Annuncio • May 30
Carrols Restaurant Group Files Form 15 Carrols Restaurant Group, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.01 per share. Annuncio • May 18
Carrols Restaurant Group, Inc.(NasdaqGS:TAST) dropped from NASDAQ Composite Index Carrols Restaurant Group, Inc. has been dropped from NASDAQ Composite Index Reported Earnings • May 10
First quarter 2024 earnings released: EPS: US$0.07 (vs US$0.014 in 1Q 2023) First quarter 2024 results: EPS: US$0.07 (up from US$0.014 in 1Q 2023). Revenue: US$452.2m (up 1.6% from 1Q 2023). Net income: US$3.66m (up 421% from 1Q 2023). Profit margin: 0.8% (up from 0.2% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: US$0.53 (vs US$1.49 loss in FY 2022) Full year 2023 results: EPS: US$0.53 (up from US$1.49 loss in FY 2022). Revenue: US$1.88b (up 8.4% from FY 2022). Net income: US$27.2m (up US$102.7m from FY 2022). Profit margin: 1.4% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Mar 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Annuncio • Jan 18
Restaurant Brands International Inc. (NYSE:QSR) entered into an agreement to acquire remaining 85% stake in Carrols Restaurant Group, Inc. (NasdaqGS:TAST) from Cambridge Franchise Holdings, LLC and others for approximately $470 million. Restaurant Brands International Inc. (NYSE:QSR) entered into an agreement to acquire remaining 85% stake in Carrols Restaurant Group, Inc. (NasdaqGS:TAST) from Cambridge Franchise Holdings, LLC and others for approximately $470 million on January 16, 2024. Under the terms of the merger agreement, RBI will acquire all of Carrols issued and outstanding shares that are not already held by RBI or its affiliates for $9.55 per share in an all-cash transaction. RBI and its affiliates currently hold approximately 15% of Carrols outstanding equity. Approximately 20% of outstanding Carrols shares held by stockholders unaffiliated with RBI. Cambridge Franchise Holdings, LLC, who in aggregate own or control approximately 17% of outstanding Carrols shares. The transaction is not subject to a financing contingency and is expected to be financed with cash on hand and term loan debt for which RBI has received a financing commitment. A special transaction committee of Carrols’ Board of Directors comprised of independent directors unaffiliated with RBI, advised by independent legal and financial advisors, was formed to conduct a deliberate and thoughtful process to evaluate this proposal. Transaction negotiations were led by the Special Committee and following its unanimous recommendation, the Carrols Board of Directors (other than directors affiliated with RBI) unanimously approved the merger agreement with RBI and agreed to recommend that Carrols stockholders vote to adopt the merger agreement. The definitive merger agreement includes a 30-day “go shop” period that will allow the Company to affirmatively solicit alternative proposals from interested parties.
The transaction is subject to expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as other customary closing conditions, including approval by the holders of a majority of common stock held by Carrols stockholders excluding shares held by RBI and its affiliates and officers of Carrols in addition to approval by holders of a majority of outstanding common stock of Carrols. The transaction is expected to be completed in the second quarter of 2024. RBI expects the transaction to be approximately neutral to Adjusted Earnings per Share.
J.P. Morgan acted as financial advisor and Scott A. Barshay, Laura C. Turano and Cristina Amodeo of Paul, Weiss, Rifkind, Wharton & Garrison acted as legal advisors to RBI. Jefferies LLC acted as financial advisor and Milbank LLP acted as legal advisor to the Special Committee of the Carrols Board of Directors. New Risk • Nov 16
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €187k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Significant insider selling over the past 3 months (€187k sold). Annuncio • Nov 14
Carrols Restaurant Group, Inc. has filed a Follow-on Equity Offering. Carrols Restaurant Group, Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: US$0.24 (vs US$0.17 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.24 (up from US$0.17 loss in 3Q 2022). Revenue: US$475.8m (up 7.2% from 3Q 2022). Net income: US$12.6m (up US$21.3m from 3Q 2022). Profit margin: 2.7% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Annuncio • Nov 10
Carrols Restaurant Group, Inc. Declares Initial Regular Quarterly Dividend, Payable on December 15, 2023 The Board of Directors of Carrols Restaurant Group, Inc. has authorized an initial regular quarterly dividend of $0.02 per share of common stock, totaling approximately $1.3 million. This dividend will be paid on December 15, 2023 to shareholders of record as of November 21, 2023. Annuncio • Oct 20
Carrols Restaurant Group, Inc. to Report Q3, 2023 Results on Nov 09, 2023 Carrols Restaurant Group, Inc. announced that they will report Q3, 2023 results at 7:00 AM, Eastern Daylight on Nov 09, 2023 New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings have declined by 41% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 41% per year over the past 5 years. Breakeven Date Change • Aug 11
Forecast to breakeven in 2023 The 3 analysts covering Carrols Restaurant Group expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$1.58m in 2023. Earnings growth of 184% is required to achieve expected profit on schedule. Annuncio • Jul 23
Carrols Restaurant Group, Inc. to Report Q2, 2023 Results on Aug 10, 2023 Carrols Restaurant Group, Inc. announced that they will report Q2, 2023 results at 7:00 AM, US Eastern Standard Time on Aug 10, 2023 Breakeven Date Change • May 23
Forecast to breakeven in 2023 The 3 analysts covering Carrols Restaurant Group expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$950.3k in 2023. Earnings growth of 116% is required to achieve expected profit on schedule. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: US$0.017 (vs US$0.42 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.017 (up from US$0.42 loss in 1Q 2022). Revenue: US$445.2m (up 11% from 1Q 2022). Net income: US$864.0k (up US$22.1m from 1Q 2022). Profit margin: 0.2% (up from net loss in 1Q 2022). Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Mar 01
Full year 2022 earnings released: US$1.49 loss per share (vs US$0.86 loss in FY 2021) Full year 2022 results: US$1.49 loss per share (further deteriorated from US$0.86 loss in FY 2021). Revenue: US$1.73b (up 4.7% from FY 2021). Net loss: US$75.6m (loss widened 76% from FY 2021). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Annuncio • Feb 15
Carrols Restaurant Group, Inc. to Report Q4, 2022 Results on Feb 28, 2023 Carrols Restaurant Group, Inc. announced that they will report Q4, 2022 results at 7:00 AM, US Eastern Standard Time on Feb 28, 2023 Reported Earnings • Nov 16
Third quarter 2022 earnings released: US$0.17 loss per share (vs US$0.20 loss in 3Q 2021) Third quarter 2022 results: US$0.17 loss per share (improved from US$0.20 loss in 3Q 2021). Revenue: US$444.0m (up 5.3% from 3Q 2021). Net loss: US$8.70m (loss narrowed 12% from 3Q 2021). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 10
Third quarter 2022 earnings released: US$0.17 loss per share (vs US$0.20 loss in 3Q 2021) Third quarter 2022 results: US$0.17 loss per share (improved from US$0.20 loss in 3Q 2021). Revenue: US$444.0m (up 5.3% from 3Q 2021). Net loss: US$8.70m (loss narrowed 12% from 3Q 2021). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 32% per year whereas the company’s share price has fallen by 36% per year. Annuncio • Oct 19
Carrols Restaurant Group, Inc. to Report Q3, 2022 Results on Nov 09, 2022 Carrols Restaurant Group, Inc. announced that they will report Q3, 2022 results on Nov 09, 2022 Reported Earnings • Aug 12
Second quarter 2022 earnings released: US$0.52 loss per share (vs US$0.19 loss in 2Q 2021) Second quarter 2022 results: US$0.52 loss per share (down from US$0.19 loss in 2Q 2021). Revenue: US$441.9m (up 4.1% from 2Q 2021). Net loss: US$26.5m (loss widened 177% from 2Q 2021). Over the next year, revenue is forecast to grow 3.1%, compared to a 716% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Annuncio • Jul 29
Carrols Restaurant Group, Inc. to Report Q2, 2022 Results on Aug 11, 2022 Carrols Restaurant Group, Inc. announced that they will report Q2, 2022 results at 7:00 AM, US Eastern Standard Time on Aug 11, 2022 Reported Earnings • May 13
First quarter 2022 earnings released: US$0.42 loss per share (vs US$0.14 loss in 1Q 2021) First quarter 2022 results: US$0.42 loss per share (down from US$0.14 loss in 1Q 2021). Revenue: US$399.5m (up 2.4% from 1Q 2021). Net loss: US$21.3m (loss widened 197% from 1Q 2021). Over the next year, revenue is forecast to grow 3.0%, compared to a 115% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. Annuncio • Apr 06
Carrols Restaurant Group, Inc. Announces Executive Changes The Board of Directors of Carrols Restaurant Group, Inc. appointed Paulo A. Pena as President of the company, effective April 1, 2022 (Effective Date). On April 1, 2022, the Board appointed Mr. Pena to the Board as a Class I director to fill the vacancy on the Board resulting from the retirement of Daniel T. Accordino as Chairman of the Board, President and as a Class I member of the Board on the Effective Date. On April 1, 2022, the Board appointed David S. Harris, the Lead Independent Director of the Board, as the non-executive Chairman of the Board effective on the Effective Date. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: US$0.86 loss per share (down from US$0.58 loss in FY 2020). Revenue: US$1.65b (up 6.8% from FY 2020). Net loss: US$43.0m (loss widened 46% from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 3.5%, compared to a 108% growth forecast for the restaurants industry in Germany. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Annuncio • Feb 04
Carrols Restaurant Group, Inc. to Report Q4, 2021 Results on Feb 24, 2022 Carrols Restaurant Group, Inc. announced that they will report Q4, 2021 results at 7:00 AM, US Eastern Standard Time on Feb 24, 2022 Reported Earnings • Nov 12
Third quarter 2021 earnings released: US$0.20 loss per share (vs US$0.057 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$421.7m (up 3.6% from 3Q 2020). Net loss: US$9.90m (down 439% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: US$0.19 loss per share (vs US$0.13 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$424.5m (up 15% from 2Q 2020). Net loss: US$9.56m (down 247% from profit in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 33 percentage points per year, which is a significant difference in performance. Executive Departure • Aug 05
VP & COO Carl Hauch has left the company On the 30th of July, Carl Hauch's tenure as VP & COO ended after less than a year in the role. As of March 2021, Carl still personally held 250.00k shares (€1.3m worth at the time). A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 2.75 years. Executive Departure • Jul 15
Independent Director Christopher Finazzo has left the company On the 6th of July, Christopher Finazzo's tenure as Independent Director ended after 1.4 years in the role. We don't have any record of a personal shareholding under Christopher's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.08 years. Reported Earnings • May 14
First quarter 2021 earnings released: US$0.14 loss per share (vs US$0.41 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: US$390.0m (up 11% from 1Q 2020). Net loss: US$7.17m (loss narrowed 66% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Mar 13
Independent Director recently bought €417k worth of stock On the 8th of March, Matthew Perelman bought around 75k shares on-market at roughly €5.56 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €666k more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Mar 13
New 90-day high: €5.95 The company is up 6.0% from its price of €5.60 on 11 December 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Hospitality industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.06 per share. Reported Earnings • Mar 04
Full year 2020 earnings released: US$0.58 loss per share (vs US$0.73 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$1.55b (up 5.8% from FY 2019). Net loss: US$29.5m (loss narrowed 7.7% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 93% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue misses expectations Revenue missed analyst estimates by 0.04%. Over the next year, revenue is forecast to grow 3.3%, compared to a 18% growth forecast for the Hospitality industry in Germany. Annuncio • Feb 18
Carrols Restaurant Group, Inc. to Report Q4, 2020 Results on Mar 03, 2021 Carrols Restaurant Group, Inc. announced that they will report Q4, 2020 results at 7:00 AM, US Eastern Standard Time on Mar 03, 2021 Annuncio • Feb 11
Carrols Restaurant Group, Inc. Appoints Jared L. Landaw as Vice President and General Counsel Carrols Restaurant Group, Inc. announced that it has appointed Jared L. Landaw as the company’s Vice President and General Counsel, effective February 8, 2021. Prior to joining Carrols, Mr. Landaw was the Chief Operating Officer and General Counsel of Barington Capital Group, L.P., a value-oriented investment firm, where he has worked since June 2004. Prior to that, he served as the Vice President of Law at International Specialty Products Inc. and as an attorney at Skadden, Arps, Slate, Meagher & Flom LLP. Annuncio • Feb 10
Carrols Restaurant Group, Inc. Appoints Carl Hauch as Chief Operating Officer, Effective February 15, 2021 Carrols Restaurant Group, Inc. announced that it has appointed Carl Hauch as the Company’s Chief Operating Officer, effective February 15, 2021. Most recently, he served as the President and CEO of the Wendy’s division of NPC international. Recent Insider Transactions • Nov 21
Independent Director recently bought €249k worth of stock On the 17th of November, Matthew Perelman bought around 56k shares on-market at roughly €4.42 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €721k more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Nov 14
New 90-day low: €4.28 The company is down 29% from its price of €6.00 on 14 August 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.12 per share. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS US$0.069 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$407.0m (up 1.2% from 3Q 2019). Net income: US$3.53m (up US$10.3m from 3Q 2019). Profit margin: 0.9% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 109% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 0.8%. Over the next year, revenue is forecast to grow 2.8% compared to a 5.0% decline forecast for the Hospitality industry in Germany. Is New 90 Day High Low • Oct 30
New 90-day low: €5.05 The company is down 4.0% from its price of €5.25 on 31 July 2020. The German market is also down 4.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Hospitality industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.07 per share. Is New 90 Day High Low • Oct 12
New 90-day high: €6.25 The company is up 52% from its price of €4.10 on 14 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.95 per share. Annuncio • Jul 24
Carrols Restaurant Group, Inc. to Report Q2, 2020 Results on Aug 06, 2020 Carrols Restaurant Group, Inc. announced that they will report Q2, 2020 results at 7:00 AM, US Eastern Standard Time on Aug 06, 2020 
