DENN New York City NDR Planned for Wednesday November 20th

By Mark Kalinowski Published on September 13, 2019 at 12:00 AM

Kalinowski Equity Research will host a non-deal roadshow (NDR) with Denny’s (DENN; Buy) in New York City on Wednesday, November 20th. Management attendees will include: (1) CEO & President John Miller, (2) Executive Vice President, Chief Administrative Officer & CFO Mark Wolfinger, (3) Senior Vice President, Finance Robert P. Verostek, and (4) Senior Director Investor Relations Curt Nichols. This should be an excellent opportunity for institutional buysiders to hear from Denny’s leadership about its refranchising initiative as well as about issues affecting the restaurant industry in general. Institutional buysiders who are interested in participating should indicate their interest to: [email protected]

DIN (Post-Call) Questions Arise as $1 Mai Tais Arrive

By Mark Kalinowski Published on July 31, 2019 at 12:00 AM

Earlier today, Dine Brands (DIN; Neutral) — the owner of the IHOP family-dining concept and the Applebee’s casual-dining concept — reported adjusted Q2 EPS of $1.71. While this came in slightly ahead of our recently-lowered $1.70 forecast, it fell short of the $1.81 sell-side consensus.

DENN (Post-Call) Accelerated Refranchising and Grand Slam Same-Store Sales

By Mark Kalinowski Published on July 30, 2019 at 12:00 AM

After today’s market close, Denny’s (DENN; Buy) reported adjusted Q2 EPS of $0.23, ahead of our $0.18 estimate and sell-side consensus (according to Consensus Metrix) of $0.18. We attribute the EPS beat to some “tax provision benefits” — the Q2 actual (adjusted) tax rate was -1.2%; a more normalized tax rate of approximately 20.0% would have led to an adjusted EPS number of about $0.18, by our calculations.