BJRI - BJ's Restaurants: Valuation Improving After The Drop

• BJ's Restaurants released its Q2 results last month, reporting revenue of $290.3 million, up 127% year-over-year from the negatively-impacted COVID-19 headwinds.
• On a two-year basis, revenue was down ~4%, but same-restaurant comps continued to improve throughout the quarter, flipping positive in July.
• However, while sales momentum is positive, staffing remains an issue, and we could see some short-term headwinds if COVID-19 cases remain elevated in Q3.
• At ~17x FY2022 earnings estimates and less than 1x sales, BJ's valuation has improved considerably, but I continue to see better opportunities elsewhere in the market from a value standpoint.

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