Tuesday, September 07, 2021
FAT Brands Inc. (FAT)
Additional Detail From Management Call
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.
Refer to the full report for the price target, fundamental analysis, and rating.
Call With Management. We were able to have a follow-up call with FAT Brands CEO Andrew Wiederhorn following the Company’s conference call to further discuss the Twin Peaks acquisition, how the concept fits into the brand portfolio, and the opportunities to grow the concept.
Growth Opportunities. With just 82 stores open in 25 states, there is plenty of “white space” to expand the Twin Peaks brand, in our view. We would note key peers Buffalo Wild Wings and Hooters operate about 1,200 and 340, respectively, locations. We expect a strong push to open additional locations in the Northeast and Midwest domestically and international expansion. We also would note newer …
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.
