Shake Shack Inkomsten in het verleden
Verleden criteriumcontroles 5/6
Shake Shack heeft de winst zien groeien met een gemiddeld jaarlijks percentage van 68.8%, terwijl de Hospitality-industrie de winst zag groeien met 31.2% per jaar. De inkomsten zijn gegroeid met een gemiddeld jaarlijks percentage van 17.2%. Het rendement op eigen vermogen van Shake Shack is 8.1%, en het heeft een nettomarge van 2.8%.
Belangrijke informatie
68.81%
Groei van de winst
68.77%
Groei van de winst per aandeel
| Hospitality Groei van de industrie | 19.52% |
| Inkomstengroei | 17.16% |
| Rendement op eigen vermogen | 8.10% |
| Nettomarge | 2.76% |
| Laatste winstupdate | 01 Apr 2026 |
Recente prestatie-updates uit het verleden
Recent updates
Seeking Alpha • May 25
Something's Gone Wrong At Shake Shack. Here's How To Fix It.
Summary Shake Shack initially delivered strong alpha-level returns following early optimism in 2016. Subsequent quarters saw a moderation in enthusiasm as performance dynamics shifted. The article reflects on the evolution of SHAK's investment thesis over a decade. Substandard customer deliverables have negatively affected market perception have harmed SHAK investors' risk-reward calculus. Improved operational performance can yield α - level returns, but will require a rigorous and systemic turnaround by a commited senior management. Read the full article on Seeking Alpha
Narratiefupdate • May 19
SHAK: Project Catalyst And Loyalty Platform Will Support Same Store Sales Momentum
Analysts have trimmed the Shake Shack price target by about $7, reflecting slightly lower fair value estimates and adjustments to assumptions around discount rates, growth, margins, and future P/E multiples highlighted in recent research updates. Analyst Commentary Recent research on Shake Shack shows a wide range of views, with several price target cuts balanced by a solid group of upgrades, initiations with positive ratings, and upward price target revisions.Narratiefupdate • May 01
SHAK: Project Catalyst And Digital Initiatives Will Support Same Store Sales Momentum
Analysts have nudged their fair value estimate for Shake Shack slightly lower to about $141.91, even as supportive research highlighting an extended growth runway, improving same store sales drivers and fine tuning of discount rate, revenue growth, profit margin and future P/E assumptions has led to a series of price target raises across the Street. Analyst Commentary Recent Street research on Shake Shack is skewed toward a constructive view, with several bullish analysts lifting price targets and initiating coverage with positive ratings.Narratiefupdate • Apr 16
SHAK: Project Catalyst And Loyalty Rollout Will Support Margin Upside
Analysts have nudged the fair value estimate for Shake Shack higher from $140.00 to about $142.47, citing updated expectations for revenue growth, profit margins, and a lower future P/E multiple, supported by a wave of recent price target hikes and upgrades across the Street. Analyst Commentary Recent research updates show a clear tilt toward more constructive views on Shake Shack, with several bullish analysts lifting price targets and initiating coverage at premium levels.
Narratiefupdate • Apr 02
SHAK: 2026 Same Store Sales Expectations Will Test Rich Forward P E Multiple
Analysts have increased their Shake Shack fair value estimate from $88.00 to $95.00, citing Street research that highlights stronger same-store sales drivers, incremental margin progress, and support for a higher forward P/E multiple. Analyst Commentary Recent Street research on Shake Shack reflects a mix of optimism on same-store sales momentum and unit growth, alongside some more conservative views around valuation and execution risk.Narratiefupdate • Mar 19
SHAK: Early 2026 Menu And Digital Catalysts Will Support Margin Upside
Analysts have nudged the Shake Shack fair value estimate down from $145.28 to $140.00, reflecting slightly softer revenue growth assumptions, better margin expectations, and a more moderate future P/E. This view is supported by recent research highlighting menu initiatives, digital engagement, and early 2026 catalysts as key drivers for the updated price targets across the Street.Narratiefupdate • Mar 05
SHAK: Elevated 2026 Same Store Sales Hurdle Will Pressure Rich P E
Narrative Update: Shake Shack We have raised our Shake Shack fair value estimate to $88 from $85, reflecting analysts' higher price targets and their focus on same store sales momentum, margin progress, and early 2026 catalysts highlighted in recent research. Analyst Commentary Across recent research, analysts have been updating their views on Shake Shack following Q4 results, Q1 commentary, and 2026 guidance.
Narratiefupdate • Feb 19
SHAK: Early 2026 Catalyst Path Will Drive Long Term Earnings Upside
Narrative Update on Shake Shack The analyst price target for Shake Shack has been trimmed by about $3.50 per share, as analysts balance expectations for slightly stronger revenue growth against more conservative profit margin and valuation assumptions. These are reflected in a higher future P/E and recent target resets from firms across the Street.Narratiefupdate • Feb 04
SHAK: Elevated 2026 Expectations Will Pressure Shares Despite Sector Headwinds
Analysts have modestly reduced their average Shake Shack price targets to a range around US$105 to US$110, citing expectations for comparable sales into 2026 and a strong overall growth outlook, even as they factor in sector wide sales challenges and a higher assumed future P/E of about 51x in their updated models. Analyst Commentary Recent research updates on Shake Shack point to a split view.Narratiefupdate • Jan 21
SHAK: Future Margin Upside Expected From 2026 Catalysts And Tariff Relief
Narrative Update: Shake Shack The analyst price target for Shake Shack has been trimmed from about US$150 to roughly US$145, as analysts factor in slightly softer revenue growth and profit margin assumptions. They are still using a higher forward P/E and are pointing to 2026 same store sales and early year catalysts as key support for the updated view.Narratiefupdate • Jan 06
SHAK: Reset Expectations And 2026 Catalysts Will Shape Risk Reward Balance
Analysts have reset their price target framework for Shake Shack, trimming the fair value estimate from $110 to $85. They highlighted a mix of higher modeled revenue growth, slightly lower profit margins, a reduced future P/E, and a modestly higher discount rate that reflects recent research calling out early 2026 catalysts, traffic support from marketing, and more balanced risk/reward after the stock's selloff.Narratiefupdate • Dec 17
SHAK: Future Margin Upside Expected From Potential Tariff Cuts On Key Inputs
Analysts have trimmed their Shake Shack price target to $150 from $162, reflecting a modestly higher discount rate and softer long term margin and valuation assumptions. They also acknowledge still solid revenue growth prospects and a reset, more balanced risk reward backdrop following recent sector wide demand softness.Narratiefupdate • Dec 03
SHAK: Margin Expansion And Development Pipeline Will Drive Long Term Earnings Upside
Analysts have modestly lowered their price target on Shake Shack, reflecting concerns about softer near term demand and traffic in a challenging environment, even as they highlight the company’s compelling same store sales trajectory, margin expansion, and development pipeline. Analyst Commentary Recent research notes reflect a mixed but constructive stance on Shake Shack, with modestly reduced price targets alongside acknowledgement of a healthier long term growth profile and improved risk reward following the recent share price pullback.Narratiefupdate • Nov 19
SHAK: Margin Expansion Will Drive Earnings Upside Amid Sector Uncertainty
Shake Shack's analyst price target was modestly raised to $114.36, as analysts note gradual improvements in revenue growth, profit margin, and a balanced risk/reward outlook despite ongoing near-term challenges in the fast casual dining space. Analyst Commentary Recent analyst updates present a nuanced view on Shake Shack's outlook, with both encouraging developments and notable headwinds shaping sentiment on the stock.Narratiefupdate • Nov 01
SHAK: Demand Reset And Global Expansion Will Drive Renewed Investor Optimism
Analysts have revised Shake Shack's price target downward from approximately $125 to $114, citing a noticeable slowdown in demand during September and a more balanced risk/reward outlook after softer performance in the fast casual and quick service segments. Analyst Commentary Recent analyst reports on Shake Shack reflect a nuanced perspective on the company's short-term outlook, with opinions split between cautious optimism and ongoing concerns over sales performance and sector trends.Narratiefupdate • Oct 17
Menu Revamp And Urban Expansion Will Redefine Fast Casual Dining
Shake Shack's average analyst price target has been modestly reduced, with analysts now valuing shares at approximately $125, down from about $132. Analysts cite a reset in expectations following recent margin performance and a more balanced risk/reward outlook in light of mixed same-store sales results.Narratiefupdate • Oct 03
Menu Revamp And Urban Expansion Will Redefine Fast Casual Dining
Analysts have slightly lowered their fair value price target for Shake Shack by $3. They cited modest Q2 comparable sales along with strong margin and earnings performance as factors behind the revision.Analyseartikel • Aug 02
Is Shake Shack Inc. (NYSE:SHAK) Potentially Undervalued?
Shake Shack Inc. ( NYSE:SHAK ), might not be a large cap stock, but it led the NYSE gainers with a relatively large...Analyseartikel • Jul 12
Shake Shack (NYSE:SHAK) Has A Rock Solid Balance Sheet
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analyseartikel • May 08
Some Investors May Be Willing To Look Past Shake Shack's (NYSE:SHAK) Soft Earnings
Shake Shack Inc.'s ( NYSE:SHAK ) stock was strong despite it releasing a soft earnings report last week. We think that...Analyseartikel • Apr 25
Revenues Not Telling The Story For Shake Shack Inc. (NYSE:SHAK)
Shake Shack Inc.'s ( NYSE:SHAK ) price-to-sales (or "P/S") ratio of 2.9x may not look like an appealing investment...Analyseartikel • Apr 04
These 4 Measures Indicate That Shake Shack (NYSE:SHAK) Is Using Debt Reasonably Well
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Seeking Alpha • Apr 01
Shake Shack: Finally, The Drop I Was Waiting For
Summary Shake Shack's stock has dropped 33% YTD due to tariff concerns, presenting a buying opportunity with a 20% margin of safety. Despite macroeconomic challenges, Shake Shack's strong unit growth, improving margins, and compelling valuation suggest a favorable risk-reward ratio. The stock is trading at a discount compared to fast-casual peers, with potential upside of approximately 25% and Wall Street targets indicating even greater potential. I change my rating to 'Buy' with a price target of $110, seeing the current levels as an attractive entry point. Read the full article on Seeking AlphaAnalyseartikel • Mar 14
Shake Shack (NYSE:SHAK) Might Be Having Difficulty Using Its Capital Effectively
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Seeking Alpha • Feb 20
Shake Shack: Not Shaken By Higher Restaurant Prices
Summary Shake Shack capitalizes on liquidity after expanding its footprint with 43 new restaurants, driving strong revenue growth. Inflation narrows price gaps between QSRs and fast-casual dining, enhancing Shake Shack's value proposition and boosting consumer demand for its premium offerings. With stable cash levels and manageable debt, Shake Shack is well-positioned to sustain growth and finance expansion, targeting 1,500 company-operated restaurants. Technical indicators and valuation models suggest Shake Shack is undervalued, presenting a decent upside potential; I recommend this stock as a buy. Read the full article on Seeking AlphaAnalyseartikel • Feb 17
Should You Be Adding Shake Shack (NYSE:SHAK) To Your Watchlist Today?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Seeking Alpha • Jan 24
Shake Shack: Bigger Bites, Bigger Challenges
Summary Shake Shack aims to expand to 1,500 locations but faces challenges in cost-effectiveness, suburban market penetration, and maintaining its premium brand identity. SHAK reported strong growth in FY 2024 but expects a slight slowdown in FY 2025, with same-store sales growth projected at 3%. Despite a recent stock price drop, Shake Shack remains overvalued by 10%, leading to a 'Hold' rating with a price target of $110. Institutional investors hold 45.41% of shares, providing stability; a potential buying opportunity may arise if the stock price dips to the $100 zone. Read the full article on Seeking AlphaAnalyseartikel • Jan 07
A Look At The Fair Value Of Shake Shack Inc. (NYSE:SHAK)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Shake Shack fair value estimate is US$112 With US$132 share...Analyseartikel • Dec 25
Pinning Down Shake Shack Inc.'s (NYSE:SHAK) P/S Is Difficult Right Now
When close to half the companies in the Hospitality industry in the United States have price-to-sales ratios (or "P/S...Analyseartikel • Dec 12
Does Shake Shack (NYSE:SHAK) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analyseartikel • Nov 28
Why Shake Shack Inc. (NYSE:SHAK) Could Be Worth Watching
Shake Shack Inc. ( NYSE:SHAK ), might not be a large cap stock, but it led the NYSE gainers with a relatively large...Seeking Alpha • Nov 19
Shake Shack: Proving Premium Is 'Worth It' In Fast Food's Exodus
Summary Fast-casual chains like Shake Shack are outperforming traditional QSRs, driven by superior value perception and strategic pricing despite QSRs' value promotions. Shake Shack's Q3 results show strong comparable sales growth and traffic rebound, supported by menu innovations, price increases, and expanded ad spend. Despite growing pains and market cannibalization, Shake Shack's operational leverage and cost management have led to significant EBITDA growth and improved margins. I maintain a 'Hold' rating on Shake Shack with a PT of $112, recommending accumulation if the price drops to the $100-$110 range. Read the full article on Seeking AlphaAnalyseartikel • Nov 14
Is Now The Time To Put Shake Shack (NYSE:SHAK) On Your Watchlist?
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Seeking Alpha • Nov 04
Shake Shack: Operational Excellence Is Shining Through
Summary Shake Shack's stock has surged over 60% YTD, driven by new locations, increased customer traffic, and improved operating margins despite price hikes. Shares have continued to rally after a strong Q3 earnings print, featuring acceleration in same-store sales growth and a boost in restaurant operating margins. Importantly, the company expects to also lower new build costs due to new store designs, which will come in handy as the company picks up its pace of restaurant openings. Despite potential macroeconomic and valuation risks, Shake Shack's operational improvements and expansion strategy make it a compelling long-term investment. Read the full article on Seeking AlphaSeeking Alpha • Oct 16
Shake Shack: Surfing The Wave Of Fast-Food Inflation
Summary Shake Shack's strong performance is driven by its successful value proposition, premium pricing, and consistent comparable sales growth, outperforming QSRs and other fast-casual chains. The company leverages kiosks for upselling, strategic menu price increases, and a robust three-pillar plan to maintain perceived value and drive repeat visits. Shake Shack's expansion strategy includes opening new restaurants with attractive ROI, reducing construction costs, and focusing on international markets with high growth potential. Despite positive financial health and growth prospects, Shake Shack's current stock price is close to fair value, leading to a 'Hold' recommendation for now. Read the full article on Seeking AlphaAnalyseartikel • Oct 06
There Are Reasons To Feel Uneasy About Shake Shack's (NYSE:SHAK) Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Nieuw narratief • Aug 30
Global Expansion And Critical Investments Propel Brand Growth And Profitability
Shake Shack's premium positioning and focus on innovation and technology suggest a strong potential for increased revenue through differentiated products and pricing strategies.Analyseartikel • Aug 22
After Leaping 31% Shake Shack Inc. (NYSE:SHAK) Shares Are Not Flying Under The Radar
Shake Shack Inc. ( NYSE:SHAK ) shareholders would be excited to see that the share price has had a great month, posting...Seeking Alpha • Aug 22
Shake Shack: Set To Thrive Under New Leadership
Summary Shake Shack has risen more than 40% year to date, but there's further upside ahead. Initiating the stock with a buy rating. The company has continued to drive accelerating same-store sales growth, as recent price increases have done little to dent profit. And amid an inflationary environment, particularly in labor and the price of beef, the company has increased its gross margins. The stock also trades at cheaper revenue and adjusted EBITDA multiples versus fast-casual industry peers like Sweetgreen and Chipotle. Read the full article on Seeking AlphaSeeking Alpha • Aug 16
Shake Shack: A Solid Performance Outlook For The Business
Summary SHAK is expected to grow at a mid-teen percentage level for the next two years. Strong 2Q24 performance with 16% revenue growth and expanding margins. Marketing initiatives and drive-through improvements are expected to drive further growth. Read the full article on Seeking AlphaSeeking Alpha • Jul 14
Shake Shack: Poor Business Fundamentals Indicate Overvaluation
Summary Shake Shack is a growing company that I believe is currently overvalued based on current fundamental analysis and poor management decision-making. SHAK has underperformed the market, but some investors remain bullish on growth potential with this high valuation. The company is facing challenges with inflation, wage costs, and thin operating margins, impacting their financial performance. Fundamental analysis indicates that SHAK stock is overvalued, with poor returns on equity and high debt levels, making it a speculative investment. Read the full article on Seeking AlphaAnalyseartikel • Jul 12
Is Shake Shack (NYSE:SHAK) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analyseartikel • Jun 17
Shake Shack's (NYSE:SHAK) Returns On Capital Not Reflecting Well On The Business
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Seeking Alpha • May 06
Shake Shack: Priced With Too Much Growth Anticipation
Summary Shake Shack has grown revenues aggressively, and continues the growth story anticipating 12-15% in revenue growth in 2024. The company's profitability needs to improve from currently very thin operating income, and while progress has been made, an improvement into a good level seems to take time. The current valuation prices in way too much earnings growth, making the stock a low risk-to-reward investment at the current price in my opinion. Read the full article on Seeking AlphaOpbrengsten en kosten
Opbrengsten en kosten
Hoe Shake Shack geld verdient en uitgeeft. Gebaseerd op laatst gerapporteerde winst, op LTM-basis.
Inkomsten en omzetgeschiedenis
| Datum | Inkomsten | Inkomsten | G+A Uitgaven | R&D-uitgaven |
|---|---|---|---|---|
| 01 Apr 26 | 1,491 | 41 | 211 | 0 |
| 31 Dec 25 | 1,445 | 46 | 194 | 0 |
| 24 Sep 25 | 1,373 | 43 | 185 | 0 |
| 25 Jun 25 | 1,323 | 20 | 175 | 0 |
| 26 Mar 25 | 1,283 | 12 | 170 | 0 |
| 25 Dec 24 | 1,253 | 10 | 165 | 0 |
| 25 Sep 24 | 1,210 | 9 | 159 | 0 |
| 26 Jun 24 | 1,169 | 27 | 156 | 0 |
| 27 Mar 24 | 1,125 | 24 | 154 | 0 |
| 27 Dec 23 | 1,088 | 20 | 149 | 0 |
| 27 Sep 23 | 1,040 | 5 | 147 | 0 |
| 28 Jun 23 | 991 | -4 | 141 | 0 |
| 29 Mar 23 | 950 | -13 | 141 | 0 |
| 28 Dec 22 | 900 | -21 | 135 | 0 |
| 28 Sep 22 | 865 | -23 | 126 | 0 |
| 29 Jun 22 | 831 | -23 | 120 | 0 |
| 30 Mar 22 | 788 | -20 | 105 | 0 |
| 29 Dec 21 | 740 | -5 | 100 | 0 |
| 29 Sep 21 | 694 | -18 | 91 | 0 |
| 30 Jun 21 | 631 | -22 | 84 | 0 |
| 31 Mar 21 | 535 | -40 | 77 | 0 |
| 30 Dec 20 | 523 | -42 | 73 | 0 |
| 23 Sep 20 | 517 | -25 | 74 | 0 |
| 24 Jun 20 | 544 | -9 | 79 | 0 |
| 25 Mar 20 | 605 | 16 | 82 | 0 |
| 25 Dec 19 | 595 | 20 | 80 | 0 |
| 25 Sep 19 | 567 | 21 | 73 | 0 |
| 26 Jun 19 | 529 | 16 | 68 | 0 |
| 27 Mar 19 | 493 | 14 | 64 | 0 |
| 26 Dec 18 | 459 | 15 | 65 | 0 |
| 26 Sep 18 | 431 | 4 | 59 | 0 |
| 27 Jun 18 | 406 | 4 | 54 | 0 |
| 28 Mar 18 | 381 | 1 | 51 | 0 |
| 27 Dec 17 | 359 | 0 | 49 | 0 |
| 27 Sep 17 | 336 | 16 | 45 | 0 |
| 28 Jun 17 | 316 | 15 | 44 | 0 |
| 29 Mar 17 | 291 | 13 | 42 | 0 |
| 28 Dec 16 | 268 | 12 | 40 | 0 |
| 28 Sep 16 | 246 | 10 | 37 | 0 |
| 29 Jun 16 | 225 | 8 | 34 | 0 |
| 30 Mar 16 | 207 | 5 | 32 | 0 |
| 30 Dec 15 | 191 | -9 | 30 | 0 |
| 30 Sep 15 | 174 | -11 | 30 | 0 |
| 01 Jul 15 | 153 | -12 | 30 | 0 |
Kwaliteitswinsten: SHAK heeft hoge kwaliteitsinkomsten.
Groeiende winstmarge: De huidige netto winstmarges (2.8%) SHAK } zijn hoger dan vorig jaar (1%).
Analyse vrije kasstroom versus winst
Analyse van de winstgroei in het verleden
Winsttrend: SHAK is de afgelopen 5 jaar winstgevend geworden en heeft de winst met 68.8% per jaar laten groeien.
Versnelling van de groei: De winstgroei van SHAK over het afgelopen jaar ( 219.2% ) overtreft het 5-jarig gemiddelde ( 68.8% per jaar).
Winst versus industrie: De winstgroei SHAK over het afgelopen jaar ( 219.2% ) overtrof de Hospitality -sector 24.3%.
Rendement op eigen vermogen
Hoge ROE: Het Rendement op eigen vermogen ( 8.1% ) van SHAK wordt als laag beschouwd.
Rendement op activa
Rendement op geïnvesteerd vermogen
Ontdek sterk presterende bedrijven uit het verleden
Bedrijfsanalyse en status van financiële gegevens
| Gegevens | Laatst bijgewerkt (UTC-tijd) |
|---|---|
| Bedrijfsanalyse | 2026/05/27 10:23 |
| Aandelenkoers aan het einde van de dag | 2026/05/27 00:00 |
| Inkomsten | 2026/04/01 |
| Jaarlijkse inkomsten | 2025/12/31 |
Gegevensbronnen
De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.
| Pakket | Gegevens | Tijdframe | Voorbeeld Amerikaanse bron * |
|---|---|---|---|
| Financiële gegevens bedrijf | 10 jaar |
| |
| Consensus schattingen analisten | +3 jaar |
|
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| Marktprijzen | 30 jaar |
| |
| Eigendom | 10 jaar |
| |
| Beheer | 10 jaar |
| |
| Belangrijkste ontwikkelingen | 10 jaar |
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* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.
Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.
Analysemodel en Snowflake
Details van het analysemodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina. We hebben ook handleidingen over hoe je onze rapporten kunt gebruiken en tutorials op YouTube.
Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.
Industrie en sector
Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.
Bronnen van analisten
Shake Shack Inc. wordt gevolgd door 36 analisten. 26 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.
| Analist | Instelling |
|---|---|
| David Tarantino | Baird |
| Jeffrey Bernstein | Barclays |
| Jeffrey Bernstein | Barclays |