PZZA Some Cheesy Estimate Revisions

By Mark Kalinowski Published on April 15, 2020 at 12:00 AM

The price of block cheese has deteriorated from $1.8375 per pound as of March 23rd to $1.01 per pound as of April 14th. In our coverage list, the largest potential beneficiary of this dynamic is Papa John’s (PZZA; Buy), which owns and operates about 18% of its North American store base (or to look at it another way, Papa John’s owns and operates about 11% of its worldwide store base).