Shakey's Pizza

Shakeys Pizza: Encouraging Q1 2022, Despite Headwinds

Equity Bottom-Up
206 Views, 15 May 2022 11:52
EXECUTIVE SUMMARY
  • 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 )
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Sameer Taneja
Equity, Bottom-up Analyst
Investics Research
Equity Bottom-UpThematic (Sector/Industry)

Equity Bottoms up analyst Ex-Kelusa ( 2007-2015). Covered over 80 stocks in the industrials and materials sector.

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