Wednesday, January 12, 2022

FAT Brands Inc. (FAT)
Notes From ICR Conference

FAT Brands Inc is a multi-brand restaurant franchising company. It develops, markets, and acquires predominantly fast casual restaurant concepts. The company provides turkey burgers, chicken Sandwiches, chicken tenders, burgers, ribs, wrap sandwiches, and others. Its brand portfolio comprises Fatburger, Buffalo’s Cafe and Express, and Ponderosa and Bonanza. The company’s overall footprint covers nearly 32 countries. Fatburger generates maximum revenue for the company.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

ICR Conference. On Monday afternoon, FAT Brands CEO Andrew Wiederhorn gave a presentation at the ICR conference. Today, FAT Brands consists of 17 different concepts, with over 2,300 locations across 40 countries with $2.2 billion of systemwide sales. FAT Brands has over 750 franchise partners including 300 multi-unit franchisees.


Synergies.  CEO Wiederhorn spent considerable time outlining the potential synergies available to FAT Brands, including $10 million from the GFG acquisition, which should be done by the end of 2022. In addition, there is the ability to wring up to another $15 million of EBITDA from the factory by increasing capacity utilization from 30% to 60%, and the potential of up to $30 million of savings from …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.