Restaurant Event Today
We are hosting a Restaurant Speaker call with John Weiss on January 25 at 2 PM.
We are excited to host a call with legendary Restaurant analyst and investor John Weiss on January 25 at 2 PM. John spent his entire career in investment research focusing on restaurants, specialty retailers, food companies, and consumer product companies. He was also involved in investment banking activities, including IPOs, mergers and acquisitions, and even a proxy fight. We will discuss names we like LONG and SHORT and full disclosure; we don't agree on every name, so that it will be a lively debate. On the call, we will discuss several topics critical to the restaurant investors:
- Overview of Investing in Restaurants
- The Class of 2021 - Review of recent restaurant IPO's
- Should I Bottom Fish in Casual Dining?
- What next for the Restaurant industry?
Bloomberg: Impossible Foods internal reorganization
Impossible is cutting back employees. Any implications for BYND?
Impossible to Bloomberg - "Earlier this month we made some organizational changes on several teams to ensure the functions supporting our business are best aligned with our strategy, this included downsizing some teams, and as a result, a small number of employees were impacted. Fewer than 15 of Impossible's roughly 800 worldwide employees left." The last funding round had Impossible at a $7 billion valuation versus the current EV of BYND at $4.3B or 7x 2022 EV/Sales. The BYND stock did not like this news yesterday. Still, the company ended 3Q21 with $880 million in cash, thanks to a March 2021 convertible notes offering, which carries a 0% coupon, six-year maturity, and a conversion price of approximately $206 per share of common stock.
US Foods awarded Defense Logistics Agency contract.
The company was awarded a maximum $75.3M fixed-price with economic-price-adjustment, indefinite-quantity contract for full-line food distribution.
This is a five-year contract with no option periods.
