This is a shameless plug for the BLACK BOOK I wrote on Buffalo Wild Wings…
The title of the report was “BWLD – DESERVING OF A PREMIUM MULTIPLE?”
In summary, my longer-term concerns center more around growth related issues, with the short term sales and cost trends top of mind. I heard last night from the company that 4Q09 same-store sales are up 6%, but even with that top-line growth, EPS growth will be significantly below trend. I’m not that big on doing a “review” of a quarter unless there is something significant that impacts my long term view of the stock. I think there were some interesting trends in the most recent quarter that are consistent with my thoughts first put out in the BWLD Black Book. We will be publishing on those trends shortly. Needless to say, I think the best days at BWLD are behind them.
