I've put together a very short analysis for CAVA restaurants.
Just as some background, I spent roughly 5-7 hours working on this. I came in cold as this was the first restaurant I've ever looked at so had to get up to speed on some of the terminology and general business dynamics. I also employed NotebookLM to help compile some of the data and interrogate the annual filings, which I wanted to make a point of getting better at incorporating AI to improve & accelerate my process.
My goal is get better at quickly assessing a business, and getting a decent sense for the valuation (within 10-20% or so).
In order to do that, I think you have to get the big stuff right, and can kind of save the minutia for further into the process. Things like changes in working capital can be added when you want to fine tune the valuation or (in my mind) a lot of those types of things work better for auditing purposes - i.e., is management massaging certain numbers to make earnings / cash flows look better?
***Anyways, I'd love some feedback on whether I missed any of the "forest". Anything you would do differently?***