May. 14 at 3:49 PM
$NDLS trades at roughly 5x 2026E EBITDA.
The turnaround continues through Q1 2024. Comparable system-wide restaurant sales rose 9.1%.
EBITDA is up 218% year over year, reflecting the scale of the transformation underway.
Multiple activist investors collectively hold around 40% of the float. Progress has accelerated since Mill Road joined the board in 2024.
A strategic review is still in progress. With this level of momentum, the current window may be increasingly attractive.
If same-store sales trends persist, a 5x multiple remains inexpensive.
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