The international opportunity for Chipotle is far more limited than say a McDonalds, Starbucks, KFC etc. So that's a big negative. But CMG is a cash generator and has a sticky affluent customer base in the U.S.
These EPS multiples are neither here nor there. We have no idea how SSS will evolve. I find the author's logic compelling, mainly because the bar is pretty high right now. But any multiple is like picking a number out of thin air really. I don't see any real issues with a 25 multiple, or a 40 multiple, since we have no clue what earnings will be in 2020.
As a bottom line, at a $13b valuation, I can see a case for more upside than downside. This is a long lasting enterprise. So without quibbling about multiples, there will be value investors (including myself) looking at Chipotle if the price falls too far.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.