SHAK Q-1/2018 SSS grew 1.7% causing an out-sized squeeze to ensue Investors are excited that the company owns 95 franchises and expects to own 200 at the end of 2020. CMG, SBUX & TXRH command a 15x multiple on EV/EBITDA. At a EBITDA margin of 12%, this multiple on the projected 200 stores brings us a MC of $1.15B or $30 pps Watch technicals for a shorting opty if the market turns bearish.