Research in March 2019. During March 2019, our firm published 23 reports (18 industry reports and 5 company reports).

The BlackBox Index for February 2019 Disappoints…

By Mark Kalinowski Published on March 7, 2019 at 12:00 AM

Earlier today (Thursday, March 7th), we learned that the BlackBox Index of samestore sales for February 2019 declined by -0.6%, with same-store traffic down by -3.7%. The -0.6% showing for February 2019 marks meaningful sequential deceleration from the +2.0% number from January 2019 and the +2.0% figure from December 2018, which had been the best monthly numbers since August 2015. February was hampered to a large degree by weather (although we’d note January experienced some bad weather too, and January clearly seemed to shrug off that issue much more easily), particularly on the east coast and in the midwest. (February 2019 same-store sales were positive in California, the southeast, and the southwest.)