BJ's Restaurants (BJRI)

BJ's Restaurants, Inc. (BJRI - Analyst Report) has grown rapidly with its unique concept and high-quality food offered at various price points, while maintaining some of the best unit economics in the industry. Despite the recession, the chain's current comps are outperforming its peer group.

However, trading at a premium to its growth rate (28x 2010E), we believe BJRI shares are richly priced given the uncertainty in the economy and estimates. Longer-term, we think the company's 20%+ unit growth target could become unmanageable as the base expands, or difficult to fund.

Since 2002, BJ's ROE has averaged in the mid-single digits, with full-year results rising above 6% only once, when it reached 8% in 2005.

BJ&39;s Restaurants (BJRI) : FULL ANALYST REPORT

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