<p>在過去幾年中，快速就餐已成為餐飲者最受歡迎的選擇之一。</p>
<p>兩家領先的快速就餐連鎖餐廳是地中海風格的 <strong>Cava 集團</strong>(CAVA -1.10%) 和墨西哥捲餅專家 <strong>Chipotle Mexican Grill</strong>(CMG 0.21%)。</p>
<p>到目前為止，2024 年，Cava 股價上漲了 98%，而 Chipotle 的股價上漲了 25%，均大幅超過 <strong>標普 500 指數</strong>。</p>
<p>讓我們深入分析 Cava 和 Chipotle 的業績，並評估哪支股票可能更適合長期投資者。</p>
<h2>分析 Cava</h2>
<p>在分析餐飲企業時，諸如新店開張和同店銷售等指標可能會很有用。</p>
<p>在 2024 財年第一季度（截至 4 月 21 日）期間，Cava 開設了 14 家淨新餐廳。這相比去年增長了 23%，使 Cava 的總餐廳數量達到 323 家。</p>
<p>公司的營收在第一季度同比增長了 30%，達到 2.563 億美元，而同店銷售增長了 2.3%。</p>
<p>儘管宏觀經濟環境面臨頑固的通貨膨脹，Cava 還展示了對強勁單店經濟的承諾。截至 4 月 21 日，Cava 報告的淨收入為 1,400 萬美元，而去年虧損為 210 萬美元。</p>
<p>此外，公司在第一季度的調整前利息、税、折舊和攤銷前利潤（EBITDA）與去年同期基本翻了一番，而自由現金流從去年的 1,340 萬美元的現金流出轉為了 470 萬美元的現金流入。</p>
<p>綜上所述，Cava 的財務狀況相當令人印象深刻。然而，截至 2024 年目前，股價上漲了 98%，投資者需要評估公司的估值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/399209cf5ff15dacd0ef787a10b47acb.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/399209cf5ff15dacd0ef787a10b47acb.png"/></p>
<p>YCharts 提供的 CAVA PS 比率數據。</p>
<p>如上圖所示，Cava 的市銷率（P/S）為 11.7，遠高於 Chipotle。在某種程度上，這是有道理的。與 Cava 相比，Chipotle 是一家更成熟的企業。然而，兩家餐廳股票之間的估值差異是很難忽視的。</p>
<p>讓我們深入瞭解 Chipotle 的業務，並看看 Cava 的溢價估值是否合理。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODMyMDAvZ2V0dHlpbWFnZXMtMTEzNDI1MzYzNi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODMyMDAvZ2V0dHlpbWFnZXMtMTEzNDI1MzYzNi5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>分析 Chipotle</h2>
<p>截至 3 月 31 日的季度，Chipotle 報告的營收為 27 億美元，同比增長了 14.1%。儘管這種營收增長水平僅為 Cava 在第一季度的一半左右，但考慮到 Chipotle 的營收是 Cava 的 10 倍以上，Chipotle 顯然是一家規模更大的企業。</p>
<p>Chipotle 真正脱穎而出的地方在於同店銷售和利潤率。</p>
<p>在第一季度，Chipotle 的可比餐廳銷售增長了 7%，是 Cava 銷售額的三倍多。公司的餐廳級運營利潤率為 27.5%。相比之下，Cava 的餐廳級利潤率為 25.2%。</p>
<p>截至第一季度末，Chipotle 擁有近 3500 家門店，大約是 Cava 門店數量的 10 倍。公司的平均餐廳銷售額為 310 萬美元，明顯高於 Cava 的 260 萬美元。</p>
<h2>結論</h2>
<p>以上探討的趨勢表明，Chipotle 的單店經濟比 Cava 更優越。它是一家規模更大的公司，在幾乎所有重要的財務和運營指標上都優於 Cava。</p>
<p>我懷疑很多資本已經流入 Cava 股票，背後的主要觀點是該公司可能成為下一個 Chipotle。雖然這有一定道理，但要確定 Cava 最終是否能達到 Chipotle 的規模和規模，還需要很多年的時間。</p>
<p>與此同時，Chipotle 並沒有給投資者理由認為其自身的增長可能開始減速或趨於平穩。雖然持有 Cava 和 Chipotle 股票都能賺錢，但我認為這裏有一個明顯的贏家：Chipotle。</p>
<p>我認為 Chipotle 是餐飲股中的一流品牌，公司出色的財務狀況和關鍵業績指標表明，增長故事應該會持續多年。</p>

墨式燒烤

<p>摯文集團和 Chipotle Mexican Grill 是兩家領先的快餐連鎖餐廳。2024 年，摯文集團的股價上漲了 98%，而 Chipotle 的股價上漲了 25%。分析它們的財務狀況，Chipotle 憑藉卓越的單店經濟、更大規模、更高的銷售額和利潤率成為更好的投資選擇。雖然摯文集團顯示出潛力，但要達到 Chipotle 的水平還需要時間。總體而言，Chipotle 在餐飲股票中代表着一流品牌</p>

<p>Fast casual dining has become one of the most popular options for diners over the last several years.</p>
<div class="lb-trans"><p>在過去幾年中，快速就餐已成為餐飲者最受歡迎的選擇之一。</p>
</div><p>Two leading fast casual restaurant chains are Mediterranean-inspired <strong>CAVA Group</strong>(CAVA -1.10%) and burrito specialist <strong>Chipotle Mexican Grill</strong>(CMG 0.21%).</p>
<div class="lb-trans"><p>兩家領先的快速就餐連鎖餐廳是地中海風格的 <strong>Cava 集團</strong>(CAVA -1.10%) 和墨西哥捲餅專家 <strong>Chipotle Mexican Grill</strong>(CMG 0.21%)。</p>
</div><p>So far in 2024, Cava stock is up 98% while shares of Chipotle have gained 25% -- each handily topping the <strong>S&amp;P 500</strong>.</p>
<div class="lb-trans"><p>到目前為止，2024 年，Cava 股價上漲了 98%，而 Chipotle 的股價上漲了 25%，均大幅超過 <strong>標普 500 指數</strong>。</p>
</div><p>Let's dive into the business results of Cava and Chipotle and assess which stock might be the better buy for long-term investors.</p>
<div class="lb-trans"><p>讓我們深入分析 Cava 和 Chipotle 的業績，並評估哪支股票可能更適合長期投資者。</p>
</div><h2>Analyzing Cava</h2>
<div class="lb-trans"><h2>分析 Cava</h2>
</div><p>When analyzing restaurant businesses, metrics such as new store openings and same-store sales can be useful.</p>
<div class="lb-trans"><p>在分析餐飲企業時，諸如新店開張和同店銷售等指標可能會很有用。</p>
</div><p>During Cava's first fiscal quarter of 2024 (ended April 21), the company opened 14 net new restaurants. This represented 23% growth year over year, and brought Cava's total restaurant count to 323.</p>
<div class="lb-trans"><p>在 2024 財年第一季度（截至 4 月 21 日）期間，Cava 開設了 14 家淨新餐廳。這相比去年增長了 23%，使 Cava 的總餐廳數量達到 323 家。</p>
</div><p>The company's revenue soared 30% year over year during Q1 to $256.3 million, while same-store sales rose by 2.3%.</p>
<div class="lb-trans"><p>公司的營收在第一季度同比增長了 30%，達到 2.563 億美元，而同店銷售增長了 2.3%。</p>
</div><p>Despite a macroeconomic environment battling stubborn inflation, Cava has also showcased a commitment to strong unit economics. For the period ended April 21, Cava reported net income of $14 million, compared to a loss of $2.1 million last year.</p>
<div class="lb-trans"><p>儘管宏觀經濟環境面臨頑固的通貨膨脹，Cava 還展示了對強勁單店經濟的承諾。截至 4 月 21 日，Cava 報告的淨收入為 1,400 萬美元，而去年虧損為 210 萬美元。</p>
</div><p>Moreover, the company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) essentially doubled year over year during Q1, while free cash flow swung to $4.7 million compared to cash burn of $13.4 million last year.</p>
<div class="lb-trans"><p>此外，公司在第一季度的調整前利息、税、折舊和攤銷前利潤（EBITDA）與去年同期基本翻了一番，而自由現金流從去年的 1,340 萬美元的現金流出轉為了 470 萬美元的現金流入。</p>
</div><p>All things considered, Cava's financial profile is quite impressive. However, with the stock surging 98% so far in 2024, investors need to assess the company's valuation.</p>
<div class="lb-trans"><p>綜上所述，Cava 的財務狀況相當令人印象深刻。然而，截至 2024 年目前，股價上漲了 98%，投資者需要評估公司的估值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/399209cf5ff15dacd0ef787a10b47acb.png" alt="" original-src="https://media.ycharts.com/charts/399209cf5ff15dacd0ef787a10b47acb.png"/></p>
<p>CAVA PS Ratio data by YCharts.</p>
<div class="lb-trans"><p>YCharts 提供的 CAVA PS 比率數據。</p>
</div><p>As seen in the chart above, Cava's price-to-sales (P/S) multiple of 11.7 is considerably above Chipotle's. In a way, this could make some sense. Chipotle is a much more mature business compared to Cava. However, the valuation disparity between the two restaurant stocks is hard to overlook.</p>
<div class="lb-trans"><p>如上圖所示，Cava 的市銷率（P/S）為 11.7，遠高於 Chipotle。在某種程度上，這是有道理的。與 Cava 相比，Chipotle 是一家更成熟的企業。然而，兩家餐廳股票之間的估值差異是很難忽視的。</p>
</div><p>Let's dig into Chipotle's business and see whether Cava's premium valuation is deserved.</p>
<div class="lb-trans"><p>讓我們深入瞭解 Chipotle 的業務，並看看 Cava 的溢價估值是否合理。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODMyMDAvZ2V0dHlpbWFnZXMtMTEzNDI1MzYzNi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F783200%2Fgettyimages-1134253636.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Analyzing Chipotle</h2>
<div class="lb-trans"><h2>分析 Chipotle</h2>
</div><p>For the quarter ended March 31, Chipotle reported revenue of $2.7 billion -- an increase of 14.1% year over year. While this level of revenue growth is only about half as much as Cava's during the first quarter, Chipotle is clearly a much larger business, considering that its revenue is more than 10-fold that of Cava's.</p>
<div class="lb-trans"><p>截至 3 月 31 日的季度，Chipotle 報告的營收為 27 億美元，同比增長了 14.1%。儘管這種營收增長水平僅為 Cava 在第一季度的一半左右，但考慮到 Chipotle 的營收是 Cava 的 10 倍以上，Chipotle 顯然是一家規模更大的企業。</p>
</div><p>Where Chipotle really sets itself apart from the competition is same-store sales and profit margins.</p>
<div class="lb-trans"><p>Chipotle 真正脱穎而出的地方在於同店銷售和利潤率。</p>
</div><p>During Q1, Chipotle's comparable restaurant sales rose 7% -- more than triple Cava's sales. The company's restaurant level operating margin was 27.5%. In comparison, Cava's restaurant level profit margin was 25.2%.</p>
<div class="lb-trans"><p>在第一季度，Chipotle 的可比餐廳銷售增長了 7%，是 Cava 銷售額的三倍多。公司的餐廳級運營利潤率為 27.5%。相比之下，Cava 的餐廳級利潤率為 25.2%。</p>
</div><p>At the end of Q1, Chipotle boasted nearly 3,500 locations -- roughly 10 times Cava's number. The company's average restaurant sales of $3.1 million were notably higher than Cava's $2.6 million.</p>
<div class="lb-trans"><p>截至第一季度末，Chipotle 擁有近 3500 家門店，大約是 Cava 門店數量的 10 倍。公司的平均餐廳銷售額為 310 萬美元，明顯高於 Cava 的 260 萬美元。</p>
</div><h2>The bottom line</h2>
<div class="lb-trans"><h2>結論</h2>
</div><p>The trends explored above suggest that Chipotle has superior unit economics to Cava. It's a much bigger company and outperforms Cava in just about every important financial and operating metric.</p>
<div class="lb-trans"><p>以上探討的趨勢表明，Chipotle 的單店經濟比 Cava 更優越。它是一家規模更大的公司，在幾乎所有重要的財務和運營指標上都優於 Cava。</p>
</div><p>My suspicion is that a lot of capital has poured into Cava stock with the underlying thesis that the company might be the next Chipotle. While this has some merit, it is going to take many years to determine if Cava will eventually reach the size and scale of Chipotle.</p>
<div class="lb-trans"><p>我懷疑很多資本已經流入 Cava 股票，背後的主要觀點是該公司可能成為下一個 Chipotle。雖然這有一定道理，但要確定 Cava 最終是否能達到 Chipotle 的規模和規模，還需要很多年的時間。</p>
</div><p>All the while, Chipotle isn't exactly giving investors reasons to think its own growth could begin decelerating or plateauing. While money can be made owning both Cava and Chipotle stock, I see one clear winner here: Chipotle.</p>
<div class="lb-trans"><p>與此同時，Chipotle 並沒有給投資者理由認為其自身的增長可能開始減速或趨於平穩。雖然持有 Cava 和 Chipotle 股票都能賺錢，但我認為這裏有一個明顯的贏家：Chipotle。</p>
</div><p>I think Chipotle represents a best-in-class brand among restaurant stocks, and the company's impressive financial profile and key performance indications suggest that the growth narrative should stay intact for years to come.</p>
<div class="lb-trans"><p>我認為 Chipotle 是餐飲股中的一流品牌，公司出色的財務狀況和關鍵業績指標表明，增長故事應該會持續多年。</p>
</div>

Cava 與 Chipotle：哪隻餐廳股票更好？