Something seems strange with this company. Biglari Holdings announces that they bought a 5.9% passive stake in July. At the end of August, a long time board member retires and is replaced with a venture capital fund guy for the remaining term. In mid September, Sonic announces that same store sales are down, albeit as expected, year over year. Other than that, no substantive news that I can figure out. Meanwhile, stock is up 25% since Sept. 23. What's up?
I think that Yum is interested in Sonic. Because Taco Bell has added cherry Limeades and now they have introduced the chili wrap that sonic has. Yum is trying to weaken their market so that they can buy Sonic up cheap.
You seem to have summarized everything succinctly. I believe that there will be a seasonal slump in sales and a pick=up in the Spring. They will continue to expand in appropriate markets, and everyone is hoping for some kind of takeover.