Memos


Dunkin’ Brands (DNKN): A 100% Franchised Business Built on a “Morning Ritual”

Guest Write-up by Jayden Preston   Overview Dunkin’ Brands owns two well-known quick service restaurant (QSR) brands, i.e. Dunkin’ Donuts that sell coffee and baked goods, and Baskin Robbins, selling hard serve ice cream. Dunkin’ Brands is now purely a brand owner, as they currently employ a 100% franchised business model, with over 20,000 points…...

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Cars.com (CARS): A Cheap Enough Stock with a Clear Catalyst and Tons of Rivals

About a week ago, Starboard Value disclosed a 9.9% position in Cars.com (CARS). Starboard Value is an activist hedge fund. It is probably best known for its 294-page presentation on Darden Restaurants (DRI) back in 2014. You can read that presentation here (PDF). Cars.com is a 2017 spin-off from Tegna (TGNA). Tegna is the rump…...

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The Cheesecake Factory (CAKE): A Second Opinion

Guest write-up by Vetle Forsland             Introduction   The Cheesecake Factory operates 208 restaurants primarily in the US. Of these locations, 194 of them are The Cheesecake Factory-restaurants, 13 are under the Grand Lux Café-brand, and one under the RockSugar Southeast Asian Kitchen mark. Additionally, they have 15 Cheesecake-branded restaurants…...

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The Cheesecake Factory (CAKE)

 Guest write-up by Jayden Preston   Fellow Focused Compounding member Kevin Wilde has written two posts on The Cheesecake Factory (over at the “Idea Exchange”). I suggest you read his posts first to get a better glimpse at the company’s financials. This article is intended to be a more qualitative one.     Overview   […]

Zooplus

Zooplus Guest write-up by Vetle Forsland   Introduction   Zooplus is the leading online pet food retailer in Europe. It has on average grown sales 38% annually since 2006 (IPO in 2008) and annualized sales growth since 2010 is a 31%. In 2016 sales grew by 28%, to 908 million EUR, and there is room…...

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Quick Summary of 2 Businesses I’ve Studied Recently

  CARS- Cars.com recently completed the spinoff from their parent company Tegna Inc, and started trading as its own publicly traded company on June 1st. Geoff and I did some research on the company a little over a month ago and we have been watching from the sidelines ever since. Cars.com is a very capital-light,…...

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My New Position in the Portfolio

As many of you know who read my email last week, I opened a new position in Hostess Brands. In my email I wrote: “Andrew has built a new 10% position in his portfolio in Hostess Brands ($TWNK) at an average price of $12.46. I am willing to hold this company for a few years…...

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NACCO (NC): First Earnings Report as a Standalone Company

Two days ago, NACCO (NC) released its first quarterly results as a standalone company. Yesterday morning, the company had its first earnings call as a standalone company. The stock dropped 10% following these events. I’m not going to write about NACCO each quarter. But, some people asked for my thoughts on the quarter and the…...

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