Tasty

06 September 2016
By Maynard Paton

Quick update on Tasty (TAST).

Event: Interim results for the 27 weeks to 03 July 2016 published 06 September 2016

Summary: These results were very mixed. I am pleased the restaurant chain’s revenue growth has improved following the ‘blip’ in the second half of last year, but disappointed the roll-out plan has slowed a little. Margins have also shrunk due to greater expansion costs. Mind you, the board here remains a class act while the longer-term potential is still considerable. I sold some shares before these results and I continue to hold the rest.

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30 March 2016
By Maynard Paton

Quick update on Tasty (TAST).

Event: Preliminary results for the 52 weeks to 27 December 2015 published 30 March

Summary: An acceptable but not a spectacular set of results from this restaurant group, with the second half showing a slower rate of expansion. I also note revenue per outlet has declined while management is hinting strongly at greater investment spend. Nonetheless, the board is a class act, the opening schedule for new restaurants is accelerating and the longer-term potential remains sizeable. I continue to hold.

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08 September 2015
By Maynard Paton

Quick update on Tasty (TAST).

Event: Interim results published 8 September

Summary: A very satisfactory set of results, with highlights including higher margins and a further acceleration of new restaurant openings. It certainly appears as if TAST will expand using debt rather than equity, though further borrowings will be needed for the business to become self-funding. I remain convinced the family management here can replicate its earlier success at Prezzo (PRZ) and can perhaps quadruple TAST’s market cap. I continue to hold.

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30 March 2015
By Maynard Paton

Quick update on Tasty (TAST).

Event: Preliminary results published 30 March

Summary: A very promising set of results, buoyed by a strong second half. Notable features included robust cash flow and the clearing of some debt, which might suggest TAST is able to expand significantly without hefty external financing. Either way, I firmly believe the family management here can replicate its earlier success at Prezzo (PRZ) and could perhaps quadruple TAST’s current market cap. I continue to hold.

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10 April 2014
By Maynard Paton

I’m sure we’d all love to own a ‘tenbagger’, a term master investor Peter Lynch coined to describe a share that increases ten-fold in value. Well, the family management I’m going to tell you about today has already created two tenbagger opportunities for ordinary investors — and I’m confident its latest venture can deliver an outstanding gain as well.

The family in question is the Kayes and the venture is Tasty (LON: TAST), a £63m restaurant business trading under the Wildwood pizza and dim-t dim sum formats. Currently operating from just 31 outlets, I expect a successful rollout of new restaurants to support rapid profit growth and extensive share-price upside during the next five to ten years.

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