Investment Thesis
As lock-down measures sweep across the major U.S. cities, the restaurant operators focusing on delivery are bracing for a surge in demand. Backed by recently-integrated third-party delivery, Papa John's International, Inc. (PZZA) is well-positioned to capitalize. As the new recruitment drive further expands its reach, two consecutive years of revenue decline is set to reverse. The brighter prospects are already priced in with the stock well-outperforming the S&P 400 Midcap Index since the leadership change last August.
As the turnaround continues following multiple quarters of revenue slump, PZZA is up against