INVITE | SEPTEMBER RESTAURANT INDUSTRY TRENDS/WORKBOOK ON 9/18

We invite you to a Restaurant Industry call on Wednesday at 2:00 PM to discuss updates to the Hedgeye Restaurant Position Monitor and review the latest inputs impacting the restaurant industry:

• September 18th @ 2 PM
• Restaurants Subscribers CLICK HERE for event details (includes video and materials link)

The changes to the position monitor:

• Removing JACK from the LONG BIAS list—We tried to support this name, but it was a mistake. 
• Moving MCD to the LONG Bias list from SHORT Bias- $5 can go a long way!
• Adding PZZA to the LONG Bias list - Bottoms are a process, and Todd Penegor, appointed as the new President and CEO of Papa Johns, effective August 2024, is making some positive changes.
• Adding YUM to the SHORT Bias list - Can YUM just run on Taco Bell?
• Adding QSR to the SHORT BIAS list - The BK turnaround is getting more expensive. 

Agenda for the call:

1. Changes to the Hedgeye Restaurant Position Monitor
   • Overview of the changes to the PM and rationale behind the changes
   • Expected revenue trends in 3Q24 for select companies
2. In-depth review of the September Industry Workbook
   • Current market trends and dynamics impacting the industry
   • Updated macro factors driving industry sales
   • Restaurant Industry employment and menu pricing 
   • Industry same-store sales trends, including PTA, & traffic
   • Does the MCD $5 value initiative impact industry trends, and who is hurt the most?
   • Restaurant industry sentiment and valuation
3. Q&A session