David Ristau
Growth at reasonable price, research analyst, newsletter provider, long/short equity

Einstein Noah: The Problem Of Being A QSR

Despite its appearance as a fast casual dining firm with similar food to Panera (NASDAQ:PNRA) and its more spacious seating than most Quick Service Restaurants (QSRs), Einstein Noah (NASDAQ:BAGL) is actually nothing more than a premium QSR. We believe that a lot of people in the market have misunderstood this company and put a lot of weight on their ability to grow sales due to the explosion of fast casual dining. When we dig deep, we see they have positioned themselves as a QSR, and their growth comes not from checks rising or more sales in-store. Rather, they are going to rely on unit volumes to increase. In this article, we will show you how this...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details