Charles Hoeveler presented his in-depth investment thesis on Carrols Restaurant Group (Nasdaq: TAST) at Wide-Moat Investing Summit 2016.

Carrols Restaurant Group is a franchisee operator of Burger Kings in the US. Carrols operates ~720 restaurants, with plans to double its store base over the next four years. The company’s unique Right of First Refusal for Burger King store purchases and operational excellence allow for 30%+ returns on capital through the growth phase. The company’s moat is derived from its ability to both efficiently operate its stores (20%+ four-wall margins in its most mature stores), and the rebound in the Burger King brand driven by 3G Capital. Charles forecasts a mid-to-high 20s share three years from today as Carrols executes its high-return growth plan.

About the instructor:

Norwood Capital Partners, LP is a concentrated, fundamental value-based long/short investment fund. Norwood relies on primary research to build a portfolio of dominant businesses trading at a discount to intrinsic value. Norwood is managed by Charles Hoeveler, with 15 years of experience in institutional asset management.

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