Chefs Warehouse (CHEF), I believe, is uniquely set up to benefit from any vaccine news and government stimulus, provided that they can survive the remainder of this 2020 and Q1 2021-which I believe they will due to a good balance sheet.
CHEF is a specialty food distributor mostly specializing in restaurant sales and distribution. Unlike US Foods or Sysco they mainly service independent restaurants, fine dining, and country clubs-although they do service cruise lines, hotels, etc. Which hurt them in the short run, long term however they are primed for a comeback and are beginning to look like they are making a move. As can be seen on my chart CHEF has broken out above the 200, 100, 50, and 20 Day SMA as well as its major trend channels and created a lovely little pennant pattern.
On the balance sheet CHEF has $71.81M in levered FCF and total cash of $208.54 due to a revolving line of credit they can draw on. This gives them a current ratio of 3.25 where US Foods (
With the potential shift in business and the way the US does business from a distance staying permeant post-Pandemic Chef's Warehouse could largely benefit from the take-out/dine-out windfall from all those stay at home employees. While their competitors have a larger market share of institutional and retail food CHEF is more focused on center of the plate items that will transition well into a work from home culture of the future.
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