Monday, January 13, 2025
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.
Twin Hospitality Transaction. On Friday after the market closed, Twin Hospitality Group filed an amended Form 10 providing additional detail regarding the distribution of Twin Hospitality shares to existing FAT Brands shareholders. We believe the distribution and subsequent potential actions will highlight the value of Twin Hospitality and, by extension, FAT Brands shares.
Details. Initially, FAT Brands will own 100% of the equity of Twin Hospitality, consisting of 47,298,271 Class A shares and 2,870,000 Class B shares. Just like at FAT Brands, the B shares are super-voting with 50 votes per share. Class A shares have one vote.
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*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.