FAT Brands Inc. (FAT) – FAT Brands at ICR Conference

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Wednesday, January 11, 2023

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

ICR Conference. FAT Brands CEO Andrew Wiederhorn and Executive Chairman James Neuhauser held a fireside chat at the ICR Conference in Orlando Monday. Three key points discussed were management’s goal to get to the 15th largest restaurant company by unit count from its current 25th largest ranking, lowering leverage over time, and narrowing the valuation gap. 

New Builds Drive Unit Count Growth. FAT Brands’ pipeline remains strong, in excess of 1,000 units. Management expects some 175 locations to open in 2023. Notably, 100 are already under construction with another 30 in the permitting phase. Although inflation has driven costs construction higher, sales growth at locations is helping offset higher costs. Additional potential acquisitions will supplement organic growth.

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