Panera's Early 2017 Trends Reinforce its Intriguing Possibilities as Part of the JAB Portfolio
There is no change to our $315 fair value estimate for narrow-moat Panera following its first-quarter update, which follows the announcement earlier this month it has entered into a definitive agreement to be purchased by JAB Holdings for $7.5 billion. In many ways, the first-quarter results reinforce why JAB would be interested in Panera in the first place, including industry-leading loyalty program engagement (51% of transactions) and digital sales penetration rates (26% of sales), expanding d...
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