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Restaurant Industry Insight Spotlight on Fast Casual & Quick Service

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Restaurant Industry Insight Spotlight on Fast Casual & Quick Service www.peakstone.com Restaurant Industry Insight Spotlight on Fast Casual & Quick Service October 2017 0 Restaurant Industry Insight | October 2017 Restaurant M&A Update For announced transactions, Restaurant multiples saw a modest increase from 9.6x EBITDA in 2016 to 10.4x EBITDA in year-to-date 2017. Select Recent Notable Publicly Announced U.S. M&A Transactions Transaction Date Status Target Buyer Size Oct-2017 Announced $362 million Oct-2017 Announced Undisclosed Sep-2017 Closed $11 million Aug-2017 Announced $200 million Jun-2017 Announced $170 million Apr-2017 Closed $7.7 billion www.peakstone.com 1 Restaurant Industry Insight | October 2017 U.S. Restaurant - M&A Market Overview U.S. Restaurant industry transaction activity has been strong U.S. Restaurant Transactions by Buyer Type U.S. Restaurant Transaction Multiples 10.4x 10.3x 10.1x 10.1x 30 9.6x 24 26 25 7.9x 7.7x 31 7.1x 24 21 23 134 121 110 113 95 94 93 67 1.4x 1.0x 1.0x 1.0x 1.0x 0.6x 0.9x 0.9x 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017 YTD YTD EV / Revenue EV / EBITDA Strategic Financial Source: Peakstone & Capital IQ. www.peakstone.com 2 Restaurant Industry Insight | October 2017 Peakstone Restaurant Index - Trading Statistics Some Restaurant categories have performed well compared to the S&P 500 Relative Stock Performance Quick Service: 61% Coffee and Other: 44% S&P 500: 31% Fine Dining: 10% Fast Casual: -5% Mass Casual: -24% Peakstone Restaurant Index: Fast Casual: BOJA, CMG, TACO, LOCO, FRGI, NDLS, PBPB, SHAK, HABT, WING, ZOES Mass Casual: BH, BJRI, BLMN, BOBE, BBRG, EAT, BWLD, CHUY, CBRL, DRI, DENN, DIN, DAVE, KONA, LUB, RRGB, RT, TXRH, CAKE Fine Dining: DFRG, RUTH, STKS Coffee & Other: DNKN, JMBA, SBUX Quick Service: TAST, DPZ, JACK, MCD, PZZA, QSR, SONC, WEN, YUM Source: Capital IQ, data as of 10/27/2017. www.peakstone.com 3 Restaurant Industry Insight | October 2017 Peakstone Restaurant Index - Trading Statistics Some Restaurant categories have performed well compared to the S&P 500 Comparable Valuation Trends – Enterprise Value / EBITDA Quick Service: 15.1x Coffee and Other: 14.8x S&P 500: 12.1x Fast Casual: 9.7x Fine Dining: 9.4x Mass Casual: 8.9x Peakstone Restaurant Index: Fast Casual: BOJA, CMG, TACO, LOCO, FRGI, NDLS, PBPB, SHAK, HABT, WING, ZOES Mass Casual: BH, BJRI, BLMN, BOBE, BBRG, EAT, BWLD, CHUY, CBRL, DRI, DENN, DIN, DAVE, KONA, LUB, RRGB, RT, TXRH, CAKE Fine Dining: DFRG, RUTH, STKS Coffee & Other: DNKN, JMBA, SBUX Quick Service: TAST, DPZ, JACK, MCD, PZZA, QSR, SONC, WEN, YUM Source: Capital IQ, data as of 10/27/2017. www.peakstone.com 4 Restaurant Industry Insight | October 2017 Industry Landscape Fast Casual concepts have been growing rapidly in the restaurant industry . Fast casual concepts attract customers away from other restaurant segments and, accordingly, are generating faster growth than the overall restaurant industry and increasing market share relative to other segments. www.peakstone.com 5 Restaurant Industry Insight | October 2017 Fast Casual Snapshot Company-Owned / Franchise Locations Number of EV / Locations EBITDA 2,500 2,239 35.0x - 31.0x 30.0x 2,000 25.0x 1,500 19.4x 20.0x 18.3x 1,056 17.9x 2,339 15.0x 1,000 12.5x 555 472 478 486 9.7x 10.0x 8.2x 8.7x 500 227 7.1x 1,035 189 54 73 251 134 5.0x 3 263 14 424 413 59 304 175 224 209 21 - 75 0.0x Company Owned Franchises EV / EBITDA Source: Public Company Filings. As of Q2 2017. www.peakstone.com 6 Restaurant Industry Insight | October 2017 Fast Casual Snapshot (continued) YTD Same-Store-Sales Growth 14% 13% 12% 10% 8% 7% 6% 4% 2% 1% 2% 1% 0% -2% -2% -4% -4% -4% -4% -6% Average Unit Volume ($ in thousands) $6,000 $4,981 $5,000 $4,000 $3,000 $1,957 $1,902 $1,790 $2,000 $1,541 $1,400 $1,095 $1,065 $1,000 $1,000 $0 Source: Public Company Filings & Wall Street Research. As of Q2 2017. www.peakstone.com 7 Restaurant Industry Insight | October 2017 Fast Casual Snapshot (continued) Restaurant-Level EBITDA Margin 35% 29% 30% 25% 22% 21% 20% 20% 19% 20% 16% 15% 12% 10% 8% 5% 0% Cash-on-Cash Return 80% 76% 70% 60% 50% 38% 40% 30% 30% 30% 25% 25% 25% 20% 14% 10% 10% 0% Source: Public Company Filings & Wall Street Research. As of Q2 2017. www.peakstone.com 8 Restaurant Industry Insight | October 2017 Quick Service Snapshot Company-Owned / Franchise Locations Number of Locations 40,000 37,011 35,000 30,000 25,000 20,854 31,936 20,000 16,452 16,000 14,217 15,000 19,491 10,000 6,686 6,564 16,000 16,100 5,088 13,821 4,655 2,768 3,571 5,000 2,255 6,233 5,889 4,344 5,075 3,341 4,655 2,768 340 1,915 230 331 396 352 - 744 797 1,363 Company Owned Franchises Source: Public Company Filings. As of Q2 2017. www.peakstone.com 9 Restaurant Industry Insight | October 2017 Quick Service Snapshot (continued) YTD Same-Store-Sales Growth 14.0% 12.5% 12.0% 10.0% 8.5% 8.0% 6.0% 5.4% 4.7% 4.0% 4.0% 3.0% 2.9% 2.5% 2.0% 0.9% 0.0% -0.1% -1.0% -2.0% -1.2% Source: Public Company Filings & Wall Street Research. As of Q2 2017. www.peakstone.com 10 Restaurant Industry Insight | October 2017 Selected Public Trading Comparables Selected Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Fast Casual Chipotle Mexican Grill, Inc. $7,948 $7,400 1.7x 17.9x 29.2x 33.0x 31% 9% Wingstop Inc. $952 $1,088 11.1x 31.0x 34.0x 46.1x 73% 36% Shake Shack Inc. $931 $909 2.9x 18.3x 28.7x 68.0x 39% 16% Del Taco Restaurants, Inc. $490 $646 1.4x 9.7x 14.2x 22.0x 27% 14% Bojangles', Inc. $457 $620 1.2x 7.8x 9.7x 15.2x 22% 15% El Pollo Loco Holdings, Inc. $448 $539 1.4x 8.7x 12.0x 16.7x 25% 16% Fiesta Restaurant Group, Inc. $448 $508 0.7x 7.3x 15.8x 17.5x 24% 10% Zoe's Kitchen, Inc. $245 $283 1.0x 12.5x 61.2x NM 19% 8% Potbelly Corporation $302 $281 0.7x 7.1x 17.9x 36.8x 31% 10% Noodles & Company $183 $241 0.5x 19.4x NM 90.1x 13% 3% The Habit Restaurants, Inc. $248 $240 0.8x 8.2x 18.7x 48.6x 20% 10% Fast Casual Median $448 $539 1.2x 9.7x 18.3x 34.9x 25% 10% Mass Casual Darden Restaurants, Inc. $10,239 $11,029 1.5x 11.3x 15.5x 18.3x 22% 13% Cracker Barrel Old Country Store, Inc. $3,750 $3,996 1.4x 10.0x 12.8x 17.7x 35% 14% Texas Roadhouse, Inc. $3,619 $3,567 1.7x 12.8x 18.7x 24.8x 20% 13% Brinker International, Inc. $1,508 $2,828 0.9x 6.5x 10.1x 9.6x 18% 14% Bloomin' Brands, Inc. $1,661 $2,700 0.6x 6.7x 12.2x 12.3x 16% 10% Buffalo Wild Wings Inc. $1,876 $2,270 1.1x 8.9x 21.9x 21.3x 20% 13% DineEquity, Inc. $864 $2,156 3.5x 9.2x 10.6x 11.3x 59% 38% The Cheesecake Factory Incorporated $1,998 $2,037 0.9x 7.2x 10.6x 16.6x 43% 12% Bob Evans Farms, Inc. $1,542 $1,620 3.9x 25.0x 31.9x 33.9x 45% 15% Denny's Corporation $865 $1,133 2.2x 12.3x 16.4x 22.2x 40% 18% Red Robin Gourmet Burgers Inc. $861 $1,131 0.9x 8.6x 28.9x 20.5x 21% 10% Biglari Holdings Inc. $731 $913 1.1x 21.2x 44.4x NM 20% 5% BJ's Restaurants, Inc. $679 $829 0.8x 7.1x 16.6x 19.3x 17% 11% Chuy's Holdings, Inc. $373 $353 1.0x 8.6x 14.2x 20.1x 19% 12% Ruby Tuesday, Inc. $145 $310 0.3x 8.4x NM 0.0x 16% 4% Luby's, Inc. $70 $109 0.3x 7.8x NM 0.0x 30% 4% Source: Peakstone & Capital IQ, As of 10/27/2017. www.peakstone.com 11 Restaurant Industry Insight | October 2017 Selected Public Trading Comparables (continued) Selected Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Mass Casual Bravo Brio Restaurant Group, Inc. $33 $72 0.2x 3.4x NM 16.9x 13% 5% Kona Grill Inc. $34 $69 0.4x 17.5x NM NM 12% 2% Famous Dave's of America Inc. $28 $33 0.4x 11.0x NM NM 21% 3% Mass Casual Median $864 $1,133 0.9x 8.9x 16.0x 18.0x 20% 12% Fine Dining Ruth's Hospitality Group Inc. $642 $657 1.7x 10.5x 13.6x 18.9x 28% 16% Del Frisco's Restaurant Group, Inc. $293 $333 0.9x 8.3x 17.4x 17.3x 22% 11% The ONE Group Hospitality, Inc. $35 $49 0.6x NM NM 0.0x 21% -1% Fine Dining Median $293 $333 0.9x 9.4x 15.5x 17.3x 22% 11% Coffee and Other Starbucks Corporation $79,285 $80,220 3.6x 14.5x 18.0x 24.5x 31% 23% Dunkin' Brands Group, Inc.
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