Owns, operates and franchises 2,079 JACK IN THE BOX quick-service restaurants and 318 Qdoba Mexican Grill fast-casual restaurants, primarily in the western and southern United States.
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This reminds me a lot of Wendy's 24 months or so ago... the company is in a period of transition-- as it aggressively converts its company-owned stores into franchises. This should make a more predictable revenue stream and result in a higher multiple. Furthermore, (and what I really like) is the Qdoba operation. I think it is inevitable that it is eventually spun-off and allowed to succeed on its own. Think Chipotle and Mcdonalds, Wendy's/Arby's. I've seen this before and I like this. It's trading at 9X EV/EBITDA (with admittedly a lot of capex spending right now), so it's not super cheap. If it falls a bit.. and I was able to buy it around 6-7X EV/EBITDA, I'd probably pull the trigger in real life.