Also, capex is 3x depreciation. Looks like they are capitalizing whatever they possibly can rather than expensing it. Cheating on earnings like this is never a good sign.
Beat is due to that. Slimeballs don't call it out on the results. Professionals will notice it and drive stock down tomorrow.
PPC is going to hit it out of the park and shorts are going to have to scramble to cover. Fair value $30.
Yes, look at BWLD too. Missed and lowered guidance, yet the stock is up big. Crazy market.
Put a generous 20x multiple on $6 EPS and you get a $120 stock. All this smoke and mirrors about Panera 2.0 is just to fool people into ignoring continuing declining earnings. PNRA is yesterday's story.
This is just like Enron. GAAP loss, proforma's out everything possible. Huge debt that it won't be able to repay. Real risk of going bankrupt when interest rates increase.