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Chefs' Warehouse sells and distributes fine dining food and equipment ranging from center of plate proteins to charcuterie to kitchen suppliers. Due to the upscale nature of many of their customers, they have been less effected by COVID-19 regulations. Higher end restaurants typically have fewer tables per foot and fewer people per table. Additionally, a focus on larger "trendy" cities enables them to keep their supply chain efficient. Additionally, most of their products are purchased on short term contracts, enabling them to pass on costs to customers. This is evidenced by stable gross margins from before and during the pandemic. Lastly, their extremely knowledgeable and extensive sales staff provides a moat for the company. The main risk/catalyst is COVID-19 regulations. If they are relaxed sooner than expected, then they will see a positive price increase. However, if they are extended beyond what the market is expecting it could have a negative impact on the price.
Food-Misc&Diversified, long position. Strong past four years average revenue growth rate of 16.26% & EBIT of 12.66%. Pays no dividends. High P/E-ratio (around 50). Adjusting our portfolio leverage to ~1.05.