Todd Wenning of Ensemble Capital presented his investment thesis on Chipotle Mexican Grill (US: CMG) at Wide-Moat Investing Summit 2021.

Thesis summary:

Five years after an embarrassing national foodborne illness outbreak, Chipotle is running better than ever and has upsized ambitions, not just in the U.S. market, but around the world. It is benefiting from nascent national scale benefits, a loyal and growing fan base, a leading digital-first strategy, and an emphasis on creating stakeholder value.

Executing fresh food preparation at a national and global level is not easy to do – Chipotle learned this lesson the hard way – and no one is even close to catching Chipotle on this front. As global food preferences turn towards healthier options, Chipotle is becoming a dominant QSR brand.

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About the instructor:

Todd Wenning is a senior investment analyst at Ensemble Capital. Before joining Ensemble, Todd was an analyst at Johnson Investment Counsel, where he worked on the firm’s SMID cap strategy. Prior to that, Todd was a sell-side analyst at Morningstar, where he led Morningstar’s equity stewardship methodology and covered companies in the basic materials, industrials, and consumer sectors. Earlier in his career, Todd worked for The Motley Fool, SunTrust Asset Management, and Vanguard. He holds a BA in History from Saint Joseph’s University in Philadelphia and the Chartered Financial Analyst designation.

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