{"id":111736,"date":"2021-11-17T10:50:00","date_gmt":"2021-11-17T15:50:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=111736"},"modified":"2022-11-21T09:49:24","modified_gmt":"2022-11-21T14:49:24","slug":"sweetgreen-healthy-product-but-unhealthy-ipo","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sweetgreen-healthy-product-but-unhealthy-ipo\/","title":{"rendered":"Sweetgreen: Healthy Product but Unhealthy IPO"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Sweetgreen (SG) is expected to go public on November 18, 2021 with a midpoint valuation of $24\/share, which would earn the stock our&nbsp;<a href=\"https:\/\/www.newconstructs.com\/stock-rating-methodology\/\" target=\"_blank\" rel=\"noreferrer noopener\">Unattractive rating<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite its large online presence, Sweetgreen lost market share in 2020 to stronger, better-positioned competitors. Sweetgreen\u2019s locally-sourced supply chain adds safety risks and hurts the company\u2019s ability to achieve the economies of scale that more vertically integrated restaurants enjoy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company has never achieved profits in any fiscal period since it began operations, and we see little to no path to profitability in the future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our&nbsp;<a href=\"https:\/\/www.newconstructs.com\/category\/ipo-research\/\" target=\"_blank\" rel=\"noreferrer noopener\">IPO research<\/a>&nbsp;aims to provide investors with&nbsp;<a href=\"https:\/\/www.newconstructs.com\/its-official-we-offer-the-best-fundamental-data-in-the-world\/\" target=\"_blank\" rel=\"noreferrer noopener\">more reliable fundamental research<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-sweetgreen-s-big-miss-in-2020\"><strong>Sweetgreen\u2019s Big Miss In 2020<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">More than 10% of&nbsp;<a href=\"https:\/\/www.nrn.com\/fast-casual\/datassential-more-10-us-restaurants-have-closed-permanently\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. restaurants<\/a>&nbsp;closed in 2020, and the survivors took their market share. In particular,&nbsp;<a href=\"https:\/\/www.statista.com\/topics\/863\/fast-food\/#dossierKeyfigures\" target=\"_blank\" rel=\"noreferrer noopener\">quick-service restaurants<\/a>&nbsp;(QSR) fared better than the overall industry. While&nbsp;<a href=\"https:\/\/fred.stlouisfed.org\/series\/MRTSSM7225USN#0\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. restaurant sales<\/a>&nbsp;fell 16% year-over-year in 2020, QSR sales fell just 12%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With consumers turning to quick service and online options, 2020 was an opportune time for Sweetgreen, which generated half of its 2019 revenue from online sales, to gain market share. Instead, Sweetgreen\u2019s share of the fast-food and overall restaurant market fell as its revenue declined 20% YoY, more than the market, in 2020, per Figure 1.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Figure 1: Sweetgreen Vs. U.S. Restaurant Industry &amp; Fast-Food Segment: 2020 YoY Change in Sales<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"630\" height=\"280\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/newconstructs_111-17-21_1.png\" alt=\"Sweetgreen Vs. U.S. Restaurant Industry &amp; Fast-Food Segment: 2020 YoY Change in Sales\" class=\"wp-image-111737 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/newconstructs_111-17-21_1.png 630w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/11\/newconstructs_111-17-21_1-300x133.png 300w\" data-sizes=\"(max-width: 630px) 100vw, 630px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 630px; aspect-ratio: 630\/280;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Sources: New Constructs, LLC, company filings,&nbsp;<a href=\"https:\/\/fred.stlouisfed.org\/series\/MRTSSM7225USN#0\" target=\"_blank\" rel=\"noreferrer noopener\">FRED<\/a>, and&nbsp;<a href=\"https:\/\/www.statista.com\/topics\/863\/fast-food\/#dossierKeyfigures\" target=\"_blank\" rel=\"noreferrer noopener\">Statista<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.newconstructs.com\/sweetgreen-healthy-product-but-unhealthy-ipo\/\">Click here to read the full article<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Check out this week\u2019s&nbsp;<\/em><a href=\"https:\/\/www.newconstructs.com\/wp-content\/uploads\/sites\/2\/2021\/09\/210927-Danger-Zone-with-Kyle-Guske.mp3\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><em><a href=\"https:\/\/www.newconstructs.com\/wp-content\/uploads\/sites\/2\/2021\/11\/211115-Danger-Zone-with-David-Trainer.mp3\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Danger Zone interview<\/em><\/a><\/em>&nbsp;<em>with Chuck Jaffe of&nbsp;<\/em><a href=\"https:\/\/moneylifeshow.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Money Life<\/em><\/a><em>.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>This article originally published on&nbsp;<a href=\"https:\/\/www.newconstructs.com\/sweetgreen-healthy-product-but-unhealthy-ipo\/\" target=\"_blank\" rel=\"noreferrer noopener\">November 15, 2021<\/a>.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Disclosure: David Trainer, Kyle Guske II, and Matt Shuler receive no compensation to write about any specific stock, style, or theme.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Follow us on&nbsp;<\/em><a href=\"https:\/\/twitter.com\/NewConstructs\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Twitter<\/em><\/a><em>,&nbsp;<\/em><a href=\"https:\/\/www.facebook.com\/newconstructsllc\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Facebook<\/em><\/a><em>,&nbsp;<\/em><a href=\"https:\/\/www.linkedin.com\/company\/new-constructs\" target=\"_blank\" rel=\"noreferrer noopener\"><em>LinkedIn<\/em><\/a><em>, and&nbsp;<\/em><a href=\"https:\/\/stocktwits.com\/dtrainer_NewConstructs\" target=\"_blank\" rel=\"noreferrer noopener\"><em>StockTwits<\/em><\/a><em>&nbsp;for real-time alerts on all our research.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[1]\u00a0This list is a sample of Sweetgreen\u2019s competitors and is not exhaustive, but serves to illustrate the crowded nature of Sweetgreen\u2019s target market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[2]\u00a0Only Core Earnings enable investors to overcome the inaccuracies, omissions and biases in legacy fundamental data and research, as proven in\u00a0<a href=\"https:\/\/www.newconstructs.com\/its-official-we-offer-the-best-fundamental-data-in-the-world\/\" target=\"_blank\" rel=\"noreferrer noopener\">Core Earnings: New Data &amp; Evidence<\/a>, written by professors at Harvard Business School (HBS) &amp; MIT Sloan and published in\u00a0<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3467814\" target=\"_blank\" rel=\"noreferrer noopener\">The Journal of Financial Economics<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">[3]\u00a0Includes food, beverage, and packaging, labor, occupancy, and other operating costs to match Sweetgreen\u2019s \u201cTotal Restaurant Operating Costs\u201d, which are reported to include food, beverage, and packaging, labor and related expenses, occupancy and related expenses, and other restaurant operating costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><a href=\"https:\/\/www.newconstructs.com\/wp-content\/uploads\/sites\/2\/2021\/11\/IPOReport_SweetGreen2021-11-15.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Click here to download a PDF of this report.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sweetgreen (SG) is expected to go public on November 18, 2021 with a midpoint valuation of $24\/share, which would earn the stock a New Constructs Unattractive rating.<\/p>\n","protected":false},"author":348,"featured_media":111737,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[6,8,9,22,26,3],"tags":[553,10650],"contributors-categories":[13616],"class_list":["post-111736","post","type-post","status-publish","format-standard","has-post-thumbnail","category-north-america","category-region","category-securities","category-stocks","category-text-articles","category-traders-insight","tag-ipo","tag-sweetgreen","contributors-categories-new-constructs"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sweetgreen: Healthy Product but Unhealthy IPO<\/title>\n<meta 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