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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: marginmike who wrote (141294)1/2/2002 1:23:02 PM
From: reaper  Read Replies (2) of 436258
 
MM -- I don't think CAKE can open 100 stores ASAP, unless you or somebody else is going to give them a lot of credit. Those units, while the economics are good, are extraordinarily expensive. They generate sufficient cash to grow units 20-25% a year, that's it I think.

I am interested in your comment that you wouldn't own a restaurant stock if you were given one. I actually like restaurants quite a bit, as GOOD ones with good management are reliable cash generators and the stocks occassionally get cheap when they are out of favor. Outback, for example, in the range of $20 is a steal though I'm long out of that one; I've owned Buffet's (since taken over), Darden, and Ryan's successfully in the past as well. I am currently long Papa John's (PZZA), a very recent purchase that is one of only a couple of stocks I actually own. Why are you so resolutely negative on the entire concept of owning a restaurant equity??

Cheers
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