It is a marvel to think that a bakery stock can outperform most mutual funds and hedge funds. In 1991, Panera (PNRA), back when it was known as Au Bon Pain, completed an IPO at $9 per share with Morgan Stanley as its underwriter. Since that time the stock at a recent price of $192.02 per share has returned an annualized compounded 14.92% return for 22 straight years. The company now sports a $5.6 billion dollar market capitalization.
The Panera story intrigued us and we began to look for comparables and there were none that were even close. There was however a very poor man's version of Panera in a company called Cosi,...
Only subscribers can access this article, which is part of the PRO research library covering 3,773 different stocks.
Growing numbers of fund managers and other investment professionals subscribe to Seeking Alpha PRO for equity research that is unavailable elsewhere, so they can: