Buffalo Wild Wings Stock Analysis

Buffalo Wild Wings (BWLD)

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David C Sluga

Ronald R Overs III

|Market Cap: |316.96M |

|52-week High: |$40.99 |

|52-week Low: |$25.16 |

|Current Price: |$37.32 |

|Valuation: |$40.24 |

|Limit Buy: |$33.50 |

Business Summary:

Profile:

Buffalo Wild Wings Grill and Bar started in 1981 by a couple guys in Kent, Ohio who had a craving for some authentic New York-style Buffalo wings. Today, Buffalo Wild Wings Grill & Bar is one of the Top 10 Fastest-Growing Restaurant Chains in the country. Currently, they have over 375 company-owned and franchised restaurants in 35 states.

Their restaurants all have a modified wait-style service which allows them to offer affordable made-to-order food with a focus on Buffalo, New York-style chicken wings and their with 12 signature sauces. The sports bar atmosphere is enhanced with big-screen TVs and onscreen NTN Trivia.

On November 20, 2003, Buffalo Wild Wings, Inc. launched its initial public offering of 3,250,000 shares of Common Stock at a price of $17.00 per share. Buffalo Wild Wings Inc. is listed on the NASDAQ under the symbol BWLD.

Company Owned vs Franchised Locations:

In December 26, 2004, there were 306 Buffalo Wild Wings restaurants in 31 states; of these 103 were company-owned (33.66%) and 203 were franchised (66.33%). In 2005, BWLD plan to open 19-21 new company-owned restaurants and 45-50 new franchised restaurants. These openings would keep the ratio of company to franchise owned restaurants at 30/70.

The majority of Buffalo Wild Wings’ revenues are from restaurant sales with a very consistent percentage of 89%, and only 11% coming from the franchise sales and fees....