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No. of Recommendations: 3
15m with this one - I used to own - Zoe's Kitchen

We used to like the food but it gets old and our particular store had a persistent cleanliness problem (not saying this lightly - it was awful over a long period)

Cap
not sure what the count is - say 20m though it could be higher (20.5m)
stock is at $14.64 or 293m
ended 2017 with 243 units (only 3 f); 55 in Texas; 26 Georgia; 22 FL; 19 VA; 18 NC

BS
2.3m cash
12.5m debt

CFFO
OCf 3 years at 83.4m (higher than I would have imagined; 8.1m of the 31m in 2017 is deferred rent related to new openings; this is an area where I need help)
CapEx at 133m

Units past 5 years at 102-132-166-204-243
for 2018, they plan on 25 units (10 to 11% growth rate) and comp of 0 to 2%

On comps, here:
+6.9 in 2013, +6.7, +6.3, +4.0, -2.0%
but they did do pos comps in Q4
AUV at 1470 in 2013 to 1501-1556-1541-1448

--
I'll admit, I find it hard
293m with gross cash flow over 10%
but using cash flow for more units
which are deteriorating
personal experience is indifferent

--
over 15m - I'm going to read the latest call
early word is that Q1 has started soft due to calendar shift and weather
not much else of note

thoughts?
I'm not going to buy it at this level
5 bucks cheaper would it be interesting?
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