There are not many reasons to be optimistic about The Chefs' Warehouse (CHEF). Yes, the company is selling at cheap valuations (most of the food distributors are selling for cheap) but multiples paid today can become really expensive tomorrow if the industry doesn't recover.
In the coming weeks, restaurant operators are going to be publishing first-quarter numbers and provide an updated outlook about the health of the industry. We can safely assume, with some restaurants completely shut down or some doing take-out orders only, the outlook looks grim.
CHEF found its niche market