Brian Grosso
Investment advisor, long only, long-term horizon, value

Panera: Opportunity In The Broken Growth Story?

From a glance, Panera Bread (NASDAQ:PNRA) looked like a classic broken growth story - the sort of situation where you can occasionally find a high quality business on sale - so I decided to do some preliminary research.

The company's operations consist of about 1800 bakery-cafes in 45 states. About 49% are company operated with the other 51% operated by franchisees.

Positives

  • Secular Tailwinds - Panera benefits from some serious secular trends that should have a stacked impact on results. The company benefits from both growth in natural/organic food industry in the US as well as growth in the fast casual dining industry - both of which have been growing in the low teens recently and are expected
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