{"id":4830,"date":"2024-03-14T03:56:28","date_gmt":"2024-03-14T03:56:28","guid":{"rendered":"https:\/\/staging.paperchase.ac\/?p=4830"},"modified":"2026-02-27T09:31:56","modified_gmt":"2026-02-27T09:31:56","slug":"the-perfect-plate-january-2024","status":"publish","type":"post","link":"https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-january-2024\/","title":{"rendered":"The Perfect Plate \u2013 January 2024"},"content":{"rendered":"\n\n\t<section class=\"section casestudy__fm-section\" id=\"section_760102019\">\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-857112077\">\n\n\n\t<div id=\"col-2131523197\" 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-1267110583\" class=\"text casestudy__heading\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_January_2024\"><\/span>The Perfect Plate \u2013 January 2024<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\t\t\n<style>\n#text-1267110583 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-1267110583 > * {\n  color: rgb(255, 255, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1382076994\" class=\"text\">\n\t\t\n\n<p>With a fresh Q3 report to look at; here are our top 3 highlights from CAVA\u2019s 2023 Q3 Report\u2026<\/p>\n\n\t\t\n<style>\n#text-1382076994 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-1382076994 > * {\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_760102019 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n  min-height: 450px;\n}\n#section_760102019 .section-bg-overlay {\n  background-color: rgba(57, 0, 119, 0.5);\n}\n#section_760102019 .section-bg img {\n  object-position: 50% 100%;\n}\n@media (min-width:550px) {\n  #section_760102019 {\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_1303653838\">\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-1473825114\">\n\n\n\t<div id=\"col-1508447173\" 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-902069237\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-902069237 {\n  padding-top: 70px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2244266745\" class=\"text hidden\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_January_2024-2\"><\/span>The Perfect Plate \u2013 January 2024<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\t\t\n<style>\n#text-2244266745 {\n  text-align: left;\n  color: rgb(0, 0, 0);\n}\n#text-2244266745 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-271218318\" 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-271218318 {\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-207397644\">\n\n\n\t<div id=\"col-847678434\" class=\"col medium-8 small-12 large-3\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2239493371\" class=\"text author-box-newsletter\">\n\t\t\n\n<p><img decoding=\"async\" class=\"newsletter-author-img\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/DIMITRE-KROUCHEV_-Head-Shot.png\" alt=\"Paperchase\"><\/p>\n<p class=\"newsletter-author\">By <a href=\"https:\/\/www.paperchase.ac\/dimitre-krouchev\/\">Dimitre Krouchev<\/a><\/p>\n\t\t\n<style>\n#text-2239493371 {\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\t<div id=\"col-1415619323\" class=\"col medium-8 small-12 large-3\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"social-icons share-icons share-row relative full-width text-right icon-style-outline\" style=\"font-size:80%\"><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-january-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-january-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%20January%202024&body=Check%20this%20out%3A%20https%3A%2F%2Fwww.paperchase.ac%2Fnewsletter%2Fthe-perfect-plate-january-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-january-2024\/&title=The%20Perfect%20Plate%20%E2%80%93%20January%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-381362543\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-381362543 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse\"  id=\"row-491984864\">\n\n\n\t<div id=\"col-1719573133\" 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-390696602\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-390696602 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-866155291\">\n\n\n\t<div id=\"col-1282877075\" 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-2643977569\" class=\"text txt-a\">\n\t\t\n\n<p>If you are a hospitality investor or interested in learning more about investing in hospitality \u2013 <a href=\"#\" class=\"popmake-4962\"><span style=\"text-decoration: underline;\"><strong>subscribe<\/strong><\/span><\/a> to access hospitality investment offerings from our 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_1303653838 {\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_1190663495\">\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-85587533\">\n\n\n\t<div id=\"col-1122387754\" 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-879491773\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-879491773 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3460429168\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Stock_Highlight_CAVA\"><\/span>Stock Highlight: CAVA<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-3460429168 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3460429168 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-601682521\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-601682521 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1784903210\" class=\"text\">\n\t\t\n\n<p>With a fresh Q3 report to look at; here are our top 3 highlights from CAVA\u2019s 2023 Q3 Report<\/p>\n<p><strong>Revenue and Profit Growth:<\/strong> CAVA reported a significant increase in revenue, with a 49.5% year-over-year growth to $173.8 million. The company also saw a substantial improvement in profitability, with net income of $6.8 million compared to a net loss of $11.9 million in Q3 of 2022. This profitability is reflected in the adjusted EBITDA of $19.8 million, which exceeded the adjusted EBITDA for all of 2022.<\/p>\n<p><strong>Same Restaurant Sales and Traffic Increase:<\/strong> CAVA achieved a 14.1% same-restaurant sales growth, which included a <span style=\"text-decoration: underline;\"><strong>7.6% increase in traffic<\/strong><\/span>. This growth was noted across various regions and both suburban and urban locations.<\/p>\n<p><strong>New Restaurant Openings and Outlook:<\/strong> The company opened 11 new restaurants during the quarter, bringing the total count to 290. CAVA also raised its full-year guidance for 2023, expecting <strong>70 to 73 net new restaurant openings,<\/strong> with same restaurant sales growth between 15% and 16%, and a restaurant-level <strong>profit margin of at least 24%.<\/strong><\/p>\n\t\t\n<style>\n#text-1784903210 {\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\t<div id=\"gap-142049391\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-142049391 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-794756160\">\n\n\n\t<div id=\"col-1342622030\" 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-2508645744\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Highlights_from_2023_Q3_Earnings_Calls\"><\/span>Highlights from 2023 Q3 Earnings Calls<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2508645744 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2508645744 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1296011357\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1296011357 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1963925157\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Looking_forward_to_2024_Store_Growth_and_Automation\"><\/span>Looking forward to 2024: Store Growth and Automation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-1963925157 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-573207077\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-573207077 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1531460605\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p><span style=\"text-decoration: underline;\"><strong>Chipotle &#8211; CMG<\/strong><\/span><\/p>\n<p>New Restaurant Openings: The company is on track to <strong>open between 255 to 285 new restaurants<\/strong> in the current year and anticipates opening between <strong>285 to 315 new restaurants in 2024,<\/strong> with at least 80% having <strong>Chipotlane.<\/strong><\/p>\n\t\t\n<style>\n#text-1531460605 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1640535072\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1640535072 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3290603864\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p><strong>International Expansion: Chipotle<\/strong> opened its first location in Calgary, Canada, with record opening day sales. Plans are in place to improve operations in Europe and to collaborate with Alshaya Group for openings in <strong>Kuwait and Dubai<\/strong><\/p>\n\t\t\n<style>\n#text-3290603864 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1519913832\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1519913832 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-132164288\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p><span style=\"text-decoration: underline;\"><strong>Sweetgreen &#8211; SG<\/strong> <\/span><\/p>\n<p>Infinite Kitchen Deployment: <strong>Sweetgreen<\/strong> anticipates deploying <strong>7 to 9 Infinite Kitchens into new units and 2 to 4 retrofits in 2024.<\/strong> The Infinite Kitchen is expected to create a more efficient assembly process and enhance the customer and employee experience.<\/p>\n\t\t\n<style>\n#text-132164288 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1226180870\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1226180870 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1242486079\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>New Store Openings: The company plans to open between <strong>23 and 28 new stores during 2024,<\/strong> with the Infinite Kitchen installations weighted towards the back half of the year. The retrofits are planned for high-volume urban stores to understand how the increased throughput will translate into higher revenue and flow-through.<\/p>\n\t\t\n<style>\n#text-1242486079 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-97008090\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-97008090 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3422332665\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p><span style=\"text-decoration: underline;\"><strong>The One Group &#8211; STKS<\/strong><\/span><\/p>\n<p><strong>The ONE Group<\/strong> plans to <strong>add 8 new venues in 2023<\/strong>, with 6 already opened by the time of the earnings call. Upcoming Openings: For the remainder of the year, they are on track to open 2 new company owned STKs in Boston, Massachusetts, and Salt Lake City, Utah.<\/p>\n\t\t\n<style>\n#text-3422332665 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1531065689\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1531065689 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1798763064\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>Early in 2024, the company plans to open a company-owned STK in Washington, D.C., at the Marriott Grand Marquis, a company-owned STK in Aventura, Florida at the Aventura Mall, and a licensed STK.<\/p>\n\t\t\n<style>\n#text-1798763064 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-984809681\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-984809681 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3819767961\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p><strong>Long-term Growth<\/strong>: The ONE Group views their <strong>addressable market<\/strong> as <strong>200 STK restaurants<\/strong> globally and <strong>200 Kona Grill<\/strong> restaurants domestically, with best-in-class ROIs of between 40% and 50%<\/p>\n\t\t\n<style>\n#text-3819767961 {\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\t<div id=\"gap-890580067\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-890580067 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-641621950\">\n\n\n\t<div id=\"col-1265073464\" 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-2658436006\" 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-2658436006 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2658436006 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1612919771\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1612919771 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2737172271\" class=\"text\">\n\t\t\n\n<p>The stock market has rebounded since September; restaurant stocks have also seen improvement, particularly companies at close to 52-week lows.<\/p>\n\t\t\n<style>\n#text-2737172271 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-390275983\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-390275983 {\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_1256113338\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1318\" height=\"468\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Public-Market-Top-10-for-the-Week.png\" class=\"attachment-original size-original\" alt=\"Public Market Top 10 for the Week\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Public-Market-Top-10-for-the-Week.png 1318w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Public-Market-Top-10-for-the-Week-300x107.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Public-Market-Top-10-for-the-Week-1024x364.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Public-Market-Top-10-for-the-Week-768x273.png 768w\" sizes=\"(max-width: 1318px) 100vw, 1318px\" \/>\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_1256113338 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-725480071\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-725480071 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-994996821\" class=\"text txt-a\">\n\t\t\n\n<p>If you\u2019d like to receive our detailed weekly public comps package \u2013 sign up <a href=\"#\"><span style=\"text-decoration: underline;\"><strong>here<\/strong><\/span><\/a>.<\/p>\n\t\t\n<style>\n#text-994996821 {\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\t<div id=\"gap-1561869868\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1561869868 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-878757686\">\n\n\n\t<div id=\"col-1918783023\" 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-137709182\" 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-137709182 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-137709182 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-690236557\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-690236557 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1938191730\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li>James Beard\u2019s 2023 Industry Report &#8211; <a href=\"https:\/\/jbf-media.s3.amazonaws.com\/production\/blog\/2023\/12\/7\/120623_JBF_INDUSTRY_REPORT.pdf\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Restaurant Dive &#8211; 7 restaurant industry trends to watch in 2024 <a href=\"https:\/\/www.restaurantdive.com\/news\/restaurant-industry-trends-2024-restaurant-tech-loyalty-menu-service-fees-AI\/704139\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Restaurant Dive &#8211; The restaurant labor market in 6 key statistics &#8211; <a href=\"#\">Link<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-1938191730 {\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\t<div id=\"gap-2100266381\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2100266381 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-232600296\">\n\n\n\t<div id=\"col-277134220\" 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-2612410763\" class=\"text\">\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-2612410763 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2612410763 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1092953780\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1092953780 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-123938797\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2023_Q4\"><\/span>M&#038;A in 2023 Q4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-123938797 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-407410656\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-407410656 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1969661903\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li>Authentic Restaurant Brands acquired Fiesta Restaurant Group for <a href=\"https:\/\/www.restaurantdive.com\/news\/fiesta-restaurant-group-reportedly-nearing-225-million-sale\/690056\/\" target=\"_blank\" rel=\"noopener\">$220m<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-1969661903 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-499076356\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-499076356 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1086181437\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2023_Q3\"><\/span>M&#038;A in 2023 Q3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-1086181437 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1351462823\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1351462823 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1025310741\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li><a href=\"https:\/\/www.restaurantdive.com\/news\/ftc-reportedly-investigating-roarks-subway-purchase\/700615\/\" target=\"_blank\" rel=\"noopener\">FTC reportedly investigating Roark\u2019s Subway purchase<\/a> | The FTC is<br \/> concerned the deal could create a monopoly in the sandwich segment, as Roark Capital also owns Arby\u2019s, Jimmy<br \/> John\u2019s, and related chains.\u00a0<\/p>\n<ul class=\"small-li\">\n<li>Subway to be <a href=\"https:\/\/www.restaurantdive.com\/news\/subway-agrees-sale-roark-9B\/649717\/\" target=\"_blank\" rel=\"noopener\">acquired by Roark Capital<\/a> for $9B. Subway has been going through<br \/> their sales process since late 2022.<\/li>\n<\/ul>\n<\/li>\n<li>Bain Capital <a href=\"https:\/\/www.restaurantdive.com\/news\/Fogo-de-chao-to-be-acquired-bain-capital-private-equity\/690901\/\" target=\"_blank\" rel=\"noopener\">acquired<\/a> Fogo de Chao for $560 million after it rapidly grew under Rhone<br \/> Capital.<\/li>\n<li>Fat Brands <a href=\"https:\/\/www.restaurantdive.com\/news\/fat-brands-acquires-smokey-bones-for-30-million\/694716\/\" target=\"_blank\" rel=\"noopener\">buys<\/a> Smokey Bones for $30m<\/li>\n<\/ul>\n\t\t\n<style>\n#text-1025310741 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-420350625\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-420350625 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2952279394\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2023_Q1_Q2\"><\/span>M&#038;A in 2023 Q1 &#038; Q2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-2952279394 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2010322011\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2010322011 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3306766017\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li>Darden acquired <a href=\"https:\/\/www.restaurantdive.com\/news\/darden-to-buy-ruths-hospitality-group-for-715m\/649282\/\" target=\"_blank\" rel=\"noopener\">Ruth\u2019s Hospitality Group for $715m<\/a><\/li>\n<li>Mohari acquired <a href=\"https:\/\/www.prnewswire.com\/news-releases\/mohari-hospitality-finalizes-acquisition-of-tao-group-hospitality-301814871.html\" target=\"_blank\" rel=\"noopener\">TAO Group Hospitality for $550m<\/a><\/li>\n<li>Main Squeeze Juice Co. [Conscious Capital] <a href=\"https:\/\/www.restaurantdive.com\/news\/main-squeeze-juice-co-buys-I-love-juice-bar\/646145\/\" target=\"_blank\" rel=\"noopener\">acquired I Love Juice Bar\u2019s 20 units<\/a><\/li>\n<li>SSCP Restaurant Investors bought out bankrupt <a href=\"https:\/\/www.restaurantdive.com\/news\/corner-bakery-bought-by-sscp-restaurant-investors\/652030\/\" target=\"_blank\" rel=\"noopener\">Corner Bakery for $15m<\/a><\/li>\n<\/ul>\n<p><em>Source: Restaurant Mergers &amp; Acquisitions | Restaurant Dive<\/em><\/p>\n\t\t\n<style>\n#text-3306766017 {\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\t<div id=\"gap-1298245630\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1298245630 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1581451224\">\n\n\n\t<div id=\"col-1982894879\" 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-2006400982\" 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-2006400982 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2006400982 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-43484070\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-43484070 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3285388512\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>Week Ending | 1\/26\/2024<\/p>\n\t\t\n<style>\n#text-3285388512 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2083585216\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2083585216 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2153112966\" 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-2153112966 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-337803000\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-337803000 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3274775545\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The last 90-day performance has been strong with an average of +35% for our Top 10 movers.<\/p>\n\t\t\n<style>\n#text-3274775545 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1332654509\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1332654509 {\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_499410909\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1319\" height=\"467\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Top-10-Monthly-Price-Movements.png\" class=\"attachment-original size-original\" alt=\"Top 10 Monthly Price Movements\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Top-10-Monthly-Price-Movements.png 1319w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Top-10-Monthly-Price-Movements-300x106.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Top-10-Monthly-Price-Movements-1024x363.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Top-10-Monthly-Price-Movements-768x272.png 768w\" sizes=\"(max-width: 1319px) 100vw, 1319px\" \/>\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_499410909 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-179258874\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-179258874 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-124983370\" 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-124983370 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1589414941\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1589414941 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2670818077\" 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 ~10% growth into 2024. The growth guidance is attributable to store growth and price increases.<\/p>\n\t\t\n<style>\n#text-2670818077 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1019219571\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1019219571 {\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_2020969996\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1323\" height=\"476\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Top-10-Enterprise-Value-NTM-Revenue-Multiples.png\" class=\"attachment-original size-original\" alt=\"Top 10 Enterprise Value NTM Revenue Multiples\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Top-10-Enterprise-Value-NTM-Revenue-Multiples.png 1323w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Top-10-Enterprise-Value-NTM-Revenue-Multiples-300x108.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Top-10-Enterprise-Value-NTM-Revenue-Multiples-1024x368.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Top-10-Enterprise-Value-NTM-Revenue-Multiples-768x276.png 768w\" sizes=\"(max-width: 1323px) 100vw, 1323px\" \/>\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_2020969996 {\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-1701539669\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1701539669 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-2051082695\">\n\n\n\t<div id=\"col-855193232\" 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-99438226\" 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-99438226 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-99438226 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-590892469\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-590892469 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2776564387\" 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-2776564387 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-814720959\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-814720959 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-732673877\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The restaurant industry has seen valuations decline due to interest rate increases.<\/p>\n\t\t\n<style>\n#text-732673877 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-389139277\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-389139277 {\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_67659074\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1247\" height=\"439\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Trend-Enterprise-Value-LTM-Revenue-Multiples.png\" class=\"attachment-original size-original\" alt=\"Trend Enterprise Value LTM Revenue Multiples\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Trend-Enterprise-Value-LTM-Revenue-Multiples.png 1247w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Trend-Enterprise-Value-LTM-Revenue-Multiples-300x106.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Trend-Enterprise-Value-LTM-Revenue-Multiples-1024x360.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Trend-Enterprise-Value-LTM-Revenue-Multiples-768x270.png 768w\" sizes=\"(max-width: 1247px) 100vw, 1247px\" \/>\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_67659074 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-940018173\" 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-940018173 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-95515390\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-95515390 {\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_1234684499\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1201\" height=\"439\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Trend-Enterprise-Value-LTM-EBITDA-Multiples.png\" class=\"attachment-original size-original\" alt=\"Trend Enterprise Value LTM EBITDA Multiples\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Trend-Enterprise-Value-LTM-EBITDA-Multiples.png 1201w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Trend-Enterprise-Value-LTM-EBITDA-Multiples-300x110.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Trend-Enterprise-Value-LTM-EBITDA-Multiples-1024x374.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Trend-Enterprise-Value-LTM-EBITDA-Multiples-768x281.png 768w\" sizes=\"(max-width: 1201px) 100vw, 1201px\" \/>\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_1234684499 {\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-1304922007\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1304922007 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-119866204\">\n\n\n\t<div id=\"col-253890108\" 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-1013270843\" 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-1013270843 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-789681649\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-789681649 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1881425864\" 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\t\t\n<style>\n#text-1881425864 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1889597921\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1889597921 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-716842209\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\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-716842209 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1524162960\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1524162960 {\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_2021215107\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"820\" height=\"505\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Revenue-Multiple-Trends.png\" class=\"attachment-original size-original\" alt=\"Revenue Multiple Trends\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Revenue-Multiple-Trends.png 820w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Revenue-Multiple-Trends-300x185.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/Revenue-Multiple-Trends-768x473.png 768w\" sizes=\"(max-width: 820px) 100vw, 820px\" \/>\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_2021215107 {\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-185802925\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-185802925 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-994604551\">\n\n\n\t<div id=\"col-713160198\" 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-2841826863\" 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-2841826863 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1745958483\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1745958483 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1804724810\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1804724810 {\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_1362024154\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"757\" height=\"468\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/EBITDA-Multiple-Trends.png\" class=\"attachment-original size-original\" alt=\"EBITDA Multiple Trends\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/EBITDA-Multiple-Trends.png 757w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/EBITDA-Multiple-Trends-300x185.png 300w\" sizes=\"(max-width: 757px) 100vw, 757px\" \/>\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_1362024154 {\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_1190663495 {\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\" id=\"section_61645673\">\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-411089057\">\n\n\n\t<div id=\"col-1045472068\" 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=\"gap-1279456470\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1279456470 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-676044827\" 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-676044827 {\n  color: rgb(187, 176, 255);\n}\n#text-676044827 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-652482391\" class=\"text headingWithCopyText\">\n\t\t\n\n<p>TIKR<br \/>Bloomberg<br \/>Company 10-Q and 10-K Filings<\/p>\n\t\t\n<style>\n#text-652482391 {\n  color: rgb(0, 0, 0);\n}\n#text-652482391 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3789174300\" 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-3789174300 {\n  color: rgb(0, 0, 0);\n}\n#text-3789174300 > * {\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\t<div id=\"gap-179144684\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-179144684 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-843784809\">\n\n\n\t<div id=\"col-1262417492\" 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-3900069320\" 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-3900069320 {\n  color: rgb(187, 176, 255);\n}\n#text-3900069320 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3844708455\" 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. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future.<\/p>\n\t\t\n<style>\n#text-3844708455 {\n  color: rgb(0, 0, 0);\n}\n#text-3844708455 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n<div class=\"social-icons share-icons share-row relative share__icon-newsletter icon-style-outline\" ><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-january-2024\/\" data-label=\"Facebook\" onclick=\"window.open(this.href,this.title,&#039;width=500,height=500,top=300px,left=300px&#039;); return false;\" target=\"_blank\" class=\"icon button circle is-outline 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-january-2024\/\" onclick=\"window.open(this.href,this.title,&#039;width=500,height=500,top=300px,left=300px&#039;); return false;\" target=\"_blank\" class=\"icon button circle is-outline 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%20January%202024&body=Check%20this%20out%3A%20https%3A%2F%2Fwww.paperchase.ac%2Fnewsletter%2Fthe-perfect-plate-january-2024%2F\" class=\"icon button circle is-outline 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&amp;url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-january-2024\/&amp;title=The%20Perfect%20Plate%20%E2%80%93%20January%202024\" onclick=\"window.open(this.href,this.title,&#039;width=500,height=500,top=300px,left=300px&#039;); return false;\" target=\"_blank\" class=\"icon button circle is-outline 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-1017596696\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1017596696 {\n  padding-top: 50px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_61645673 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n}\n<\/style>\n\t<\/section>\n\t\n\n","protected":false},"excerpt":{"rendered":"<p>With a fresh Q3 report to look at; here are our top 3 highlights from CAVA\u2019s 2023 Q3 Report&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[22],"tags":[21],"class_list":["post-4830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter","tag-dimitre-krouchev"],"_links":{"self":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/4830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/comments?post=4830"}],"version-history":[{"count":14,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/4830\/revisions"}],"predecessor-version":[{"id":18057,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/posts\/4830\/revisions\/18057"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/media\/4920"}],"wp:attachment":[{"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/media?parent=4830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/categories?post=4830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paperchase.ac\/wp-json\/wp\/v2\/tags?post=4830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}