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BJ's Restaurants: Cheap, But For A Reason

Jan. 03, 2022 9:24 PM ETBJ's Restaurants, Inc. (BJRI) Stock2 Comments
Taylor Dart profile picture
Taylor Dart


  • BJ's Restaurants had a tough Q3, with lower than optimal staffing levels weighing on sales performance and inflationary pressures in proteins, which impacted margins.
  • While a path back to historical margins is possible with improved staffing and taking price, it could be a long recovery, especially with the unexpected emergence of new variants.
  • After a 40% correction from the stock's highs, BJ's remains reasonably valued, but I don't see enough margin of safety to justify jumping into the stock here at $36.00.
  • To summarize, I think there are safer bets elsewhere in the market, but I would become much more interested if the stock were to dip closer to $31.40 per share.
BJ"s Restaurant and Brewhouse

RLWPhotos/iStock Unreleased via Getty Images

2021 was a tough year for the restaurant industry, and the performance was quite bifurcated. While industry leaders like Wingstop (WING) and Chipotle (CMG) posted strong double-digit returns, many dine-in brands ended the year in negative territory. One of

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Taylor Dart profile picture
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Comments (2)

bazooooka profile picture
Kind of meh now but this was a great one near twenty bucks
SquareBear profile picture
It’s hard to beat pizza and house-brewed beer margins, so BJRI earns their premium. But substantial labor / ingredient cost and traffic headwinds continue for casual dining.
It would be cool to see these guys cook up a fast casual concept in smaller boxes, a la Chipotle.
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