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Chefs' Warehouse, Inc.

CHEF

Wholesale-Groceries, General Line

Mkt Cap

$1.485B

PE

42.29

Debt

$778.3M

Cash

$42.27M

EV

$2.221B

FCF

$29M

Market Cap

$1.485B

P/E Ratio

42.29

Debt

$778.3M

Cash

$42.27M

EV

$2.221B

FCF

$29M
Charts data: {"Earnings":[{"time":"2014-12-25","value":14215000},{"time":"2015-12-24","value":16209000},{"time":"2016-12-29","value":3023000},{"time":"2017-12-28","value":14366000},{"time":"2018-12-27","value":20402000},{"time":"2019-12-26","value":24193000},{"time":"2020-12-24","value":-82903000},{"time":"2021-12-23","value":-4923000},{"time":"2022-12-29","value":27750000},{"time":"2023-12-28","value":34590000}],"Sales":[{"time":"2014-12-25","value":836625000},{"time":"2015-12-24","value":1058996000},{"time":"2016-12-29","value":1192866000},{"time":"2017-12-28","value":1301520000},{"time":"2018-12-27","value":1444609000},{"time":"2019-12-26","value":1591834000},{"time":"2020-12-24","value":1111631000},{"time":"2021-12-23","value":1745757000},{"time":"2022-12-29","value":2613399000},{"time":"2023-12-28","value":3433763000}],"Net Margins":[{"time":"2014-12-25","value":0.01699088600029882},{"time":"2015-12-24","value":0.015306006821555512},{"time":"2016-12-29","value":0.0025342326799489634},{"time":"2017-12-28","value":0.011037863421230561},{"time":"2018-12-27","value":0.01412285261963618},{"time":"2019-12-26","value":0.015198192776382463},{"time":"2020-12-24","value":-0.07457780504501943},{"time":"2021-12-23","value":-0.0028199801003232407},{"time":"2022-12-29","value":0.010618355635706603},{"time":"2023-12-28","value":0.010073496627460893}],"Assets":[{"time":"2014-12-25","value":376193000},{"time":"2015-12-24","value":586218000},{"time":"2016-12-29","value":633538000},{"time":"2017-12-28","value":687749000},{"time":"2018-12-27","value":732398000},{"time":"2019-12-26","value":1013679000},{"time":"2020-12-24","value":974325000},{"time":"2021-12-23","value":1073795000},{"time":"2022-12-29","value":1509296000},{"time":"2023-12-28","value":1705306000}],"Stockholders Equity":[{"time":"2014-12-25","value":146794000},{"time":"2015-12-24","value":187964000},{"time":"2016-12-29","value":193760000},{"time":"2017-12-28","value":248601000},{"time":"2018-12-27","value":308676000},{"time":"2019-12-26","value":335933000},{"time":"2020-12-24","value":344590000},{"time":"2021-12-23","value":350211000},{"time":"2022-12-29","value":401509000},{"time":"2023-12-28","value":454672000}],"ROE":[{"time":"2014-12-25","value":0.09683638295843154},{"time":"2015-12-24","value":0.08623459811453257},{"time":"2016-12-29","value":0.01560177539223782},{"time":"2017-12-28","value":0.05778737816822941},{"time":"2018-12-27","value":0.06609519366585027},{"time":"2019-12-26","value":0.0720173367903719},{"time":"2020-12-24","value":-0.24058446269479672},{"time":"2021-12-23","value":-0.01405723977830508},{"time":"2022-12-29","value":0.06911426642989323},{"time":"2023-12-28","value":0.07607682021325263}],"ROA":[{"time":"2014-12-25","value":0.08776080363005159},{"time":"2015-12-24","value":0.06941956746466332},{"time":"2016-12-29","value":0.07467271102917268},{"time":"2017-12-28","value":0.05979943264185044},{"time":"2018-12-27","value":0.06657309277196279},{"time":"2019-12-26","value":0.05008291579484235},{"time":"2020-12-24","value":-0.10536525286736972},{"time":"2021-12-23","value":0.010068029744969943},{"time":"2022-12-29","value":0.056806617124805205},{"time":"2023-12-28","value":0.05919348199091541}]}

The Chefs' Warehouse, Inc., together with its subsidiaries, engages in distribution of specialty food products in the United States and Canada. The company's product portfolio includes approximately 55,000 stock-keeping units, such as specialty food products, including artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products. It also offers a line of center-of-the-plate products, such as custom cut beef, seafood, and hormone-free poultry, as well as food products comprising cooking oils, butter, eggs, milk, and flour. The company serves menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos, and specialty food stores. It markets its center-of-the-plate products directly to consumers through a mail and e-commerce platform. The company was founded in 1985 and is headquartered in Ridgefield, Connecticut.

Sector

  • PFGC Logo

    PFGC

Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$29M$27.18M$25.47M$23.86M$22.36M$20.95M$19.63M$18.4M$17.24M$16.15M$15.14M$151.4M
DCF$23.63M$19.26M$15.69M$12.78M$10.42M$8.488M$6.916M$5.635M$4.592M$3.741M$37.41M
Value$148.6M

In the chart Earnings are multiplied by this value.

Earnings Growth 22%
Earnings Stability 6.3%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Net Margin1.5%0.25%1.1%1.4%1.5%-7.5%-0.28%1.1%1%0.98%
ROA6.9%7.5%6%6.7%5%-11%1%5.7%5.9%6.3%
ROE8.6%1.6%5.8%6.6%7.2%-24%-1.4%6.9%7.6%7.8%

What is the average Net Margin?

The average Net Margin over the past 5 years is -0.46%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +0.11%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +2.29%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +0.28%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +0.48%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +0.76%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Debt FCF17.4915.9817.1811.2513.5811.45-6.89-30.25183.0926.84
Debt Equity1.501.841.330.921.171.191.151.711.701.74
MIN
Graham Stability--100%100%100%-420%----420%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 26.84.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 20.27.

What is the Graham’s Stability?

Graham’s Stability measure stands at -4.22.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201612-201812-202012-2022Trend
Revenue16%19%46%31%3.1%
Net Income42%11%-25%-2.8%
Stockholders Equity13%8.1%9.7%13%-1.7%
FCF-21%-30%-51%--0.12%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +18.91%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +3.09%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +11.14%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -2.82%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +8.05%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -1.66%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -30.11%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -0.12%.