Cramer tonight on CNBC’s MAD MONEY was discussing when he had previously brought on Danny Meyer last week to review what multiples he will pay for the forward earnings on restaurant stocks. He is introducing a multiple for hospitality. Cramer talked about Chipotle (CMG-NYSE) and said the hospitality is one of the issues you have to consider with restaurants instead of just earnings and forward estimates. Cramer said the CMG trades at 49-times earnings and it’s richly valued and at a premium to the other restaurants. Cramer is saying this isn’t just a bunch of numbers on paper. CMG said the numbers look expensive on the surface, but this one isn’t if you break it down. He was hard to follow tonight on the logic because he was going super-fast (even compared to normal ranting evenings). He is also violating his normal valuation methodologies; but he says he’d buy Chipotle (CMG).
Jon C. Ogg
February 1, 2007
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