Wednesday, August 09, 2023
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, 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.
Factory Utilization. FAT Brands has completed the rollout of cookie offerings at burger portfolio restaurants nationwide, including Fatburger, Johnny Rockets, and Elevation Burger. While consumers will benefit from additional menu choices, the real key is the potential for increased utilization of the manufacturing facility. Recall, this is an asset management will look to monetize and higher utilization will result in increased value for the asset.
Great American Cookie. The cookie concept has opened its 400th location, and operates in 31 states and five countries around the world. In the last two years, the brand has experienced accelerated growth, opening 73 new locations and entering new states such as Alaska, Arizona, Illinois and New Mexico. Just like the cookie roll out to the burger concepts, each additional Great American Cookie location adds to factory utilization.
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