Josh Arnold
Long/short equity

Famous Dave's Is Cooking Up Rising Profits

Overview and Thesis

Famous Dave's (NASDAQ:DAVE) is a restaurant operator in the US that specializes in barbeque. In addition to its entrees DAVE offers complementary side items, salads, desserts and more. The company operates just over 50 company-owned restaurants and franchises a further 136 units in the US, Puerto Rico and Canada. The stock has been on a tear, having doubled since last fall, and is pushing towards its all-time highs just above $20. After the monster run, which has come on the back of impressive operating results, is there any room left to rally? I'll argue here that DAVE, while not as cheap as it was a few months ago, still has some value left. Strong operating...

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