Starboard dá uma mordida no Shake Shack e diz que a empresa vale o dobro

Starboard Value, a hedge fund with a history of activism in the food sector, has invested in Shake Shack and is pushing for the burger chain's strategy to be re-evaluated after its stock dropped 36% over the past year. Starboard's CEO, Jeff Smith, told Bloomberg that his stake is "several hundred million dollars" and that Shake Shack's market value should be double its current $3 billion valuation.

The company currently trades at around 10x EBITDA, but Smith believes the multiple should be twice as high due to the company's mid-teens growth rate, being one of the fastest-growing in the sector, and its quality. After Starboard's announcement on Wednesday, the stock closed up 12%, also influenced by the company's strong 2nd quarter results, which saw a 17% revenue increase driven by higher store traffic.

Smith stated that the focus for Shake Shack in the U.S. should be on opening new locations. The executive noted that the company already has experience working with operators abroad without compromising product quality. Shake Shack plans to open about 65 own restaurants this year in the U.S., with a goal of reaching 1,500 total locations, including franchises.

Starboard wants to see the company increase franchising in the U.S. and continue expanding its own stores. Smith told Bloomberg that if they do, they believe it could make a significant difference in their growth rate. Starboard has a history of turning around major food companies in the U.S. The fund was one of the key players in the revival of Olive Garden and Papa John's Pizza.

Interestingly, Starboard and Shake Shack CEO Rob Lynch are old acquaintances. It was Smith who hired Lynch to be CEO of Papa John's when he was the chairman of the pizza chain. Starboard also has stakes in Dynatrace, CarMax, Lamb Weston Holdings, and Riot Platforms. Shake Shack's stock is trading at $70.70 today, with a 12-month high of $111.76 and a low of $51.60.