Q&A call today
We host a Consumer Staples & Restaurants Q&A call today at 12:30 PM ET.
- We will revisit the investment themes for both sectors.
- We will discuss the most common inbounds we have received.
- We will review our recent position monitor changes, including CMG, DASH, SG, and PEP.
- We will update the headwinds and tailwinds for both sectors, including labor, transportation, ingredients, the shift to away-from-home consumption, and other inflationary pressures.
- We will provide brief updates on some of our best ideas.
Restaurants/Consumables Pro Subscribers CLICK HERE for event details (includes video and materials link)
INSTACART Valuation
We added DASH to the Best Idea SHORT LIst last week.
Instacart said last Thursday it was cutting its valuation to $24 billion, 38% lower than the $39 billion at its private financing in February 2021. The markdown could help Instacart reset investor expectations and allow it to pull off a public offering in 2022. An Instacart spokesperson attributed the markdown to “market turbulence,” a reference to the sharp sell-off in the stock prices of similar public businesses like DoorDash and Delivery Hero, as revenue growth slowed to 20% or $1.8 billion, The Information reported.
Restaurants Spending
OpenTable shows US full-book restaurants were down (5%) for the week of 25-March compared to 2019 after being flattish over the weekend of 20-March.
