{"id":12333,"date":"2025-01-29T07:37:43","date_gmt":"2025-01-29T07:37:43","guid":{"rendered":"https:\/\/www.paperchase.ac\/?p=12333"},"modified":"2026-02-27T09:18:24","modified_gmt":"2026-02-27T09:18:24","slug":"the-perfect-plate-december-2024","status":"publish","type":"post","link":"https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-december-2024\/","title":{"rendered":"The Perfect Plate \u2013 December 2024"},"content":{"rendered":"\n\n\t<section class=\"section casestudy__fm-section\" id=\"section_1967381074\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t<img decoding=\"async\" width=\"2346\" height=\"1146\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2026\/02\/Image-1.jpg\" class=\"bg attachment-original size-original\" alt=\"Image 1\" \/>\t\t\t\t\t\t<div class=\"section-bg-overlay absolute fill\"><\/div>\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row align-center\"  id=\"row-1157870406\">\n\n\n\t<div id=\"col-1593750099\" class=\"col medium-10 small-12 large-10\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3474400519\" class=\"text casestudy__heading\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_December_2024\"><\/span>The Perfect Plate \u2013 December 2024<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\t\t\n<style>\n#text-3474400519 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-3474400519 > * {\n  color: rgb(255, 255, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1062392238\" class=\"text\">\n\t\t\n\n<p>Overall optimistic business environment in the US with foundations set for 2026 onwards.<\/p>\n\n\t\t\n<style>\n#text-1062392238 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-1062392238 > * {\n  color: rgb(255, 255, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1967381074 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n  min-height: 450px;\n}\n#section_1967381074 .section-bg-overlay {\n  background-color: rgba(57, 0, 119, 0.5);\n}\n#section_1967381074 .section-bg img {\n  object-position: 50% 100%;\n}\n@media (min-width:550px) {\n  #section_1967381074 {\n    min-height: 600px;\n  }\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-post-single-page\" id=\"section_455336716\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-207963414\">\n\n\n\t<div id=\"col-1955401405\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-968845959\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-968845959 {\n  padding-top: 70px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2821303480\" class=\"text hidden\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_December_2024-2\"><\/span>The Perfect Plate \u2013 December 2024<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\t\t\n<style>\n#text-2821303480 {\n  text-align: left;\n  color: rgb(0, 0, 0);\n}\n#text-2821303480 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1436733878\" class=\"text subtitle-newsletter hidden\">\n\t\t\n\n<p>Every month, we\u2019ll provide updates on the latest trends in the restaurant industry. We\u2019ll include financial insights, charts, and public market comps.<\/p>\n\t\t\n<style>\n#text-1436733878 {\n  text-align: left;\n  color: rgb(0, 0, 0);\n}\n#text-1436733878 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-639546647\">\n\n\n\t<div id=\"col-574647932\" class=\"col medium-8 small-12 large-5\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-1899420066\" class=\"text author-box-newsletter rm-hyper\">\n\t\t\n\n<p class=\"newsletter-author\">By <span class=\"author-name\">Dimitre Krouchev<\/span>, <span class=\"author-name\">Mitch Harris<\/span> and <span class=\"author-name\">Maria Rica<\/span><\/p>\n\t\t\n<style>\n#text-1899420066 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-574647932 > .col-inner {\n  padding: 0px 0px 0px 0px;\n  margin: 0px 0px 0px 0px;\n}\n@media (min-width:550px) {\n  #col-574647932 > .col-inner {\n    padding: 0px 0px 0px 80px;\n    margin: 0px 0px 0px 10px;\n  }\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-1760479715\" class=\"col hide-for-medium medium-8 small-12 large-3\"  >\n\t\t\t\t<div class=\"col-inner text-left\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"social-icons share-icons share-row relative full-width text-center icon-style-outline\" style=\"font-size:80%\"><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-december-2024\/\" data-label=\"Facebook\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip facebook\" title=\"Share on Facebook\" aria-label=\"Share on Facebook\" rel=\"noopener nofollow\"><i class=\"icon-facebook\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/x.com\/share?url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-december-2024\/\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip x\" title=\"Share on X\" aria-label=\"Share on X\" rel=\"noopener nofollow\"><i class=\"icon-x\" aria-hidden=\"true\"><\/i><\/a><a href=\"mailto:?subject=The%20Perfect%20Plate%20%E2%80%93%20December%202024&body=Check%20this%20out%3A%20https%3A%2F%2Fwww.paperchase.ac%2Fnewsletter%2Fthe-perfect-plate-december-2024%2F\" class=\"icon button circle is-outline tooltip email\" title=\"Email to a Friend\" aria-label=\"Email to a Friend\" rel=\"nofollow\"><i class=\"icon-envelop\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-december-2024\/&title=The%20Perfect%20Plate%20%E2%80%93%20December%202024\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); 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return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip x\" title=\"Share on X\" aria-label=\"Share on X\" rel=\"noopener nofollow\"><i class=\"icon-x\" aria-hidden=\"true\"><\/i><\/a><a href=\"mailto:?subject=The%20Perfect%20Plate%20%E2%80%93%20December%202024&body=Check%20this%20out%3A%20https%3A%2F%2Fwww.paperchase.ac%2Fnewsletter%2Fthe-perfect-plate-december-2024%2F\" class=\"icon button circle is-outline tooltip email\" title=\"Email to a Friend\" aria-label=\"Email to a Friend\" rel=\"nofollow\"><i class=\"icon-envelop\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-december-2024\/&title=The%20Perfect%20Plate%20%E2%80%93%20December%202024\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip linkedin\" title=\"Share on LinkedIn\" aria-label=\"Share on LinkedIn\" rel=\"noopener nofollow\"><i class=\"icon-linkedin\" aria-hidden=\"true\"><\/i><\/a><\/div>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-129562523\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-129562523 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse\"  id=\"row-1059886890\">\n\n\n\t<div id=\"col-1047377684\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"text-center\"><div class=\"is-divider divider clearfix\" style=\"margin-top:0px;margin-bottom:0px;max-width:1000px;height:1px;background-color:rgb(57, 0, 119);\"><\/div><\/div>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-1621975882\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1621975882 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1144188794\">\n\n\n\t<div id=\"col-406928488\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2000255008\" class=\"text txt-a cus-spacing-p\">\n\t\t\n\n<p>If you are a hospitality investor or interested in learning more about investing in restaurants &amp; hospitality \u2013 <a href=\"#\" class=\"popmake-4962\"><strong>subscribe<\/strong><\/a>\u00a0to access private offerings from our select clients.<\/p>\n\t\t\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_455336716 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-post-single-page\" id=\"section_198353982\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1096212533\">\n\n\n\t<div id=\"col-1002613253\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-1688960542\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"2025_Planning\"><\/span>2025 Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-1688960542 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-1688960542 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-132295665\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-132295665 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-567096698\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Overall_optimistic_business_environment_in_the_US_with_foundations_set_for_2026_onwards\"><\/span>Overall optimistic business environment in the US with foundations set for 2026 onwards<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-567096698 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-373576909\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-373576909 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2397593772\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Impact_of_Strong_Economic_Growth_on_the_US_Restaurant_Industry\"><\/span>Impact of Strong Economic Growth on the U.S. Restaurant Industry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-2397593772 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1405950510\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1405950510 {\n  padding-top: 15px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3023047775\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>1. <strong>Increased Consumer Spending<\/strong><\/p>\n<ul>\n<li><strong>Effect on Restaurants: <\/strong> With GDP growing at an annualized rate of 3.2% and consumer sentiment at its highest since early 2022, diners are likely to spend more on discretionary activities, including eating out. This trend benefits both fast-casual and fine-dining restaurants, as consumers feel confident in splurging on dining experiences. Chains could see higher foot traffic, particularly during weekends and holidays.<\/li>\n<li><strong>Implication: <\/strong> Restaurants may need to scale up inventory, staff, and promotional efforts to capitalize on increased demand.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-3023047775 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-960626806\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-960626806 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3506252223\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>2. <strong>Opportunities for Expansion and Investment<\/strong><\/p>\n<ul>\n<li><strong>Effect on Restaurants: <\/strong> A strong economy, buoyed by a solid job market and low unemployment (3.6%), encourages businesses to invest in growth. For restaurant operators, this could mean opening new locations, upgrading technology, or enhancing customer experiences. Investors may also see the restaurant industry as a lucrative sector, leading to increased funding for expansion or innovation.<\/li>\n<li><strong>Implication: <\/strong> New entrants and innovations in the market could increase competition, pushing existing players to differentiate themselves.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-3506252223 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1957279147\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1957279147 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3744227601\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>3. <strong>Impact of Rising Treasury Yields<\/strong><\/p>\n<ul>\n<li><strong>Effect on Restaurants: <\/strong>Higher yields on the 10-year Treasury signal reduced the likelihood of aggressive Fed rate cuts. While this may not directly affect consumers, it could impact restaurant operators relying on loans for expansion, as borrowing costs are likely to remain elevated.<\/li>\n<li><strong>Implication: <\/strong> Restaurants might focus more on optimizing operations and cutting costs instead of pursuing aggressive growth, especially smaller operators with tighter margins.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-3744227601 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1295800608\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1295800608 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1638777673\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>4. <strong>Shifts in Consumer Preferences for Riskier Investments<\/strong><\/p>\n<ul>\n<li><strong>Effect on Restaurants: <\/strong>With strong economic growth prompting consumers and investors to lean toward riskier opportunities, premium dining experiences or trendy restaurant concepts could gain popularity. This creates a favorable environment for innovative or experiential dining options to thrive.<\/li>\n<li><strong>Implication: <\/strong> Restaurants should consider incorporating unique or upscale offerings to attract consumers willing to spend on memorable experiences.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-1638777673 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1959908458\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1959908458 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3136593065\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Continued_Shift_to_Off-Premises_Delivery_and_Takeout_2025_Outlook_Across_Restaurant_Segments\"><\/span>Continued Shift to Off-Premises Delivery and Takeout: 2025 Outlook Across Restaurant Segments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3136593065 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-239541345\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-239541345 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3916751543\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The restaurant industry continues to evolve as off-premises delivery, takeout, and curbside pickup remains a key revenue driver across all segments. The use of in-house and on-platform technology to bypass third-party delivery commissions is gaining traction as brands aim to protect margins and maintain control over the customer experience. Here&#8217;s how this trend is shaping the future of various segments in 2025:<\/p>\n\t\t\n<style>\n#text-3916751543 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-218078635\">\n\n\n\t<div id=\"col-630664444\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-790744011\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Quick-Service_Restaurants_QSR\"><\/span>Quick-Service Restaurants (QSR)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-790744011 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-790744011 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1041690131\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1041690131 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-422490992\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"2025_Outlook\"><\/span>2025 Outlook:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-422490992 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-417491181\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-417491181 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-123059831\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>QSR brands are expected to deepen their investment in proprietary ordering platforms and loyalty apps to strengthen direct consumer relationships. Large players like McDonald\u2019s and Taco Bell have already established robust digital ecosystems, including order-ahead features and personalized deals via mobile apps. These strategies reduce dependency on third-party platforms and increase profitability by cutting out commission fees.<\/p>\n<ul>\n<li><strong>Key Drivers: <\/strong>The continued demand for speed and convenience makes QSRs particularly suited for app-based ordering and integrated drive-thru pickup. Additionally, partnerships with delivery services may persist but on more favorable terms for large brands due to their scale.<\/li>\n<li><strong>Challenges: <\/strong> Smaller QSR chains may struggle with the upfront costs of developing proprietary technology, potentially slowing their ability to compete with larger players.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-123059831 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1995184485\">\n\n\n\t<div id=\"col-1694128810\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2226707637\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Fast_Casual\"><\/span>Fast Casual<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2226707637 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2226707637 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-921208511\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-921208511 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2946795794\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"2025_Outlook-2\"><\/span>2025 Outlook:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-2946795794 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-328039309\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-328039309 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1200512058\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>Fast-casual chains like Sweetgreen and Panera Bread are heavily focusing on enhancing their digital infrastructure, with a particular emphasis on loyalty programs and seamless in-app ordering experiences. These investments aim to capture the growing segment of consumers preferring takeout or delivery without the additional costs associated with third-party platforms. Companies like <a href=\"https:\/\/www.owner.com\/\" target=\"_blank\" rel=\"noopener\">Owner<\/a> are helping earlier stage brands to create proprietary mobile App and website in-house capabilities. They also have an amazing YouTube <a href=\"https:\/\/www.youtube.com\/@owner-com\" target=\"_blank\" rel=\"noopener\">channel<\/a> with valuable insights and resources. #notsponsored.<\/p>\n<ul>\n<li><strong>Key Drivers: <\/strong>Consumers in this segment value convenience and customization, making the adoption of technology essential for maintaining competitiveness. Delivery lockers and geofencing for curbside pickup are emerging as additional innovations in this space.<\/li>\n<li><strong>Challenges: <\/strong> Fast-casual chains must balance convenience with the perception of high-quality, fresh food, as this segment typically competes on both product quality and service innovation.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-1200512058 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1524187253\">\n\n\n\t<div id=\"col-382784795\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2451997254\" class=\"text cus-spacing-h2\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Upscale_Casual\"><\/span>Upscale Casual<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2451997254 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2451997254 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1009244729\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1009244729 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2990730966\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"2025_Outlook-3\"><\/span>2025 Outlook:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-2990730966 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-468818629\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-468818629 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1645158389\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<p>Upscale casual restaurants are gradually adopting in-house delivery and takeout solutions to protect their brand image and service standards. Technology such as integrated POS systems and branded delivery apps allows these restaurants to offer a curated experience, even for off-premises orders.<\/p>\n<ul>\n<li><strong>Key Drivers: <\/strong>Upscale casual diners expect a consistent experience, whether dining in or ordering out. Packaging innovations and personalized touches, such as handwritten notes or exclusive offers for direct orders, will play a key role in enhancing customer satisfaction.<\/li>\n<li><strong>Challenges: <\/strong> The higher cost of ingredients and more labor-intensive menu items may make achieving profitability in off-premises channels more challenging compared to QSR or fast casual.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-1645158389 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1708377486\">\n\n\n\t<div id=\"col-570142873\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-4027552655\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Fine_Dining\"><\/span>Fine Dining<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-4027552655 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-4027552655 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1319074194\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1319074194 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3568987217\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"2025_Outlook-4\"><\/span>2025 Outlook:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3568987217 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2093568459\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2093568459 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1230905088\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>Fine dining establishments are cautiously entering the off-premises market, often targeting special occasions or high-end customers seeking restaurant-quality meals at home. While some brands have resisted this shift to preserve exclusivity, others are experimenting with premium meal kits or white-glove delivery services using in-house staff to maintain control over quality.<\/p>\n<ul>\n<li><strong>Key Drivers: <\/strong>The ability to extend their brand experience beyond the dining room offers fine dining restaurants a way to capture incremental revenue, especially during slower in-person dining periods.<\/li>\n<li><strong>Challenges: <\/strong> Maintaining the integrity of dishes designed for an in-house experience is a significant hurdle. Additionally, the cost of packaging and delivery logistics can be prohibitive without a high enough order volume.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-1230905088 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1739363052\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Broader_Implications_for_the_Industry\"><\/span>Broader Implications for the Industry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-1739363052 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-592505632\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-592505632 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3250476585\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The growing emphasis on bypassing third-party platforms signals a critical shift in how restaurants across all segments engage with off-premises customers. Restaurants that successfully integrate proprietary technology will likely see stronger profit margins, increased customer loyalty, and greater control over branding. However, smaller operators and those with limited resources may face difficulties keeping pace, potentially leading to further consolidation within the industry.<\/p>\n\t\t\n<style>\n#text-3250476585 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-216459283\">\n\n\n\t<div id=\"col-1390840706\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-1492271034\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Highlights_from_2024_Q4_Earnings_Calls\"><\/span>Highlights from 2024 Q4 Earnings Calls<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-1492271034 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-1492271034 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-739485881\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-739485881 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3840924700\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<p>Recent earnings calls from top publicly traded restaurant brands have highlighted several pivotal trends shaping the industry.<\/p>\n\t\t\n<style>\n#text-3840924700 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-692573725\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-692573725 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-725589948\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Emphasis_on_value_offerings_amidst_consumer_spending_constraints\"><\/span>Emphasis on value offerings amidst consumer spending constraints<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-725589948 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1481998162\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1481998162 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1803196313\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<p>Many restaurant chains are doubling down on value-driven menus to attract cost-conscious consumers amid ongoing economic pressures. McDonald\u2019s, after initially lagging behind competitors in this area, has reinforced the importance of these initiatives. The company has seen positive comparable sales growth, driven by successful campaigns like the $5 Meal Deal. Such promotions resonate with budget-conscious customers, ensuring steady foot traffic and brand loyalty during challenging times. This strategic pivot underscores the growing importance of offering affordable, high-perceived-value options in maintaining competitiveness and relevance in the marketplace.<\/p>\n\t\t\n<style>\n#text-1803196313 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1226431538\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1226431538 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2951902540\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Shifts_in_consumer_behavior_impacting_sales_mix\"><\/span>Shifts in consumer behavior impacting sales mix<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-2951902540 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1439053525\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1439053525 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3629445961\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<p>Changes in consumer spending habits, driven by macroeconomic factors, are reshaping the sales dynamics within restaurants. Texas Roadhouse, for instance, has reported a notable decline in alcohol sales, traditionally a high-margin category. This shift suggests that diners are prioritizing essential menu items over discretionary purchases, signaling a broader move toward more cost-conscious dining behavior. As alcohol sales decline, restaurants may face challenges in maintaining overall profitability and may need to explore other revenue streams or menu adjustments to offset the loss of these higher-margin items.<\/p>\n\t\t\n<style>\n#text-3629445961 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-187690222\">\n\n\n\t<div id=\"col-687882834\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2284331072\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Market_Top_10_for_the_Week\"><\/span>Public Market Top 10 for the Week<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2284331072 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2284331072 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1524057617\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1524057617 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1069074761\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<p>Starbucks leads the top 10 for the week ending Friday, 27 December 2024.<\/p>\n\t\t\n<style>\n#text-1069074761 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1340038009\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1340038009 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1353204623\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2276\" height=\"1030\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/The-Perfect-Plate-December-2024-PaperChase.png\" class=\"attachment-original size-original\" alt=\"The Perfect Plate December 2024 PaperChase\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/The-Perfect-Plate-December-2024-PaperChase.png 2276w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/The-Perfect-Plate-December-2024-PaperChase-300x136.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/The-Perfect-Plate-December-2024-PaperChase-1024x463.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/The-Perfect-Plate-December-2024-PaperChase-768x348.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/The-Perfect-Plate-December-2024-PaperChase-1536x695.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/The-Perfect-Plate-December-2024-PaperChase-2048x927.png 2048w\" sizes=\"(max-width: 2276px) 100vw, 2276px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1353204623 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1444030204\">\n\n\n\t<div id=\"col-855997953\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3913117002\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Market_Summary_for_YTD_Returns\"><\/span>Public Market Summary for YTD Returns<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-3913117002 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3913117002 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-162310136\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-162310136 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1913516912\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2000\" height=\"1193\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/11\/Public-Market-Summary-for-YTD-Returns-2024-PaperChase.jpg\" class=\"attachment-original size-original\" alt=\"Public Market Summary for YTD Returns 2024 PaperChase\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/11\/Public-Market-Summary-for-YTD-Returns-2024-PaperChase.jpg 2000w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/11\/Public-Market-Summary-for-YTD-Returns-2024-PaperChase-300x179.jpg 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/11\/Public-Market-Summary-for-YTD-Returns-2024-PaperChase-1024x611.jpg 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/11\/Public-Market-Summary-for-YTD-Returns-2024-PaperChase-768x458.jpg 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/11\/Public-Market-Summary-for-YTD-Returns-2024-PaperChase-1536x916.jpg 1536w\" sizes=\"(max-width: 2000px) 100vw, 2000px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1913516912 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1290478781\">\n\n\n\t<div id=\"col-1252665213\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2939201300\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Our_Top_Article_Choices\"><\/span>Our Top Article Choices<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2939201300 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2939201300 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-962022840\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-962022840 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-177531291\" class=\"text newsletter-txt-li cus-spacing-ul\">\n\t\t\n\n<ul>\n<li>8 restaurant trends to watch in 2025 &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/8-restaurant-industry-trends-to-watch-in-2025\/736408\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Restaurant Industry in Review: November 2024 Restaurant Trends &#8211; <a href=\"https:\/\/blackboxintelligence.com\/blog\/november-2024-restaurant-trends\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Restaurant Business &#8211; 6 menu trends that rocked restaurants in 2024 &#8211; <a href=\"https:\/\/www.restaurantbusinessonline.com\/consumer-trends\/6-menu-trends-rocked-restaurants-2024\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Toast Data: Reservation trends shift to slower days and early dinners &#8211; <a href=\"https:\/\/pos.toasttab.com\/news\/2024-reservation-trends\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>WSJ \u2013 Are value meals worth it for restaurants? \u2013 <a href=\"https:\/\/www.wsj.com\/business\/hospitality\/fast-food-discounts-value-meals-customers-59cf6198?mod=hospitality_more_article_pos9\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-177531291 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-561534187\">\n\n\n\t<div id=\"col-927234108\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2744168146\" class=\"text cus-spacing-h2\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Deal_Making_Transaction_Activity\"><\/span>Deal Making: Transaction Activity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2744168146 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2744168146 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-912257786\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-912257786 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3637707366\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2024_Q4\"><\/span>M&#038;A in 2024 Q4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3637707366 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-155441100\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-155441100 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-644645894\" class=\"text newsletter-txt-li txt-a cus-spacing-ul\">\n\t\t\n\n<ul>\n<li style=\"list-style-type: none;\">\u00a0<\/li>\n<li>Wonder to acquire Grubhub for $650m &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/wonder-buys-grubhub-650m\/732763\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Jersey Mike\u2019s has agreed to sell a majority stake to Blackstone &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/jersey-mikes-sells-majority-ownership-stake-blackstone\/733301\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Just Eat Takeaway to delist from London Stock Exchange &#8211; <a href=\"https:\/\/www.wsj.com\/business\/just-eat-takeaway-com-to-delist-from-london-stock-exchange-0a27a06e?mod=hospitality_more_article_pos6\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<\/ul>\n<p><em>Source: <a href=\"https:\/\/www.restaurantdive.com\/topic\/ma\/\" target=\"_blank\" rel=\"noopener\">Restaurant Mergers &#038; Acquisitions | Restaurant Dive<\/a><\/em><\/p>\n\t\t\n<style>\n#text-644645894 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-2069819615\">\n\n\n\t<div id=\"col-2124184363\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3386727363\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Market_Update_Public_Comps\"><\/span>Market Update: Public Comps<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-3386727363 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3386727363 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-610534549\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-610534549 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2758675637\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>Week Ending | 2024\/12\/27<\/p>\n\t\t\n<style>\n#text-2758675637 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1858324472\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1858324472 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4141541450\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Top_10_Monthly_Price_Movements\"><\/span>Top 10 Monthly Price Movements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-4141541450 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-686410262\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-686410262 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1890289458\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The last 30-day performance had an average of 0.9% for the Top 10.<\/p>\n\t\t\n<style>\n#text-1890289458 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-612372102\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-612372102 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_672419584\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2236\" height=\"1072\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Market-Update-Public-Comps-2014-PaperChase.png\" class=\"attachment-original size-original\" alt=\"Market Update Public Comps 2014 PaperChase\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Market-Update-Public-Comps-2014-PaperChase.png 2236w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Market-Update-Public-Comps-2014-PaperChase-300x144.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Market-Update-Public-Comps-2014-PaperChase-1024x491.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Market-Update-Public-Comps-2014-PaperChase-768x368.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Market-Update-Public-Comps-2014-PaperChase-1536x736.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Market-Update-Public-Comps-2014-PaperChase-2048x982.png 2048w\" sizes=\"(max-width: 2236px) 100vw, 2236px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_672419584 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4208713711\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Top_10_Enterprise_Value_EV_NTM_Revenue_Multiples\"><\/span>Top 10 Enterprise Value [EV] \/ NTM Revenue Multiples<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-4208713711 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-920359891\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-920359891 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3737842740\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The top 10 is made up of mostly Franchisor entities, which have higher multiples than company owned concepts. Consensus revenue growth forecasts estimate ~14% growth into 2025. The growth guidance is attributable to store growth and price increases.<\/p>\n\t\t\n<style>\n#text-3737842740 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1283207054\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1283207054 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1892912198\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" style=\"margin:0px 0px -20px 0px;\">\n\t\t\t<img decoding=\"async\" width=\"2226\" height=\"952\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Top-10-Enterprise-Value-NTM-Revenue-Multiples-2024-PaperChase.png\" class=\"attachment-original size-original\" alt=\"Top 10 Enterprise Value NTM Revenue Multiples 2024 PaperChase\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Top-10-Enterprise-Value-NTM-Revenue-Multiples-2024-PaperChase.png 2226w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Top-10-Enterprise-Value-NTM-Revenue-Multiples-2024-PaperChase-300x128.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Top-10-Enterprise-Value-NTM-Revenue-Multiples-2024-PaperChase-1024x438.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Top-10-Enterprise-Value-NTM-Revenue-Multiples-2024-PaperChase-768x328.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Top-10-Enterprise-Value-NTM-Revenue-Multiples-2024-PaperChase-1536x657.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Top-10-Enterprise-Value-NTM-Revenue-Multiples-2024-PaperChase-2048x876.png 2048w\" sizes=\"(max-width: 2226px) 100vw, 2226px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1892912198 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1223707826\">\n\n\n\t<div id=\"col-111961175\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2494714190\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Comps_%E2%80%93_Trends\"><\/span>Public Comps &#8211; Trends<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2494714190 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2494714190 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-195168881\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-195168881 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1929503756\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Trend_%E2%80%93_Enterprise_Value_EV_LTM_Revenue_Multiples\"><\/span>Trend &#8211; Enterprise Value [EV] \/ LTM <span style=\"text-decoration: underline;\">Revenue<\/span> Multiples<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-1929503756 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1859665096\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1859665096 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_2120512963\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2188\" height=\"786\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-Revenue-Multiples-2024-PaperChase.png\" class=\"attachment-original size-original\" alt=\"Trend Enterprise Value EV LTM Revenue Multiples 2024 PaperChase\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-Revenue-Multiples-2024-PaperChase.png 2188w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-Revenue-Multiples-2024-PaperChase-300x108.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-Revenue-Multiples-2024-PaperChase-1024x368.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-Revenue-Multiples-2024-PaperChase-768x276.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-Revenue-Multiples-2024-PaperChase-1536x552.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-Revenue-Multiples-2024-PaperChase-2048x736.png 2048w\" sizes=\"(max-width: 2188px) 100vw, 2188px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_2120512963 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1705187210\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Trend_%E2%80%93_Enterprise_Value_EV_LTM_EBITDA_Multiples\"><\/span>Trend &#8211; Enterprise Value [EV] \/ LTM <span style=\"text-decoration: underline;\">EBITDA<\/span> Multiples<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-1705187210 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1573760832\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1573760832 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_210972100\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2154\" height=\"798\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-EBITDA-Multiples-2024-PaperChase.png\" class=\"attachment-original size-original\" alt=\"Trend Enterprise Value EV LTM EBITDA Multiples 2024 PaperChase\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-EBITDA-Multiples-2024-PaperChase.png 2154w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-EBITDA-Multiples-2024-PaperChase-300x111.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-EBITDA-Multiples-2024-PaperChase-1024x379.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-EBITDA-Multiples-2024-PaperChase-768x285.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-EBITDA-Multiples-2024-PaperChase-1536x569.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Trend-Enterprise-Value-EV-LTM-EBITDA-Multiples-2024-PaperChase-2048x759.png 2048w\" sizes=\"(max-width: 2154px) 100vw, 2154px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_210972100 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1100919620\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1100919620 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1002870938\">\n\n\n\t<div id=\"col-601816323\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-1924007607\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1924007607 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3978197938\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Revenue_Multiple_Trends\"><\/span>Revenue Multiple Trends<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3978197938 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-576637567\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-576637567 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3908421765\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>Restaurant businesses are generally valued on multiples of their revenue or EBITDA, depending on their capital structure, growth potential, and franchise model. For example, a McDonald&#8217;s franchise has a higher revenue multiple than a company-owned restaurant chain like Shake Shack.<\/p>\n<p>Here are some of the factors that affect restaurant valuation multiples:<\/p>\n<ul>\n<li><strong>Capital structure: <\/strong>Businesses with less debt and more equity tend to have higher valuation multiples.<\/li>\n<li><strong>Growth potential: <\/strong> Businesses with high growth potential tend to have higher valuation multiples.<\/li>\n<li><strong>Franchise model: <\/strong> Franchise businesses tend to have higher valuation multiples than company-owned businesses.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-3908421765 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1071451943\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1071451943 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_673939759\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2212\" height=\"1462\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Revenue-Multiple-Trends-2014-PaperChase.png\" class=\"attachment-original size-original\" alt=\"Revenue Multiple Trends 2014 PaperChase\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Revenue-Multiple-Trends-2014-PaperChase.png 2212w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Revenue-Multiple-Trends-2014-PaperChase-300x198.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Revenue-Multiple-Trends-2014-PaperChase-1024x677.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Revenue-Multiple-Trends-2014-PaperChase-768x508.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Revenue-Multiple-Trends-2014-PaperChase-1536x1015.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/Revenue-Multiple-Trends-2014-PaperChase-2048x1354.png 2048w\" sizes=\"(max-width: 2212px) 100vw, 2212px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_673939759 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-379595807\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-379595807 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1455288955\">\n\n\n\t<div id=\"col-329121664\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-452443280\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-452443280 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-779775983\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"EBITDA_Multiple_Trends\"><\/span>EBITDA Multiple Trends<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-779775983 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-761511377\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-761511377 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1983347424\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2228\" height=\"1348\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/EBITDA-Multiple-Trends-2024-PaperChase.png\" class=\"attachment-original size-original\" alt=\"EBITDA Multiple Trends 2024 PaperChase\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/EBITDA-Multiple-Trends-2024-PaperChase.png 2228w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/EBITDA-Multiple-Trends-2024-PaperChase-300x182.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/EBITDA-Multiple-Trends-2024-PaperChase-1024x620.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/EBITDA-Multiple-Trends-2024-PaperChase-768x465.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/EBITDA-Multiple-Trends-2024-PaperChase-1536x929.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2025\/01\/EBITDA-Multiple-Trends-2024-PaperChase-2048x1239.png 2048w\" sizes=\"(max-width: 2228px) 100vw, 2228px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1983347424 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_198353982 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-bottom-sec source-disc-sec content_sec\" id=\"section_1968907577\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-347118909\">\n\n\n\t<div id=\"col-5552371\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2544520591\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Sources\"><\/span>Sources<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2544520591 {\n  color: rgb(187, 176, 255);\n}\n#text-2544520591 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-163018562\" class=\"text headingWithCopyText\">\n\t\t\n\n<p>TIKR<br \/>Bloomberg<br \/>Company 10-Q and 10-K Filings<br \/>Restaurant Business<\/p>\n\t\t\n<style>\n#text-163018562 {\n  color: rgb(0, 0, 0);\n}\n#text-163018562 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3889838821\" class=\"text headingWithCopyText links-txt-p\">\n\t\t\n\n<p>Bureau of Labor Statistics (BLS) [<a href=\"https:\/\/www.bls.gov\" target=\"_blank\" rel=\"noopener\">bls.gov<\/a>]\n<p>U.S. Bureau of Economic Analysis (BEA) [<a href=\"https:\/\/www.bea.gov\" target=\"_blank\" rel=\"noopener\">bea.gov<\/a>]\n<p>U.S. Department of Agriculture (USDA) Economic Research Service [<a href=\"https:\/\/www.ers.usda.gov\" target=\"_blank\" rel=\"noopener\">ers.usda.gov<\/a>]\n<p>Federal Reserve Economic Data (FRED) [<a href=\"https:\/\/www.fred.stlouisfed.org\" target=\"_blank\" rel=\"noopener\">fred.stlouisfed.org<\/a>]\n<p>National Restaurant Association [<a href=\"https:\/\/www.restaurant.org\" target=\"_blank\" rel=\"noopener\">restaurant.org<\/a>]\n<p>International Monetary Fund (IMF) [<a href=\"https:\/\/www.imf.org\" target=\"_blank\" rel=\"noopener\">imf.org<\/a>]\n\t\t\n<style>\n#text-3889838821 {\n  color: rgb(0, 0, 0);\n}\n#text-3889838821 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-206420861\">\n\n\n\t<div id=\"col-1652796502\" class=\"col medium-12 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2741800973\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2741800973 {\n  color: rgb(187, 176, 255);\n}\n#text-2741800973 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1851631952\" class=\"text headingWithCopyText\">\n\t\t\n\n<p>The information provided is believed to be from reliable sources, but no liability is accepted for any inaccuracies.  This is for information purposes and should not be construed as an investment recommendation.  Past performance is no guarantee of future performance.<\/p>\n<p>This post and the information presented are intended for informational purposes only. The views expressed herein are the author\u2019s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness, or completeness of this information. 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