Commodity Cost ImprovementMeaningful improvement in spot prices for key ingredients like eggs, bacon and avocado should reduce food costs and help lift restaurant-level margins.
Unit Expansion RunwayHigh geographic portability and consistent unit-level sales performance support a long expansion runway and potential for sustained net new restaurant growth.
Valuation Upside Vs. PeersThe stock trades at a lower valuation than comparable high-growth, high-margin restaurant peers, implying potential upside as fundamentals re-rate.