4Q21 Results. Fat Brands reported 4Q21 revenue of $74.2 million, up from $29.8 million in the third quarter and compared to $6.5 million in 4Q20. The increased revenue reflects the GFG and Twin Peaks acquisitions and about 10 days of revenue from the Fazoli's and Native acquisitions. FAT reported adjusted EBITDA of $10.4 million in 4Q21. Net loss for the quarter was $19.6 million, or $1.38 per share, compared to a net loss of $3.6 million, or $0.26 per share in 3Q21 and a net loss of $7.7 million, or $0.64 per share, in 4Q20.Solid Growth. Same store sales in the quarter rose 5.6% over the fourth quarter of 2019 and were up 8.5% if the recent acquisitions were included. Thirty new locations were opened during the quarter, bringing the full year count to 115. FAT ended the year with 2,369 locations, 761 franchise partners, and 333 multi-unit franchisees.Organic Growth to Drive 2022. With a pipeline of nearly 850 locations to be opened, we expect organic growth to drive 2022 results, although we would not rule out additional accretive acquisitions. Management expects at least 120 new store openings during the year. The pipeline could add some $50 million of EBITDA over the next couple of years.Updated Projections. We expect the operating improvement to continue to pick-up momentum as COVID restrictions ease, more stores re-open, and synergies are realized. We are projecting first quarter revenue of $83 million and a net loss of $12.3 million, or $0.85 per share. For the full year, we are at revenue of $368.9 million and a net loss of $19.2 million, or $1.32 per share. Full year adjusted EBITDA is projected at $83.9 million.Maintaining Outperform, $25 PT. We maintaining our Outperform rating and our 12-month price target of $25, which equates to 18.1 times 2022 adjusted EBITDA. We believe the recent acquisitions represent a new paradigm for FAT Brands and vaults the Company into the "big leagues." We expect consolidation of the acquisitions to drive revenues and EBITDA higher. Read More >>