BJ's Restaurants, Inc. (NASDAQ:BJRI)

CAPS Rating: 3 out of 5

The Company engages in the ownership and operation of restaurants in the United States. Its restaurants are operated under the names BJ's Restaurant & Brewery, BJ's Pizza & Grill, and BJ's Restaurant & Brewhouse.

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Member Avatar huddaman (99.21) Submitted: 12/4/2014 8:43:58 AM : Underperform Start Price: $48.94 BJRI Score: -0.42

This restaurant company requires very high investments (which in itself is fine), but the returns on those investments are not high. Secondly, the EPS last year grew by 10%, the PE has grown dramatically now over 50, and even if analyst projections for EPS growth of 26% pan out in 2015 (i doubt it very much), I think the stock will need to pull back dramatically. I wouldn't dare say this for a BWLD or CMG where returns on invested capital are high enough to warrant paying up for growth. Here there is no growth, no returns, it's just a loss making venture. I stopped red thumbing stocks (only do it on levered ETFs), but this one appears so grossly overvalued, I have to try my hand at this one more time.

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Member Avatar gfischer13 (84.19) Submitted: 4/17/2014 10:04:20 AM : Outperform Start Price: $30.06 BJRI Score: +52.10

The Activist Spotlight

BJ's Restaurants (ticker: BJRI)

Business: owns and operates restaurants
Investor's Avg Cost: $30.13/share
Stock-Market Value: $926 million ($32.67/share)
What's Happening: PW Partners has nominated five people to the company's 10-member board.

Key Numbers and Dates:
16.0%: percentage of common stock owned by PW Partners and its group members.
$11.05: per-share price of Famous Dave's (DAVE) stock when Patrick Walsh of PW joined its board on April 30, 2013.
$26.02: price of DAVE shares on April 8, 2014.

Behind the Scenes: PW Partners is a new activist hedge fund founded by Patrick Walsh, formerly of Oak Street Capital. PW Partners is an operationally focused activist, with the goal of increasing cash flow. It is not confrontational, and typically wants to work with management, not against it.

BJ's could use Walsh's help. It currently has 3% Ebit (earnings before interest and taxes) margins versus 7% in 2011, at which time the company's CEO said it could get that margin up to 9%. PW Partners would like to help the company increase its Ebit margins and get them close to the goal set by the CEO. That CEO has since retired but stayed on as chairman, and the new CEO has been in office for about a year, so it is way too early to draw any conclusions on his performance. This 13D filing is in no way a reflection on the new CEO.

From an economic perspective, it would seem that Walsh would be a good fit for this company. However, while it would likely be beneficial to the company to have him as a director, with his experience and focus, it is not necessary to add all five nominees, many of whom have similar skill sets.

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Member Avatar Popi1953 (< 20) Submitted: 3/8/2014 11:59:24 AM : Underperform Start Price: $32.83 BJRI Score: -39.47

BJ's is good as casual restaurants go, but their lunch turnover time is so sluggish that workmates and I no longer dine there. Unless BJ's can engineer a solution to this problem fast casual restaurants will continue to grab market share from them.

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Member Avatar letranger248 (49.18) Submitted: 10/1/2013 12:19:53 PM : Outperform Start Price: $28.62 BJRI Score: +49.35

very goood price. Market up despite gov shutdown
Stock lagging.

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Member Avatar SES0 (20.47) Submitted: 9/18/2013 8:22:43 PM : Outperform Start Price: $31.83 BJRI Score: +34.98

From their prudent approach to debt management to their careful attention to customer experience, they are a company that attends to details and the big picture. It might not outperform right away, but over the long haul I believe BJRI will do very well.

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Member Avatar thequast (88.80) Submitted: 8/16/2013 8:09:47 PM : Outperform Start Price: $32.23 BJRI Score: +27.34

I'm using the pullback to get in. New restaurants are still opening on pace. The face that net income was down by a penny was just temporary pressure. The company is still planning on tripling restaurants locations from here. Profits will come

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Member Avatar TMFEBCapital (36.37) Submitted: 7/5/2013 12:03:08 PM : Outperform Start Price: $38.71 BJRI Score: -0.84

National expansion remains in the early innings, suggesting the brew house niche has room to go as new markets are penetrated.

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Member Avatar neobarbarian (67.17) Submitted: 4/10/2013 4:21:45 PM : Outperform Start Price: $33.88 BJRI Score: +14.38

Quality food and upscale environment attracts those that are doing alright in this economy; value pricing attracts those who are aware of what bad economic times could be around the corner.

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Member Avatar TommyRumblestrip (90.37) Submitted: 2/20/2013 12:00:27 PM : Outperform Start Price: $30.32 BJRI Score: +26.58

Compelling growth story, selling at 52 week low. I like unique restaurant concepts, and think this one is early on in it's ramp-up. Some bumps are likely along the way, but it has potential. I'd like to see better cost controls.

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Member Avatar nrandleman (40.89) Submitted: 1/30/2013 4:29:39 PM : Outperform Start Price: $31.50 BJRI Score: +17.67

Just seems too good to pass up below $32/share. I have always been a fan of BJ's as a restaurant to eat at. From a business perspective I love the fact they have no debt and expand slowly into the same area to build a brand vs scattering locations all over the US.

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Member Avatar mrmeek (43.68) Submitted: 1/23/2013 1:53:20 PM : Outperform Start Price: $32.94 BJRI Score: +10.34

All the reasons that Stock Advisor just gave to own the stock.

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Member Avatar glenncv (59.37) Submitted: 1/8/2013 8:07:50 PM : Outperform Start Price: $33.00 BJRI Score: +3.69

Today the price is $34.08, I bought my first set of shares at $33 but I am comfortable buying shares any where under my entry price of $35.51; Why $35 being my entry point? I went back and research all the numbers since 2010 and using 2013 estimates I come up with a very conservative entry point. The lowest P/E ratio that BJRI has sold for since 2010 is 26.30 (Q3 2012) and the highest is 62.24 from Q1 in 2011. The street is expecting $1.35 in earnings for 2013 if I times their expected earnings by their lowest P/E ratio I get an attractive entry price of $ 35.51.

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Member Avatar FOOLIN7 (86.83) Submitted: 1/2/2013 1:08:37 PM : Outperform Start Price: $33.38 BJRI Score: +4.17

Skilled management and a good business plan. The craft brews with a unique menu will be popular wherever it plans to go.

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Member Avatar Turbolover (86.76) Submitted: 12/27/2012 1:50:09 PM : Outperform Start Price: $33.96 BJRI Score: -3.21

I put real money on this growing company before the 10% loss, but still believe in it and am looking to add to my position.

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Member Avatar DebtFreeDave0 (88.93) Submitted: 12/21/2012 1:59:29 PM : Outperform Start Price: $33.75 BJRI Score: +0.18

This popular brew-pub is expanding nationally

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Member Avatar threepinhed (< 20) Submitted: 12/20/2012 6:16:35 PM : Underperform Start Price: $34.32 BJRI Score: +2.76

Seeing this restaurant stock as a buy recommendation, I took the opportunity to eat at one during a recent trip to Southern California. Upon entry I was impressed with the physical presentation. However, the food and drink did not add up to much. If you want to buy stocks that you believe in, this is a tough sell. I'd have a hard time buying stock in a restaurant that I don't desire to eat at. The are too many other stocks available that provide a product or service that I can believe is appealing to the general public. Just my $.02.

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Member Avatar philedry (53.42) Submitted: 12/20/2012 12:34:16 PM : Outperform Start Price: $34.53 BJRI Score: -1.35

While I've never eaten here, it sounds like the only kind of corporate restaurant I might actually eat at. I want exposure in restaurants as the economy improves.

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Member Avatar FutureMonkey (82.50) Submitted: 11/20/2012 4:10:12 PM : Outperform Start Price: $32.98 BJRI Score: +0.07

May be a bit early back into this one.

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Member Avatar Geear (< 20) Submitted: 11/9/2012 11:43:32 PM : Outperform Start Price: $33.82 BJRI Score: -4.42

Finacially stroing, Good operations, growing market

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Member Avatar RJBullock (66.76) Submitted: 11/2/2012 3:14:30 PM : Outperform Start Price: $33.73 BJRI Score: -0.42

Good upscale casual dining environment. Only in 14 states so there is plenty of room for expansion. To date management has been very cautious in their expansion making sure that every new location makes sense. I am a little concerned about the recent news of management changes.

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