By Mark Kalinowski
Published on August 27, 2019 at 12:00 AM
Earlier today, Papa John’s (PZZA) announced a CEO change, bringing in Rob Lynch — most recently President at privately-held Arby’s Restaurant Group — to be the new CEO. We upgrade the shares of PZZA to Buy (from Neutral) based on this switch, as we expect Mr. Lynch to be a catalyst for a greater pace of change at the company.
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By Mark Kalinowski
Published on August 6, 2019 at 12:00 AM
After today’s (Tuesday’s) market close, Papa John’s (PZZA; Neutral) reported adjusted Q2 EPS of $0.28, below our $0.29 EPS estimate and sell-side consensus (according to Consensus Metrix) of $0.31. A shift in the timing of an operations conference hampered G&A by about $2 million in Q2 from a year-over-year perspective, but should help Q3 year-over-year. We calculate that this is roughly a $0.04-$0.05 amount from an EPS standpoint.
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By Mark Kalinowski
Published on July 8, 2019 at 12:00 AM
With third-party delivery aggregators continuing to grow, providing additional convenience to the consumer, we decided to look at various quarterly data provided by Grubhub (GRUB; Not Rated), correlating these data sets with various sectors’ same-store sales (for U.S. chain restaurants). To do this, we used six different Kalinowski Restaurant Industry Index sector indices, which are sorted by brand type and based on the weighted-average components from 48 different publiclytraded restaurant concepts. (The weightings are based on each concept’s 2018 U.S. systemwide sales, as measured by Technomic.)
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