u/gregw134 · 51d ago1 prior · awaiting results
Long FWRG
$500k on First Watch ($FWRG)
First Watch is a high-quality, fast-growing breakfast concept trading at a 10x EV/EBITDA multiple despite generating $80M annual free cash flow and 18-20% profit margins with a 35% ROI on new store builds. With only 650 stores versus 1,600+ for competitors, significant geographic whitespace, and operating leverage as it scales, the company can compound at 15%+ annually for decades, making current valuation extremely attractive relative to fundamentals and analyst price targets around $21.