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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 9/10

vs
industry
vs
history
Cash to Debt No Debt
PNRA's Cash to Debt is ranked higher than
100% of the 309 Companies
in the Global Restaurants industry.

( Industry Median: 0.83 vs. PNRA: No Debt )
PNRA' s 10-Year Cash to Debt Range
Min: 0.01   Max: No Debt
Current: No Debt

Equity to Asset 0.59
PNRA's Equity to Asset is ranked higher than
67% of the 305 Companies
in the Global Restaurants industry.

( Industry Median: 0.54 vs. PNRA: 0.59 )
PNRA' s 10-Year Equity to Asset Range
Min: 0.46   Max: 0.83
Current: 0.59

0.46
0.83
Interest Coverage 294.17
PNRA's Interest Coverage is ranked higher than
85% of the 251 Companies
in the Global Restaurants industry.

( Industry Median: 15.87 vs. PNRA: 294.17 )
PNRA' s 10-Year Interest Coverage Range
Min: 0.92   Max: 3435.44
Current: 294.17

0.92
3435.44
F-Score: 4
Z-Score: 9.89
M-Score: -3.13
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating margin (%) 12.99
PNRA's Operating margin (%) is ranked higher than
89% of the 307 Companies
in the Global Restaurants industry.

( Industry Median: 6.84 vs. PNRA: 12.99 )
PNRA' s 10-Year Operating margin (%) Range
Min: 1.98   Max: 13.73
Current: 12.99

1.98
13.73
Net-margin (%) 8.23
PNRA's Net-margin (%) is ranked higher than
88% of the 307 Companies
in the Global Restaurants industry.

( Industry Median: 4.05 vs. PNRA: 8.23 )
PNRA' s 10-Year Net-margin (%) Range
Min: -8.21   Max: 8.37
Current: 8.23

-8.21
8.37
ROE (%) 28.03
PNRA's ROE (%) is ranked higher than
94% of the 301 Companies
in the Global Restaurants industry.

( Industry Median: 9.80 vs. PNRA: 28.03 )
PNRA' s 10-Year ROE (%) Range
Min: -27.97   Max: 28.03
Current: 28.03

-27.97
28.03
ROA (%) 16.61
PNRA's ROA (%) is ranked higher than
97% of the 308 Companies
in the Global Restaurants industry.

( Industry Median: 4.58 vs. PNRA: 16.61 )
PNRA' s 10-Year ROA (%) Range
Min: -13.34   Max: 16.61
Current: 16.61

-13.34
16.61
ROC (Joel Greenblatt) (%) 46.27
PNRA's ROC (Joel Greenblatt) (%) is ranked higher than
89% of the 306 Companies
in the Global Restaurants industry.

( Industry Median: 18.51 vs. PNRA: 46.27 )
PNRA' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 3.84   Max: 49.47
Current: 46.27

3.84
49.47
Revenue Growth (%) 18.40
PNRA's Revenue Growth (%) is ranked higher than
96% of the 176 Companies
in the Global Restaurants industry.

( Industry Median: 6.70 vs. PNRA: 18.40 )
PNRA' s 10-Year Revenue Growth (%) Range
Min: -18   Max: 30.8
Current: 18.4

-18
30.8
EBITDA Growth (%) 21.90
PNRA's EBITDA Growth (%) is ranked higher than
90% of the 145 Companies
in the Global Restaurants industry.

( Industry Median: 5.90 vs. PNRA: 21.90 )
PNRA' s 10-Year EBITDA Growth (%) Range
Min: -13.4   Max: 60.4
Current: 21.9

-13.4
60.4
EPS Growth (%) 23.40
PNRA's EPS Growth (%) is ranked higher than
92% of the 134 Companies
in the Global Restaurants industry.

( Industry Median: 9.20 vs. PNRA: 23.40 )
PNRA' s 10-Year EPS Growth (%) Range
Min: -62.5   Max: 130.7
Current: 23.4

-62.5
130.7
» PNRA's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q1 2013

PNRA Guru Trades in Q1 2013

Steven Cohen 501,856 sh (+22.57%)
Jim Simons 1,121,492 sh (+17.15%)
Jeremy Grantham 16,240 sh (+3.18%)
Ron Baron 601,334 sh (-0.41%)
John Hussman 125,000 sh (-74.17%)
» More
Q2 2013

PNRA Guru Trades in Q2 2013

Pioneer Investments 45,974 sh (New)
Ray Dalio 2,500 sh (New)
PRIMECAP Management 40,375 sh (New)
Steven Cohen Sold Out
Ron Baron 601,077 sh (-0.04%)
Jeremy Grantham 13,740 sh (-15.39%)
Jim Simons 939,992 sh (-16.18%)
John Hussman 100,000 sh (-20%)
» More
Q3 2013

PNRA Guru Trades in Q3 2013

Joel Greenblatt 7,324 sh (New)
Paul Tudor Jones 2,000 sh (New)
Steven Cohen 540,691 sh (New)
John Hussman 135,000 sh (+35%)
Jeremy Grantham 18,185 sh (+32.35%)
PRIMECAP Management 41,875 sh (+3.72%)
Jim Simons 961,892 sh (+2.33%)
Ron Baron 600,587 sh (-0.08%)
Pioneer Investments 33,413 sh (-27.32%)
Ray Dalio 1,500 sh (-40%)
» More
Q4 2013

PNRA Guru Trades in Q4 2013

Lee Ainslie 280,635 sh (New)
PRIMECAP Management 46,875 sh (+11.94%)
Steven Cohen 555,013 sh (+2.65%)
Steven Cohen 145,000 sh (unchged)
Paul Tudor Jones Sold Out
Pioneer Investments Sold Out
Ray Dalio Sold Out
Ron Baron 599,762 sh (-0.14%)
Jim Simons 866,900 sh (-9.88%)
John Hussman 120,000 sh (-11.11%)
Jeremy Grantham 11,515 sh (-36.68%)
Joel Greenblatt 3,943 sh (-46.16%)
» More
» Details

Insider Trades

Latest Guru Trades with PNRA

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Lee Ainslie 2013-12-31 New Buy0.64%$153.15 - $178.92 $ 1680%280635
John Hussman 2013-12-31 Reduce -11.11%0.13%$153.15 - $178.92 $ 1680%120000
Joel Greenblatt 2013-12-31 Reduce -46.16%0.02%$153.15 - $178.92 $ 1680%3943
Ray Dalio 2013-12-31 Sold Out $153.15 - $178.92 $ 1680%0
John Hussman 2013-09-30 Add 35%0.31%$164.02 - $190.71 $ 168-3%135000
Joel Greenblatt 2013-09-30 New Buy0.04%$164.02 - $190.71 $ 168-3%7324
Ray Dalio 2013-09-30 Reduce -40%$164.02 - $190.71 $ 168-3%1500
John Hussman 2013-06-30 Reduce -20%0.15%$165.33 - $193.82 $ 168-8%100000
PRIMECAP Management 2013-06-30 New Buy0.01%$165.33 - $193.82 $ 168-8%40375
Ray Dalio 2013-06-30 New Buy$165.33 - $193.82 $ 168-8%2500
John Hussman 2013-03-31 Reduce -74.17%1.48%$155 - $166.53 $ 1684%125000
Premium More recent guru trades are included for Premium Members only!!
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Guru Investment Theses on Panera Bread Company, Inc.

Baron Funds Comments on Panera Bread Co. - Nov 06, 2013

Shares of Panera Bread Co. (PNRA), a casual dining restaurant, declined 14.7% in the third quarter. Panera missed earnings expectations due to higher costs and lower-than-anticipated same store sales. The company continued to achieve higher same store sales than the industry, but that gap has narrowed recently. Growth has slowed relative to competitors due to capacity constraints at certain mealtimes, and the company is actively addressing the issue. (Michael Baron)

From Ron Baron's Baron Funds third quarter 2013 report.


Check out Ron Baron latest stock trades

Top Ranked Articles about Panera Bread Company, Inc.

Baron Funds Comments on Panera Bread Co.
Shares of Panera Bread Co. (PNRA), a casual dining restaurant, declined 14.7% in the third quarter. Panera missed earnings expectations due to higher costs and lower-than-anticipated same store sales. The company continued to achieve higher same store sales than the industry, but that gap has narrowed recently. Growth has slowed relative to competitors due to capacity constraints at certain mealtimes, and the company is actively addressing the issue. (Michael Baron) Read more...
Pinching Dough – Panera Bread, Others Rise as Disposable Income Shrinks
American disposable income is shrinking, which means more people will be eating at home. According to Investment Contrarians, “In September 2012, the real disposable income in the U.S. decreased by 0.1%. In August 2012, it declined 0.3%. At the same time, the U.S. personal savings rate is also retreating—down to 3.3% of disposable income in September compared to 3.7% in August.” How does this affect restaurant goers? Americans have already reflected a drop in away-from-home dining. Aside from the highest fast food consumption, Americans were surprisingly low restaurant spenders in 2012, compared to 18 other countries that spend more per year, according to the Huffington Post. Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 24.70
PNRA's P/E(ttm) is ranked higher than
62% of the 261 Companies
in the Global Restaurants industry.

( Industry Median: 24.90 vs. PNRA: 24.70 )
PNRA' s 10-Year P/E(ttm) Range
Min: 17.89   Max: 51.88
Current: 24.7

17.89
51.88
P/B 6.50
PNRA's P/B is ranked lower than
76% of the 287 Companies
in the Global Restaurants industry.

( Industry Median: 2.54 vs. PNRA: 6.50 )
PNRA' s 10-Year P/B Range
Min: 2.16   Max: 7.6
Current: 6.5

2.16
7.6
P/S 2.00
PNRA's P/S is ranked lower than
66% of the 311 Companies
in the Global Restaurants industry.

( Industry Median: 1.09 vs. PNRA: 2.00 )
PNRA' s 10-Year P/S Range
Min: 0.93   Max: 4.21
Current: 2

0.93
4.21
PFCF 30.90
PNRA's PFCF is ranked lower than
54% of the 157 Companies
in the Global Restaurants industry.

( Industry Median: 26.50 vs. PNRA: 30.90 )
PNRA' s 10-Year PFCF Range
Min: 11.1   Max: 1033.5
Current: 30.9

11.1
1033.5
EV-to-EBIT 14.50
PNRA's EV-to-EBIT is ranked higher than
67% of the 280 Companies
in the Global Restaurants industry.

( Industry Median: 17.53 vs. PNRA: 14.50 )
PNRA' s 10-Year EV-to-EBIT Range
Min: 10.5   Max: 31.4
Current: 14.5

10.5
31.4
PEG 1.10
PNRA's PEG is ranked higher than
88% of the 117 Companies
in the Global Restaurants industry.

( Industry Median: 2.75 vs. PNRA: 1.10 )
PNRA' s 10-Year PEG Range
Min: 0.71   Max: 1.85
Current: 1.1

0.71
1.85
Shiller P/E 37.80
PNRA's Shiller P/E is ranked lower than
55% of the 136 Companies
in the Global Restaurants industry.

( Industry Median: 28.37 vs. PNRA: 37.80 )
PNRA' s 10-Year Shiller P/E Range
Min: 21.59   Max: 275.94
Current: 37.8

21.59
275.94

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 9.50
PNRA's Price/Tangible Book is ranked lower than
80% of the 251 Companies
in the Global Restaurants industry.

( Industry Median: 2.80 vs. PNRA: 9.50 )
PNRA' s 10-Year Price/Tangible Book Range
Min: 1.33   Max: 10.01
Current: 9.5

1.33
10.01
Price/DCF (Projected) 1.80
PNRA's Price/DCF (Projected) is ranked higher than
61% of the 134 Companies
in the Global Restaurants industry.

( Industry Median: 1.80 vs. PNRA: 1.80 )
PNRA' s 10-Year Price/DCF (Projected) Range
Min: 1.67   Max: 20.37
Current: 1.8

1.67
20.37
Price/Median PS Value 0.90
PNRA's Price/Median PS Value is ranked higher than
88% of the 281 Companies
in the Global Restaurants industry.

( Industry Median: 1.20 vs. PNRA: 0.90 )
PNRA' s 10-Year Price/Median PS Value Range
Min: 0.15   Max: 1.69
Current: 0.9

0.15
1.69
Price/Peter Lynch Fair Value 1.10
PNRA's Price/Peter Lynch Fair Value is ranked higher than
85% of the 86 Companies
in the Global Restaurants industry.

( Industry Median: 1.90 vs. PNRA: 1.10 )
PNRA' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.87   Max: 7.5
Current: 1.1

0.87
7.5
Price/Graham Number 3.20
PNRA's Price/Graham Number is ranked lower than
71% of the 219 Companies
in the Global Restaurants industry.

( Industry Median: 2.10 vs. PNRA: 3.20 )
PNRA' s 10-Year Price/Graham Number Range
Min: 1.63   Max: 3.83
Current: 3.2

1.63
3.83
Earnings Yield (Greenblatt) 6.90
PNRA's Earnings Yield (Greenblatt) is ranked higher than
70% of the 281 Companies
in the Global Restaurants industry.

( Industry Median: 5.70 vs. PNRA: 6.90 )
PNRA' s 10-Year Earnings Yield (Greenblatt) Range
Min: 3.2   Max: 9.5
Current: 6.9

3.2
9.5
Forward Rate of Return (Yacktman) 24.19
PNRA's Forward Rate of Return (Yacktman) is ranked higher than
87% of the 179 Companies
in the Global Restaurants industry.

( Industry Median: 9.39 vs. PNRA: 24.19 )
PNRA' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -0.1   Max: 43.7
Current: 24.19

-0.1
43.7

Business Description

Industry: Restaurants » Restaurants
Compare:BH, CMG, MCD, DIN, SBUX » details
Traded in other countries:ABP.Germany
Panera Bread Company, Inc. was originally organized in March 1981 as a Massachusetts corporation under the name Au Bon Pain Co., Inc. and reincorporated in Delaware in June 1988. In December 1993, the Company purchased Saint Louis Bread Company. In August 1998, it sold its Au Bon Pain Division and changed its name to Panera Bread Company. The Company is a national bakery-cafe concept with 1,652 Company-owned and franchise-operated bakery-cafe locations in 44 states, the District of Columbia, and Ontario, Canada. The Company operates under the Panera Bread, Saint Louis Bread Co. and Paradise Bakery & Café trademark names. It operates as three business segments: Company bakery-cafe operations, franchise operations, and fresh dough and other product operations. As of December 25, 2012, its Company bakery-cafe operations segment consisted of 809 Company-owned bakery-cafes, located throughout the United States and in Ontario, Canada, and its franchise operations segment consisted of 843 franchise-operated bakery-cafes, located throughout the United States and in Ontario, Canada. As of December 25, 2012, its fresh dough and other product operations segment, which supplies fresh dough and other products daily to Company-owned and franchise-operated bakery-cafes, consisted of 24 fresh dough facilities. The Company competes with numerous sources in their trade areas. Its bakery-cafes compete with food, casual dining and quick service cafes, bakeries, and restaurant retailers, including national, regional and locally-owned cafes, bakeries, and restaurants. The Company is subject to various federal, state, and local environmental regulations.

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