• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here


    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

watch the replay below

CLICK HERE to access the associated slides

*They will be available approximatley one hour prior to the call (please refresh your browser after 10AM to access the full presentation).

Friday, May 6th our Restaurants analysts Howard Penney and Shayne Laidlaw hosted the second installment of our guest speaker series. Phil Mangieri and Wally Butkus of Restaurant Research, Phil Hofmann BDO USA, LLP and other industry thought leaders  that focus on underwriting remodel/capex loans and unit valuations (see speaker bios below) joined Howard in the thoughtful discussion.

They discussed industry trends with key implications for high-conviction companies our Restaurants team covers, like McDonald's (MCD), Wendy's (WEN), Darden Restaurants (DRI) and Yum! Brands (YUM).

The call will focused on unit remodeling and answered questions about:

  • Current state of franchise systems
  • How leveraged are franchisees
  • Time involved to complete remodel initiatives
  • Costs of remodels
  • ROI of remodels
  • Feedback from franchisees


Phil Hofmann - BDO

Phil provides consulting services on client engagements related to tax compliance and conflict resolution. Phil worked with the IRS for more than 30 years, and is well-versed in the food and beverage, retail and hospitality industries. He has deep experience providing consulting services on a variety of restaurant industry-specific issues, including cost segregation, bonus depreciation, tangible capitalization regulations, vendor allowances, Work Opportunity Tax Credit and charitable contributions, among others. He is a frequent speaker and instructor, most notably for the National Restaurant Association and the AICPA, and he is a regular contributor to BDO’s restaurant blog, Selections. Phil received his B.S. in Business Administration at Nebraska Wesleyan University.

Philip Mangieri – Restaurant Research

Mr. Mangieri is the co-founder of Restaurant Research LLC.  He was formerly FMAC’s SVP and Director of Research where he managed the Research Group’s franchisor relationships, created research processes and policies and designed research products. Prior to FMAC, he served as the head of all restaurant and energy related research for Lehman Brothers’ Franchise Finance Group.

Phil's background also includes experience in equity research gained as a Vice President-Senior Research Analyst at Cowen & Company. He earned a Bachelors degree in economics from The College of William and Mary and an MBA from New York University where he graduated with honors.

Walter Butkus - Restaurant Research

Mr. Butkus also co-founded Restaurant Research.  Mr. Butkus has been involved in analyzing the restaurant industry for over 18 years and was formerly employed at FMAC as a Senior Research Analyst where he was responsible for analyzing companies and trends within the chain restaurant industry. Wally graduated summa cum laude from the University of Connecticut with a bachelor’s degree in finance.