Recent Insider Transactions • Aug 04
Executive VP recently sold €712k worth of stock On the 31st of July, Scarlett May sold around 8k shares on-market at roughly €89.24 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €3.0m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €87.08, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 10x in the Hospitality industry in Germany. Total returns to shareholders of 190% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €50.62 per share. Declared Dividend • Aug 01
Second quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 11th August 2026 Payment date: 25th August 2026 Dividend yield will be 1.2%, which is lower than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 30
Second quarter 2026 earnings released: EPS: US$1.47 (vs US$1.18 in 2Q 2025) Second quarter 2026 results: EPS: US$1.47 (up from US$1.18 in 2Q 2025). Revenue: US$1.03b (up 7.7% from 2Q 2025). Net income: US$68.4m (up 25% from 2Q 2025). Profit margin: 6.6% (up from 5.7% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 29
The Cheesecake Factory Incorporated Declares Quarterly Dividend, Payable on August 25, 2026 The Cheesecake Factory Incorporated announced that the company’s Board of Directors has declared a quarterly dividend of $0.30 per share to be paid on August 25, 2026, to shareholders of record at the close of business on August 11, 2026. Announcement • Jul 28
The Cheesecake Factory Introduces Brownie Crunch Choc-A-Lot Cheesecake and Offers Any Slice Half Price for Dine-In Guests The Cheesecake Factory celebrated National Cheesecake Day on July 30 by offering any slice of its more than 30 legendary flavors of cheesecake for half price to all dine-in guests, and introducing its newest flavor: Brownie Crunch Choc-a-Lot Cheesecake. The Brownie Crunch Choc-a-Lot Cheesecake is creamy milk and white chocolate marbled cheesecake on a rich, crunchie toffee brownie. For every slice of Brownie Crunch Choc-a-Lot Cheesecake sold through July 29, 2027, The Cheesecake Factory will donate 25 cents to Feeding America, the hunger-relief organization in the United States, dedicated to fighting hunger through a network of food banks. The offer is valid July 30, 2026 for dine-in only. One slice of cheesecake per dine-in guest. Must be present. Offer valid at restaurants in the U.S.A. Subject to availability. Buy Or Sell Opportunity • Jul 28
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 40% to €73.78. The fair value is estimated to be €61.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 5.0% in a year. Earnings are forecast to grow by 23% in the next year. Announcement • Jul 08
The Cheesecake Factory Incorporated to Report Q2, 2026 Results on Jul 28, 2026 The Cheesecake Factory Incorporated announced that they will report Q2, 2026 results After-Market on Jul 28, 2026 Announcement • Jun 29
The Cheesecake Factory Incorporated(NasdaqGS:CAKE) dropped from Russell 2000 Dynamic Index The Cheesecake Factory Incorporated(NasdaqGS:CAKE) dropped from Russell 2000 Dynamic Index Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €63.88, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 6x in the Hospitality industry in Germany. Total returns to shareholders of 124% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €56.57 per share. Board Change • May 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Director Adam Gordon was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 02
The Cheesecake Factory Incorporated Declares A Quarterly Dividend, Payable on May 26, 2026 The Cheesecake Factory Incorporated announced that the Company’s Board of Directors has declared a quarterly dividend of $0.30 per share to be paid on May 26, 2026, to shareholders of record at the close of business on May 13, 2026. Announcement • Apr 13
The Cheesecake Factory Incorporated, Annual General Meeting, May 28, 2026 The Cheesecake Factory Incorporated, Annual General Meeting, May 28, 2026. Announcement • Apr 09
The Cheesecake Factory Incorporated to Report Q1, 2026 Results on Apr 29, 2026 The Cheesecake Factory Incorporated announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 29, 2026 Announcement • Apr 01
the Cheesecake Factory Introduces New App with Exclusive Offer for Cheesecake Rewards Members The Cheesecake Factory Incorporated introducing a new app with a sweet offer for Cheesecake Rewards members. On April Fools’ Day through April 30, Rewards members who download the app and log in to their account will receive a free slice of any of The Cheesecake Factory’s more than 30 legendary flavors of cheesecake or layer cake with any purchase – no joke! Cheesecake Rewards is The Cheesecake Factory’s unique rewards program that is available nationwide. The program is free to join and provides members with access to online reservations, a complimentary slice of cheesecake for their birthday, special delivery offers from DoorDash and personalized rewards throughout the year. Guests who are not yet members of Cheesecake Rewards can sign up, download the app, and log into their accounts by April 30 to receive the free slice offer. Announcement • Feb 19
The Cheesecake Factory Incorporated Declares Quarterly Cash Dividend on Common Stock , Payable on March 17, 2026 On February 12, 2026, The Cheesecake Factory Incorporated Board of Directors declared a quarterly cash dividend of $0.30 per share which will be paid on March 17, 2026 to the stockholders of record of each share of the Company’s common stock at the close of business on March 4, 2026. Future decisions to pay or to increase or decrease dividends are at the discretion of the Board and will depend upon operating performance and other factors. Announcement • Jan 29
The Cheesecake Factory Incorporated to Report Q4, 2025 Results on Feb 18, 2026 The Cheesecake Factory Incorporated announced that they will report Q4, 2025 results After-Market on Feb 18, 2026 Announcement • Dec 02
The Cheesecake Factory Incorporated's Peppermint Stick Chocolate Swirl Cheesecake and Special Holiday Gift Card Offer Return The Cheesecake Factory announced that it is bringing back its Peppermint Stick Chocolate Swirl Cheesecake for the holidays. This festive flavor features peppermint swirled with white and dark chocolate cheesecake all on a delicious mint chocolate brownie, and is now available at all The Cheesecake Factory restaurants nationwide. Additionally, The Cheesecake Factory is featuring a special holiday gift card offer online and in its restaurants nationwide through the end of the year: For every $50 worth of gift cards purchased, guests will receive a $15 bonus card that can be redeemed from January 1 through February 28, 2026. With more than 250 menu selections - freshly prepared and from scratch - including recently introduced Bites and Bowls - and more than 30 legendary cheesecakes, The Cheesecake Factory gift cards and bonus cards are the perfect gift for anyone on holiday shopping list, or to keep for yourself. Announcement • Oct 30
The Cheesecake Factory Incorporated Provides Earnings Guidance for the Fourth Quarter of 2025 and Full Year of 2026 The Cheesecake Factory Incorporated provided earnings guidance for the fourth quarter of 2025 and full year of 2026. For the quarter, the company expects total revenues to be between $940 million and $955 million, representing an approximate 1% step down from the third quarter sales trend.
For the year 2026, the company expects total revenue growth of approximately 4% to 5% over full year 2025, with sales trends expected to improve as the year progresses. Announcement • Oct 29
The Cheesecake Factory Incorporated Declares Quarterly Dividend, Payable on November 25, 2025 The Cheesecake Factory Incorporated's Board of Directors has declared a quarterly dividend of $0.27 per share to be paid on November 25, 2025, to shareholders of record at the close of business on November 11, 2025. Announcement • Oct 08
The Cheesecake Factory Incorporated to Report Q3, 2025 Results on Oct 28, 2025 The Cheesecake Factory Incorporated announced that they will report Q3, 2025 results at 4:00 PM, US Eastern Standard Time on Oct 28, 2025 Announcement • Jul 30
The Cheesecake Factory Incorporated Declares Quarterly Dividend, Payable on August 26, 2025 The Board of Directors of The Cheesecake Factory Incorporated declared a quarterly dividend of $0.27 per share to be paid on August 26, 2025, to shareholders of record at the close of business on August 12, 2025. Announcement • Jul 09
The Cheesecake Factory Incorporated to Report Q2, 2025 Results on Jul 29, 2025 The Cheesecake Factory Incorporated announced that they will report Q2, 2025 results After-Market on Jul 29, 2025 Announcement • Jul 02
The Cheesecake Factory Incorporated Introduces New Flavor: Peach Perfect with Raspberry Drizzle The Cheesecake Factory Incorporated is celebrating its favorite holiday - National Cheesecake Day - on July 30 by introducing its newest flavor: Peach Perfect with Raspberry Drizzle - peach cheesecake swirled with peaches, on a vanilla crust, finished with raspberry sauce. For every slice of Peach Perfect with Raspberry Drizzle sold through July 29, 2026, The Cheesecake Factory will donate 25 cents to Feeding America®?, the largest hunger-relief organization in the United States, with a nationwide network of partner food banks, agencies, food pantries and meal programs helping to provide billions of meals to people facing hunger. The Cheesecake Factory has donated more than $6.8 million to Feeding America since 2008 through the sale of its specially designated cheesecakes. Additionally, guests who sign up for Cheesecake Rewards®? by National Cheesecake Day can dine-in with their party of up to six people on July 30 and everyone can enjoy any slice of The Cheesecake Factory's more than 30 legendary flavors of cheesecake - including the new Peach Perfect with Raspberry Drizzle- for half price. Cheesecake Rewards is The Cheesecake Factory's unique rewards program that is available nationwide. The program is free to join and provides members with personalized surprises throughout the year, access to online reservations and special celebrations - like this exclusive National Cheesecake Day offer on July 30. Donations made on slices sold at all The Cheesecake Factory restaurants in the U.S.A., including Puerto Rico. Offer valid July 30, 2025 for dine-in only. At least one member of party must be enrolled as a Cheesecake Rewards member by July 30, 2025. One discounted slice of cheesecake or layer cake per dine-in guest per party. Maximum of six discounted slices per party. One time use only. Each guest must be present to redeem. Offer only valid at restaurants in the U.S., including Puerto Rico. Announcement • May 02
The Cheesecake Factory Incorporated announces Quarterly dividend, payable on May 27, 2025 The Cheesecake Factory Incorporated announced Quarterly dividend of USD 0.2700 per share payable on May 27, 2025, ex-date on May 14, 2025 and record date on May 14, 2025. Announcement • Apr 12
The Cheesecake Factory Incorporated, Annual General Meeting, May 22, 2025 The Cheesecake Factory Incorporated, Annual General Meeting, May 22, 2025. Announcement • Apr 10
The Cheesecake Factory Incorporated to Report Q1, 2025 Results on Apr 30, 2025 The Cheesecake Factory Incorporated announced that they will report Q1, 2025 results After-Market on Apr 30, 2025 Announcement • Feb 21
The Cheesecake Factory Incorporated announces Quarterly dividend, payable on March 18, 2025 The Cheesecake Factory Incorporated announced Quarterly dividend of USD 0.2700 per share payable on March 18, 2025, ex-date on March 05, 2025 and record date on March 05, 2025. Announcement • Jan 30
The Cheesecake Factory Incorporated to Report Q4, 2024 Results on Feb 19, 2025 The Cheesecake Factory Incorporated announced that they will report Q4, 2024 results After-Market on Feb 19, 2025 Recent Insider Transactions • Nov 10
Insider recently sold €609k worth of stock On the 6th of November, Keith Carango sold around 13k shares on-market at roughly €46.48 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €749k more than they bought in the last 12 months. Declared Dividend • Nov 04
Third quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 13th November 2024 Payment date: 26th November 2024 Dividend yield will be 2.4%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but not covered by cash flows (101% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Nov 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (101% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: US$0.63 (vs US$0.37 in 3Q 2023) Third quarter 2024 results: EPS: US$0.63 (up from US$0.37 in 3Q 2023). Revenue: US$865.5m (up 4.2% from 3Q 2023). Net income: US$30.0m (up 67% from 3Q 2023). Profit margin: 3.5% (up from 2.2% in 3Q 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Oct 30
The Cheesecake Factory Incorporated Declares Quarterly Dividend, Payable on November 26, 2024 The Cheesecake Factory Incorporated's Board of Directors has declared a quarterly dividend of $0.27 per share to be paid on November 26, 2024, to shareholders of record at the close of business on November 13, 2024. Announcement • Oct 23
JCP Investment Management Proposes Spin-Off Of Smaller Brands From Cheesecake Factory On October 21, 2024, JCP Investment Management urged the Cheesecake Factory to consider spinning off 3 of its smaller brands. Further, JCP Investment Management has recommended that Company executives separate their North Italia, Flower Child, and Culinary Dropout restaurants into a distinct company. In Addition, JCP Investment Management argues that the strategy would enable management to concentrate on achieving faster growth and reaching their financial targets. Additionally, JCP Investment Management has expressed its willingness to invest capital into the newly spun-off entity to support its expansion. Announcement • Oct 22
JCP Investment Management Urges Cheesecake Factory to Explore a Potential Split On October 21, 2024, JCP Investment Management, which has built roughly a 2% stake in The Cheesecake Factory Incorporated, has privately told executives that North Italia, Flower Child, and Culinary Dropout brands would be better off as a separate company. Announcement • Oct 02
The Cheesecake Factory Incorporated to Report Q3, 2024 Results on Oct 29, 2024 The Cheesecake Factory Incorporated announced that they will report Q3, 2024 results After-Market on Oct 29, 2024 Declared Dividend • Aug 05
Second quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 14th August 2024 Payment date: 27th August 2024 Dividend yield will be 3.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (81% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Aug 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 12% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: US$1.10 (vs US$0.88 in 2Q 2023) Second quarter 2024 results: EPS: US$1.10 (up from US$0.88 in 2Q 2023). Revenue: US$904.0m (up 4.4% from 2Q 2023). Net income: US$52.4m (up 23% from 2Q 2023). Profit margin: 5.8% (up from 4.9% in 2Q 2023). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Aug 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Independent Director Adam Gordon was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 01
The Cheesecake Factory Incorporated Declares Quarterly Dividend, Payable on August 27, 2024 The Cheesecake Factory Incorporated's Board of Directors has declared a quarterly dividend of $0.27 per share to be paid on August 27, 2024 to shareholders of record at the close of business on August 14, 2024. Buy Or Sell Opportunity • Jul 18
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to €36.40. The fair value is estimated to be €30.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 61% in the next 2 years. Announcement • Jul 11
The Cheesecake Factory Incorporated to Report Q2, 2024 Results on Jul 31, 2024 The Cheesecake Factory Incorporated announced that they will report Q2, 2024 results After-Market on Jul 31, 2024 Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €36.60, the stock trades at a forward P/E ratio of 13x. Average trailing P/E is 18x in the Hospitality industry in Germany. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.76 per share. Declared Dividend • May 13
First quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 21st May 2024 Payment date: 4th June 2024 Dividend yield will be 3.1%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (81% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 78% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 10
The Cheesecake Factory Incorporated Declares Quarterly Dividend, Payable on June 4, 2024 The Cheesecake Factory Incorporated Board of Directors has declared a quarterly dividend of $0.27 per share to be paid on June 4, 2024 to shareholders of record at the close of business on May 22, 2024. New Risk • May 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 12% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$0.69 (vs US$0.58 in 1Q 2023) First quarter 2024 results: EPS: US$0.69 (up from US$0.58 in 1Q 2023). Revenue: US$891.2m (up 2.9% from 1Q 2023). Net income: US$33.2m (up 18% from 1Q 2023). Profit margin: 3.7% (up from 3.2% in 1Q 2023). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Apr 20
The Cheesecake Factory Incorporated, Annual General Meeting, May 30, 2024 The Cheesecake Factory Incorporated, Annual General Meeting, May 30, 2024, at 10:00 Pacific Standard Time. Agenda: To elect nine nominees to serve as directors of the Company for a term to expire at the Company's 2025 annual meeting of stockholders or until their respective successors shall be elected and qualified; to approve and adopt the Restated Certificate of Incorporation of The Cheesecake Factory Incorporated to provide for the exculpation of officers as permitted by the Delaware General Corporation Law; to ratify the selection of KPMG LLP as the Company's independent registered public accounting firm for fiscal year 2024, ending December 31, 2024; to approve, on a non-binding, advisory basis, the compensation of the Company's Named Executive Officers as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission; to transact such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof. Announcement • Apr 19
The Cheesecake Factory Incorporated to Report Q1, 2024 Results on May 08, 2024 The Cheesecake Factory Incorporated announced that they will report Q1, 2024 results After-Market on May 08, 2024 Buy Or Sell Opportunity • Apr 05
Now 24% undervalued Over the last 90 days, the stock has risen 5.3% to €32.00. The fair value is estimated to be €42.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 5.2% in a year. Earnings are forecast to grow by 46% in the next year. Announcement • Mar 15
The Cheesecake Factory Incorporated Announces Retirement of Herbert Simon from the Board On March 7, 2024, Herbert Simon, a member of The Cheesecake Factory Incorporated (the Company) Board of Directors since 2011, notified the Board of his intention to retire from the Board, effective immediately. Upcoming Dividend • Feb 27
Upcoming dividend of US$0.27 per share Eligible shareholders must have bought the stock before 05 March 2024. Payment date: 19 March 2024. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (5.2%). In line with average of industry peers (2.8%). Declared Dividend • Feb 26
Fourth quarter dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 5th March 2024 Payment date: 19th March 2024 Dividend yield will be 3.1%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (70% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 74% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Feb 24
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 9.5% to €32.40. The fair value is estimated to be €25.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 5.1% in a year. Earnings are forecast to grow by 44% in the next year. New Risk • Feb 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Feb 22
The Cheesecake Factory Incorporated Declares Quarterly Dividend, Payable on March 19, 2024 The Cheesecake Factory Incorporated's Board of Directors has declared a quarterly dividend of $0.27 per share to be paid on March 19, 2024 to shareholders of record at the close of business on March 6, 2024. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: US$2.10 (vs US$0.87 in FY 2022) Full year 2023 results: EPS: US$2.10 (up from US$0.87 in FY 2022). Revenue: US$3.44b (up 4.1% from FY 2022). Net income: US$101.4m (up 135% from FY 2022). Profit margin: 2.9% (up from 1.3% in FY 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Feb 01
The Cheesecake Factory Incorporated to Report Q4, 2023 Results on Feb 21, 2024 The Cheesecake Factory Incorporated announced that they will report Q4, 2023 results After-Market on Feb 21, 2024 Upcoming Dividend • Nov 07
Upcoming dividend of US$0.27 per share at 3.5% yield Eligible shareholders must have bought the stock before 14 November 2023. Payment date: 28 November 2023. Payout ratio is a comfortable 61% and the cash payout ratio is 91%. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (5.0%). Higher than average of industry peers (2.8%). New Risk • Nov 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.6% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.6% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (119% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$0.37 (vs US$0.048 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.37 (up from US$0.048 loss in 3Q 2022). Revenue: US$830.2m (up 5.9% from 3Q 2022). Net income: US$17.9m (up US$20.3m from 3Q 2022). Profit margin: 2.2% (up from net loss in 3Q 2022). Revenue is forecast to grow 5.5% p.a. on average during the next 3 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 increased by 112% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Nov 02
the Cheesecake Factory Incorporated Declares Quarterly Dividend for Third Quarter of Fiscal 2023, Paid on November 28, 2023 The Cheesecake Factory Incorporated announced that the Board of Directors for third quarter of fiscal 2023 has declared a quarterly dividend of $0.27 per share to be paid on November 28, 2023 to shareholders of record at the close of business on November 15, 2023. Announcement • Oct 12
The Cheesecake Factory Incorporated to Report Q3, 2023 Results on Nov 01, 2023 The Cheesecake Factory Incorporated announced that they will report Q3, 2023 results After-Market on Nov 01, 2023 Upcoming Dividend • Aug 08
Upcoming dividend of US$0.27 per share at 3.0% yield Eligible shareholders must have bought the stock before 15 August 2023. Payment date: 29 August 2023. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.3%). New Risk • Aug 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$0.88 (vs US$0.51 in 2Q 2022) Second quarter 2023 results: EPS: US$0.88 (up from US$0.51 in 2Q 2022). Revenue: US$866.2m (up 4.0% from 2Q 2022). Net income: US$42.7m (up 66% from 2Q 2022). Profit margin: 4.9% (up from 3.1% in 2Q 2022). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Aug 03
The Cheesecake Factory Incorporated Declares Quarterly Cash Dividend, Payable on August 29, 2023 On July 27, 2023, the Board of Directors of The Cheesecake Factory Incorporated declared a quarterly cash dividend of $0.27 per share which will be paid on August 29, 2023, to the stockholders of record of each share of the Company’s common stock at the close of business on August 16, 2023. Announcement • Jul 13
The Cheesecake Factory Incorporated to Report Q2, 2023 Results on Aug 02, 2023 The Cheesecake Factory Incorporated announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Aug 02, 2023 Upcoming Dividend • May 16
Upcoming dividend of US$0.27 per share at 3.4% yield Eligible shareholders must have bought the stock before 23 May 2023. Payment date: 06 June 2023. Payout ratio and cash payout ratio are on the higher end at 83% and 78% respectively. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.2%). Announcement • May 13
The Cheesecake Factory Incorporated Declares Quarterly Cash Dividend, Payable on June 6, 2023 The Cheesecake Factory Incorporated announced that on May 10, 2023, the Board of Directors of the Company declared a quarterly cash dividend of $0.27 per share which will be paid on June 6, 2023 to the stockholders of record of each share of the Company’s common stock at the close of business on May 24, 2023. Reported Earnings • May 11
First quarter 2023 earnings released: EPS: US$0.58 (vs US$0.46 in 1Q 2022) First quarter 2023 results: EPS: US$0.58 (up from US$0.46 in 1Q 2022). Revenue: US$866.1m (up 9.1% from 1Q 2022). Net income: US$28.1m (up 21% from 1Q 2022). Profit margin: 3.2% (up from 2.9% in 1Q 2022). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 28
Upcoming dividend of US$0.27 per share at 2.9% yield Eligible shareholders must have bought the stock before 07 March 2023. Payment date: 21 March 2023. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: US$0.87 (vs US$1.03 in FY 2021) Full year 2022 results: EPS: US$0.87 (down from US$1.03 in FY 2021). Revenue: US$3.30b (up 13% from FY 2021). Net income: US$43.1m (down 12% from FY 2021). Profit margin: 1.3% (down from 1.7% in FY 2021). Revenue is forecast to grow 6.8% 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 increased by 52% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 16
The Cheesecake Factory at Home Makes Grocery Shopping Sweeter with New Premium Cheesecake Ice Cream Bars The Cheesecake Factory introduced two premium cheesecake flavored ice cream bars dipped in a delicious chocolatey cookie-crunch coating to create a two-in-one frozen dessert perfect for every occasion. The cheesecake ice cream bars are rolling out now to the frozen aisle of grocery stores nationwide (SRP: $5.49-$5.99/4-pack) and join The Cheesecake Factory At Home premium cheesecake ice cream pints introduced in 2020. The Cheesecake Factory collaborated with Wells Enterprises Inc. to produce the pints and the new cheesecake ice cream bars. Announcement • Feb 02
The Cheesecake Factory Incorporated to Report Q4, 2022 Results on Feb 22, 2023 The Cheesecake Factory Incorporated announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 22, 2023 Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 16% share price gain to €34.85, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the Hospitality industry in Europe. Total returns to shareholders of 2.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €36.30 per share. Announcement • Dec 24
the Cheesecake Factory Incorporated Announces Changes to Board of Directors The Cheesecake Factory Incorporated announced changes to the Company’s Board of Directors with the appointment of Adam S. Gordon as an independent director in place of Paul D. Ginsberg. Mr. Gordon currently serves as a managing director of Gordon Property Group, a real estate management and development company. In this role, he is in charge of marketing and strategic relationships for commercial buildings and other properties. Mr. Gordon also serves as President of ASG Global Entertainment, a production and marketing company he founded. Prior to establishing ASG Global Entertainment, Mr. Gordon held various roles of increasing responsibility with Sony Pictures International, most recently as Executive Director of Publicity leading publicity and awards campaigns. Buying Opportunity • Dec 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 2.3%. The fair value is estimated to be €39.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 253% in the next 2 years. Recent Insider Transactions • Dec 13
Independent Director recently bought €122k worth of stock On the 8th of December, Edie Ames bought around 4k shares on-market at roughly €30.58 per share. This transaction amounted to 47% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €186k more in shares than they have sold in the last 12 months. Upcoming Dividend • Nov 07
Upcoming dividend of US$0.27 per share Eligible shareholders must have bought the stock before 14 November 2022. Payment date: 28 November 2022. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (5.0%). Higher than average of industry peers (2.0%). Announcement • Nov 04
The Cheesecake Factory Incorporated Provides Earnings Guidance for the Fourth Quarter and Full Year of 2022 and Full Year of 2023 The Cheesecake Factory Incorporated provided earnings guidance for the fourth quarter and full year of 2022 and full year of 2023. For the fourth quarter, the company anticipates total revenue to be between $900 and $930 million.The company anticipated total revenues for the year 2022 to be about $3.3333 billion, which includes the impact of the 53rd operating week in fiscal 2022. The company anticipated total revenues for fiscal 2023 to be between approximately $3.5 billion to $3.6 billion. Buying Opportunity • Nov 03
Now 28% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be €44.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 254% in the next 2 years. Announcement • Oct 12
The Cheesecake Factory Incorporated to Report Q3, 2022 Results on Nov 01, 2022 The Cheesecake Factory Incorporated announced that they will report Q3, 2022 results After-Market on Nov 01, 2022 Upcoming Dividend • Aug 02
Upcoming dividend of US$0.27 per share Eligible shareholders must have bought the stock before 09 August 2022. Payment date: 23 August 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.7%). Announcement • Jul 29
The Cheesecake Factory Incorporated Provides Earnings Guidance for the Third Quarter and Full Year 2022 The Cheesecake Factory Incorporated provided earnings guidance for the third quarter and full year 2022. For the third quarter, the company would anticipate total revenue to be between $785 million and $805 million. Based on second quarter performance, more recent trends and including the impact, the latest COVID-19 virus resurgence is having, the company continue to anticipate total revenues for the year to be between approximately $3.32 billion to $3.37 billion. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: US$0.51 (vs US$0.32 in 2Q 2021) Second quarter 2022 results: EPS: US$0.51 (up from US$0.32 in 2Q 2021). Revenue: US$832.6m (up 8.3% from 2Q 2021). Net income: US$25.7m (up 79% from 2Q 2021). Profit margin: 3.1% (up from 1.9% in 2Q 2021). Over the next year, revenue is forecast to grow 8.6%, compared to a 702% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • Jul 28
The Cheesecake Factory Incorporated Declares Quarterly Cash Dividend, Payable on August 23, 2022 On July 21, 2022, the Board of Directors of The Cheesecake Factory Incorporated declared a quarterly cash dividend of $0.27 per share which will be paid on August 23, 2022 to the stockholders of record of each share of the Company's common stock at the close of business on August 10, 2022. Announcement • Jun 30
The Cheesecake Factory Incorporated to Report Q2, 2022 Results on Jul 27, 2022 The Cheesecake Factory Incorporated announced that they will report Q2, 2022 results After-Market on Jul 27, 2022 Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €25.91, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Hospitality industry in Europe. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €46.58 per share. Upcoming Dividend • May 03
Upcoming dividend of US$0.27 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 24 May 2022. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.1%). Higher than average of industry peers (1.7%). Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: US$0.46 (vs US$0.027 loss in 1Q 2021) First quarter 2022 results: EPS: US$0.46 (up from US$0.027 loss in 1Q 2021). Revenue: US$793.7m (up 27% from 1Q 2021). Net income: US$23.2m (up US$24.4m from 1Q 2021). Profit margin: 2.9% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 9.2%, compared to a 114% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Apr 28
The Cheesecake Factory Incorporated Declares Quarterly Dividend, Payable on May 24, 2022 The Cheesecake Factory Incorporated announced that its Board of Directors declared a quarterly dividend of $0.27 per share to be paid on May 24, 2022 to shareholders of record at the close of business on May 11, 2022, and also reinstated the share repurchase program. Announcement • Apr 25
The Cheesecake Factory Incorporated to Report Q1, 2022 Results on Apr 27, 2022 The Cheesecake Factory Incorporated announced that they will report Q1, 2022 results After-Market on Apr 27, 2022 Announcement • Apr 08
The Cheesecake Factory Incorporated, Annual General Meeting, May 19, 2022 The Cheesecake Factory Incorporated, Annual General Meeting, May 19, 2022, at 10:00 Pacific Daylight. Agenda: To elect ten nominees to serve as directors of the Company for a term to expire at the Company’s 2023 annual meeting of stockholders or until their respective successors shall be elected and qualified; to ratify the selection of KPMG LLP as the Company’s independent registered public accounting firm for fiscal year 2021, ending December 28, 2022 ending January 3, 2023; to approve the amendment to The Cheesecake Factory Incorporated Stock Incentive Plan; to approve, on a non-binding, advisory basis, the compensation of the Company’s Named Executive Officers as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission; and to transact such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €31.60, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Hospitality industry in Europe. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €51.39 per share. 
