DPZ - Texas Roadhouse: The Pandemic Shapes An All-Weather Stock

• Thanks to the relaxed social restrictions, Texas Roadhouse has reversed the months-long decline in comparable sales.
• The pandemic’s resurgence is threatening the nascent recovery and outstanding share performance.
• Yet, with a solid balance sheet and strategies to suit the new normal, the company can withstand a prolonged slowdown as vaccine hopes set to revive the industry.
• Despite a sharp premium in the valuation multiple, Texas Roadhouse is a ‘Buy’ as we expect the vaccine-driven momentum to outsmart the valuation fundamentals.

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