Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Shakey's Pizza: Q2 2022 Recovery Far Better Than Expectations, Management Guidance Extremely Bullish

Shakey's Pizza: Brace Yourselves For An Epic Q4 2022

Keepers Holdings / Shakeys Pizza FY22 Results: What to Expect

Shakey's Pizza: High Conviction Three Bagger, Management Call Provides Superb Guidance For FY22

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

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<li>Although we were more optimistic about FY22, we still see recovery backed by a very healthy momentum in Q1 2022 with 33% YoY systemwide sales (mid-teens ex-Potato Corner).</li>
<li>EBITDA margins were weaker in Q1 2022 at 18.2% (with Jan/Feb 2022 restrictions), but management guided a sequential improvement QoQ and a 20-21% EBITDA margin for FY22. </li>
<li>The stock trades at 16.6x FY12 and 11.1x FY23 on more conservatively guided numbers. <em>(see: <a href="https://www.smartkarma.com/insights/shakey-s-pizza-high-conviction-three-bagger-management-call-provides-superb-guidance-for-fy22" target="_blank" data-smartkarma-citation="insights:68211" rel="noopener">Shakey's Pizza: High Conviction Three Bagger, Management Call Provides Superb Guidance For FY22</a> ) </em>
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Although we were more optimistic about FY22, we still see recovery backed by a very healthy momentum in Q1 2022 with 33% YoY systemwide sales (mid-teens ex-Potato Corner).
EBITDA margins were weaker in Q1 2022 at 18.2% (with Jan/Feb 2022 restrictions), but management guided a sequential improvement QoQ and a 20-21% EBITDA margin for FY22. 
The stock trades at 16.6x FY12 and 11.1x FY23 on more conservatively guided numbers. (see: Shakey's Pizza: High Conviction Three Bagger, Management Call Provides Superb Guidance For FY22 ) 



Shakeys Pizza: Encouraging Q1 2022, Despite Headwinds