Agree that the EV/EBITDA multiple at 8.99 isn't "high" but I do have some concerns on their returns. ROA is only 4.2%. Panera is roughly triple that. Over time, hard to get excited about investing in a company with that low of a ROA even if they lever it up to jack up the ROE.
Unless the cash burn rate changes, they appear to be on pace to run out of funds in 2-3 quarters unless they miraculously convince someone to inject even more equity into the company. At this point, I can't imagine anyone doing.