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Chefs' Warehouse

Nasdaq:CHEF
Snowflake Description

Very undervalued with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CHEF
Nasdaq
$307M
Market Cap
  1. Home
  2. US
  3. Consumer Retailing
Company description

The Chefs' Warehouse, Inc., together with its subsidiaries, distributes specialty food products in the United States and Canada. The last earnings update was 37 days ago. More info.


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  • Chefs' Warehouse has significant price volatility in the past 3 months.
CHEF Share Price and Events
7 Day Returns
-13.1%
NasdaqGS:CHEF
1.5%
US Consumer Retailing
7.2%
US Market
1 Year Returns
-68.4%
NasdaqGS:CHEF
10.1%
US Consumer Retailing
-10.4%
US Market
CHEF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Chefs' Warehouse (CHEF) -13.1% -67.6% -73.7% -68.4% -24.2% -55.1%
US Consumer Retailing 1.5% 1.6% -8.9% 10.1% 30.2% 22.9%
US Market 7.2% -12.6% -19.4% -10.4% 8.3% 21%
1 Year Return vs Industry and Market
  • CHEF underperformed the Consumer Retailing industry which returned 10.1% over the past year.
  • CHEF underperformed the Market in United States of America which returned -10.4% over the past year.
Price Volatility
CHEF
Industry
5yr Volatility vs Market

CHEF Value

 Is Chefs' Warehouse undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Chefs' Warehouse to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Chefs' Warehouse.

NasdaqGS:CHEF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:CHEF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Consumer Retailing Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.488 (1 + (1- 21%) (171.08%))
1.099
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (1.099 * 5.44%)
7.72%

Discounted Cash Flow Calculation for NasdaqGS:CHEF using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Chefs' Warehouse is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NasdaqGS:CHEF DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.72%)
2020 38.50 Analyst x1 35.74
2021 62.30 Analyst x1 53.69
2022 69.90 Analyst x1 55.93
2023 75.44 Est @ 7.93% 56.04
2024 80.03 Est @ 6.07% 55.18
2025 83.85 Est @ 4.77% 53.67
2026 87.09 Est @ 3.86% 51.75
2027 89.90 Est @ 3.23% 49.60
2028 92.39 Est @ 2.78% 47.32
2029 94.68 Est @ 2.47% 45.02
Present value of next 10 years cash flows $503.00
NasdaqGS:CHEF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $94.68 × (1 + 1.74%) ÷ (7.72% – 1.74%)
$1,611.50
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $1,611.50 ÷ (1 + 7.72%)10
$766.26
NasdaqGS:CHEF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $503.00 + $766.26
$1,269.26
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,269.26 / 30.46
$41.66
NasdaqGS:CHEF Discount to Share Price
Calculation Result
Value per share (USD) From above. $41.66
Current discount Discount to share price of $10.05
= -1 x ($10.05 - $41.66) / $41.66
75.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Chefs' Warehouse is available for.
Intrinsic value
>50%
Share price is $10.05 vs Future cash flow value of $41.66
Current Discount Checks
For Chefs' Warehouse to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Chefs' Warehouse's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Chefs' Warehouse's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Chefs' Warehouse's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Chefs' Warehouse's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:CHEF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-27) in USD $0.82
NasdaqGS:CHEF Share Price ** NasdaqGS (2020-03-31) in USD $10.05
United States of America Consumer Retailing Industry PE Ratio Median Figure of 22 Publicly-Listed Consumer Retailing Companies 15.68x
United States of America Market PE Ratio Median Figure of 2,938 Publicly-Listed Companies 13.11x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Chefs' Warehouse.

NasdaqGS:CHEF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:CHEF Share Price ÷ EPS (both in USD)

= 10.05 ÷ 0.82

12.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chefs' Warehouse is good value based on earnings compared to the US Consumer Retailing industry average.
  • Chefs' Warehouse is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Chefs' Warehouse's expected growth come at a high price?
Raw Data
NasdaqGS:CHEF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.27x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
14.3%per year
United States of America Consumer Retailing Industry PEG Ratio Median Figure of 13 Publicly-Listed Consumer Retailing Companies 2.16x
United States of America Market PEG Ratio Median Figure of 2,007 Publicly-Listed Companies 1.01x

*Line of best fit is calculated by linear regression .

NasdaqGS:CHEF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.27x ÷ 14.3%

0.86x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chefs' Warehouse is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Chefs' Warehouse's assets?
Raw Data
NasdaqGS:CHEF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-27) in USD $11.07
NasdaqGS:CHEF Share Price * NasdaqGS (2020-03-31) in USD $10.05
United States of America Consumer Retailing Industry PB Ratio Median Figure of 29 Publicly-Listed Consumer Retailing Companies 1.12x
United States of America Market PB Ratio Median Figure of 5,134 Publicly-Listed Companies 1.27x
NasdaqGS:CHEF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:CHEF Share Price ÷ Book Value per Share (both in USD)

= 10.05 ÷ 11.07

0.91x

* Primary Listing of Chefs' Warehouse.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chefs' Warehouse is good value based on assets compared to the US Consumer Retailing industry average.
X
Value checks
We assess Chefs' Warehouse's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Retailing industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Retailing industry average (and greater than 0)? (1 check)
  5. Chefs' Warehouse has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CHEF Future Performance

 How is Chefs' Warehouse expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
14.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Chefs' Warehouse expected to grow at an attractive rate?
  • Chefs' Warehouse's earnings growth is expected to exceed the low risk savings rate of 1.7%.
Growth vs Market Checks
  • Chefs' Warehouse's earnings growth is expected to exceed the United States of America market average.
  • Chefs' Warehouse's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:CHEF Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:CHEF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 14.3%
NasdaqGS:CHEF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 1.3%
United States of America Consumer Retailing Industry Earnings Growth Rate Market Cap Weighted Average 4.9%
United States of America Consumer Retailing Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 12.2%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:CHEF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:CHEF Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 1,681 80 35 1
2023-12-31 1,589 68 31 1
2022-12-31 1,847 61 36 2
2021-12-31 1,891 55 33 5
2020-12-31 1,687 62 14 5
2020-04-01
2019-12-31 1,594 42 25 2
NasdaqGS:CHEF Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-27 1,592 45 24
2019-09-27 1,559 35 22
2019-06-28 1,524 48 22
2019-03-29 1,483 42 21
2018-12-28 1,445 45 20
2018-09-28 1,408 42 21
2018-06-29 1,371 29 20
2018-03-30 1,332 34 17
2017-12-29 1,302 31 14
2017-09-29 1,287 41 14
2017-06-30 1,260 57 13
2017-03-31 1,220 38 0
2016-12-30 1,193 39 3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Chefs' Warehouse's earnings are expected to grow by 14.3% yearly, however this is not considered high growth (20% yearly).
  • Chefs' Warehouse's revenue is expected to grow by 1.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:CHEF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Chefs' Warehouse Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CHEF Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 1.04 1.04 1.04 1.00
2023-12-31 0.91 0.91 0.91 1.00
2022-12-31 1.05 1.31 0.78 2.00
2021-12-31 0.99 1.16 0.43 5.00
2020-12-31 0.43 0.97 -0.30 4.00
2020-04-01
2019-12-31 0.83 0.84 0.83 3.00
NasdaqGS:CHEF Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-27 0.82
2019-09-27 0.75
2019-06-28 0.75
2019-03-29 0.72
2018-12-28 0.71
2018-09-28 0.75
2018-06-29 0.72
2018-03-30 0.62
2017-12-29 0.55
2017-09-29 0.54
2017-06-30 0.48
2017-03-31 0.01
2016-12-30 0.12

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Chefs' Warehouse is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Chefs' Warehouse's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Chefs' Warehouse has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CHEF Past Performance

  How has Chefs' Warehouse performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Chefs' Warehouse's growth in the last year to its industry (Consumer Retailing).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Chefs' Warehouse's year on year earnings growth rate has been positive over the past 5 years.
  • Chefs' Warehouse's 1-year earnings growth exceeds its 5-year average (18.5% vs 16.9%)
  • Chefs' Warehouse's earnings growth has exceeded the US Consumer Retailing industry average in the past year (18.5% vs -0.6%).
Earnings and Revenue History
Chefs' Warehouse's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Chefs' Warehouse Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CHEF Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-27 1,591.83 24.19 349.47
2019-09-27 1,559.38 22.19 345.83
2019-06-28 1,524.00 21.92 336.97
2019-03-29 1,483.02 20.99 326.94
2018-12-28 1,444.61 20.40 316.84
2018-09-28 1,407.65 21.00 309.05
2018-06-29 1,371.23 19.70 299.46
2018-03-30 1,332.45 16.55 291.71
2017-12-29 1,301.52 14.37 288.83
2017-09-29 1,287.33 14.03 286.65
2017-06-30 1,260.17 12.52 282.20
2017-03-31 1,219.72 0.39 274.19
2016-12-30 1,192.87 3.02 253.98
2016-09-23 1,143.05 0.54 245.81
2016-06-24 1,121.30 4.42 237.49
2016-03-25 1,110.94 16.23 237.44
2015-12-25 1,046.88 16.21 228.31
2015-09-25 982.02 14.75 214.94
2015-06-26 913.92 13.74 199.02
2015-03-27 846.21 14.19 180.50
2014-12-26 832.71 14.22 175.55
2014-09-26 801.78 13.85 166.39
2014-06-27 764.30 13.81 159.20
2014-03-28 721.31 15.33 148.33
2013-12-27 673.55 16.99 135.27
2013-09-27 622.75 15.76 124.23
2013-06-28 576.97 15.41 114.74

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Chefs' Warehouse has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Chefs' Warehouse used its assets less efficiently than the US Consumer Retailing industry average last year based on Return on Assets.
  • Chefs' Warehouse's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Chefs' Warehouse's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Retailing industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Chefs' Warehouse has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CHEF Health

 How is Chefs' Warehouse's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Chefs' Warehouse's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Chefs' Warehouse is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Chefs' Warehouse's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Chefs' Warehouse's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Chefs' Warehouse Company Filings, last reported 3 months ago.

NasdaqGS:CHEF Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-27 335.93 382.92 140.23
2019-09-27 322.60 280.74 21.48
2019-06-28 317.40 280.32 24.29
2019-03-29 308.42 282.48 17.32
2018-12-28 308.68 278.23 42.41
2018-09-28 298.15 280.25 49.86
2018-06-29 256.10 316.55 39.59
2018-03-30 248.59 317.10 45.07
2017-12-29 248.60 317.82 41.50
2017-09-29 204.48 319.34 4.07
2017-06-30 197.32 320.11 37.00
2017-03-31 192.62 331.88 35.81
2016-12-30 193.76 332.52 32.86
2016-09-23 184.24 332.62 26.19
2016-06-24 182.56 345.91 48.25
2016-03-25 189.81 267.32 2.75
2015-12-25 187.96 273.62 2.45
2015-09-25 181.56 291.94 1.49
2015-06-26 177.00 312.74 2.37
2015-03-27 147.70 144.25 1.96
2014-12-26 146.79 143.54 3.33
2014-09-26 141.20 144.82 5.16
2014-06-27 137.28 146.09 14.71
2014-03-28 132.87 147.08 26.13
2013-12-27 132.07 147.71 20.01
2013-09-27 126.92 147.96 54.62
2013-06-28 47.46 162.01 2.31
  • Chefs' Warehouse's level of debt (114%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (97.8% vs 114% today).
  • Debt is not well covered by operating cash flow (11.8%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.1x coverage).
X
Financial health checks
We assess Chefs' Warehouse's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Chefs' Warehouse has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CHEF Dividends

 What is Chefs' Warehouse's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Chefs' Warehouse dividends.
If you bought $2,000 of Chefs' Warehouse shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Chefs' Warehouse's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Chefs' Warehouse's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:CHEF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United States of America Consumer Retailing Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 1.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1946 Stocks 2.9%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.9%
United States of America Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:CHEF Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2020-04-01
2019-12-31

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Chefs' Warehouse has not reported any payouts.
  • Unable to verify if Chefs' Warehouse's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Chefs' Warehouse's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Chefs' Warehouse has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Chefs' Warehouse's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Chefs' Warehouse afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Chefs' Warehouse has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CHEF Management

 What is the CEO of Chefs' Warehouse's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Chris Pappas
COMPENSATION $2,356,196
AGE 59
TENURE AS CEO 35.3 years
CEO Bio

Mr. Christopher Pappas, also known as Chris, serves as Chairman, Chief Executive Officer and President at Qzina Specialty Foods, Inc. Mr. Pappas Founded The Chefs' Warehouse, Inc., an affiliate of DAIRYLAND Inc. in 1985 and has been its Chairman, President and Chief executive officer since March 1, 2011, April 11, 2009 and 1985 respectively. Mr. Pappas oversees all of business activities, with a focus on product procurement, sales, marketing, strategy development, business development and operations. He served as the President of Chefs' Warehouse Holdings LLC since its formation until January 1, 2007. Mr. C. Pappas currently serves on the board of the International Foodservice Distributors Association. He serves as a Director at F.A.B., Inc. and Director of The Chefs' Warehouse, Inc since 2011 Mr. Pappas played basketball professionally in Europe for several years following his graduation from Adelphi University in 1981 with a Bachelor of Arts degree in Business Administration.

CEO Compensation
  • Chris's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Chris's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Chefs' Warehouse management team in years:

8.3
Average Tenure
55
Average Age
  • The average tenure for the Chefs' Warehouse management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Chris Pappas

TITLE
Founder
COMPENSATION
$2M
AGE
59
TENURE
35.3 yrs

John Pappas

TITLE
Founder & Vice Chairman
COMPENSATION
$1M
AGE
55
TENURE
35.3 yrs

Jim Leddy

TITLE
CFO & Assistant Secretary
COMPENSATION
$885K
AGE
56
TENURE
2.4 yrs

Alexandros Aldous

TITLE
General Counsel
COMPENSATION
$824K
AGE
38
TENURE
9.1 yrs

Patricia Lecouras

TITLE
Chief Human Resources Officer
COMPENSATION
$648K
AGE
63
TENURE
13.1 yrs

Tim McCauley

TITLE
Chief Accounting Officer
AGE
54
TENURE
2.2 yrs

Ed Kauffeld

TITLE
Executive Vice President

Jonathan Steckler

TITLE
Executive Vice President of Supply Chain & Business Intelligence
AGE
50
TENURE
7.6 yrs

Alex Holian

TITLE
Executive Vice President of Business Intelligence
TENURE
3.8 yrs
Board of Directors Tenure

Average tenure and age of the Chefs' Warehouse board of directors in years:

7.6
Average Tenure
59
Average Age
  • The tenure for the Chefs' Warehouse board of directors is about average.
Board of Directors

John Pappas

TITLE
Founder & Vice Chairman
COMPENSATION
$1M
AGE
55
TENURE
9.1 yrs

Dominick Cerbone

TITLE
Lead Director
COMPENSATION
$136K
AGE
74

Chris Pappas

TITLE
Founder
COMPENSATION
$2M
AGE
59
TENURE
9.1 yrs

Joe Cugine

TITLE
Independent Director
COMPENSATION
$113K
AGE
58
TENURE
7.6 yrs

Alan Guarino

TITLE
Independent Director
COMPENSATION
$119K
AGE
59
TENURE
7.4 yrs

Stephen Hanson

TITLE
Independent Director
COMPENSATION
$112K
AGE
69
TENURE
8.8 yrs

Katherine Oliver

TITLE
Independent Director
COMPENSATION
$108K
AGE
56
TENURE
4.4 yrs

Steven Goldstone

TITLE
Independent Director
COMPENSATION
$113K
AGE
73
TENURE
4.1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Chefs' Warehouse individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
12. Mar 20 Buy Joseph Cugine Individual 12. Mar 20 12. Mar 20 955 $19.81 $18,919
23. May 19 Sell Timothy McCauley Individual 22. May 19 22. May 19 -1,000 $33.99 $-33,990
10. May 19 Buy Joseph Cugine Individual 09. May 19 09. May 19 905 $33.01 $29,874
X
Management checks
We assess Chefs' Warehouse's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Chefs' Warehouse has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CHEF News

Simply Wall St News

What Is The Chefs' Warehouse, Inc.'s (NASDAQ:CHEF) Share Price Doing?

See our latest analysis for Chefs' Warehouse What is Chefs' Warehouse worth? … What’s more interesting is that, Chefs' Warehouse’s share price is theoretically quite stable, which could mean two things: firstly, it may take the share price a while to move to its intrinsic value, and secondly, there may be less chances to buy low in the future once it reaches that value. … Can we expect growth from Chefs' Warehouse?

Simply Wall St -

Here’s why The Chefs' Warehouse, Inc.’s (NASDAQ:CHEF) Returns On Capital Matters So Much

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Chefs' Warehouse: 0.073 = US$54m ÷ (US$878m - US$139m) (Based on the trailing twelve months to June 2019.) Therefore, Chefs' Warehouse has an ROCE of 7.3%. … How Chefs' Warehouse's Current Liabilities Impact Its ROCE Current liabilities are short term bills and invoices that need to be paid in 12 months or less. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Read This Before Buying The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Shares

So we'll take a look at whether insiders have been buying or selling shares in The Chefs' Warehouse, Inc. … NasdaqGS:CHEF Recent Insider Trading, August 15th 2019 Chefs' Warehouse Insiders Are Selling The Stock We have seen a bit of insider selling at Chefs' Warehouse, over the last three months. … It's heartening that insiders own plenty of stock, but we'd like to see more insider buying, since the last year of Chefs' Warehouse insider transactions don't fill us with confidence.

Simply Wall St -

Does The The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Share Price Tend To Follow The Market?

(NASDAQ:CHEF), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … Check out our latest analysis for Chefs' Warehouse What CHEF's beta value tells investors Given that it has a beta of 0.84, we can surmise that the Chefs' Warehouse share price has not been strongly impacted by broader market volatility (over the last 5 years).

Simply Wall St -

The Chefs' Warehouse (NASDAQ:CHEF) Share Price Has Gained 114%, So Why Not Pay It Some Attention?

See our latest analysis for Chefs' Warehouse In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. … Chefs' Warehouse was able to grow its EPS at 4.8% per year over three years, sending the share price higher. … NasdaqGS:CHEF Past and Future Earnings, July 18th 2019 We know that Chefs' Warehouse has improved its bottom line lately, but is it going to grow revenue?

Simply Wall St -

Chefs' Warehouse (NASDAQ:CHEF) Seems To Use Debt Quite Sensibly

See our latest analysis for Chefs' Warehouse What Is Chefs' Warehouse's Debt? … NasdaqGS:CHEF Historical Debt, July 11th 2019 A Look At Chefs' Warehouse's Liabilities We can see from the most recent balance sheet that Chefs' Warehouse had liabilities of US$127.8m falling due within a year, and liabilities of US$410.9m due beyond that. … Because it carries more debt than cash, we think it's worth watching Chefs' Warehouse's balance sheet over time.

Simply Wall St -

Should You Be Worried About The Chefs' Warehouse, Inc.'s (NASDAQ:CHEF) 6.8% Return On Equity?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Chefs' Warehouse: 6.8% = US$21m ÷ US$308m (Based on the trailing twelve months to March 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does Chefs' Warehouse Have A Good ROE? … Combining Chefs' Warehouse's Debt And Its 6.8% Return On Equity Although Chefs' Warehouse does use debt, its debt to equity ratio of 0.92 is still low.

Simply Wall St -

Is The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Undervalued After Accounting For Its Future Growth?

Looking at The Chefs' Warehouse, Inc.’s (NASDAQ:CHEF) fundamentals some investors are wondering if its last closing price of $33.26 represents a good value for money for this high growth stock. … Chefs' Warehouse is trading at price-to-earnings (PE) ratio of 46.01x, this tells us the stock is overvalued compared to the US market average ratio of 17.77x , and overvalued based on current earnings compared to the Consumer Retailing industry average of 20.34x. … This means that, when we account for Chefs' Warehouse's growth, the stock can be viewed as overvalued , based on fundamental analysis.

Simply Wall St -

The Chefs' Warehouse, Inc. (NASDAQ:CHEF): What We Can Expect From This Growth Stock

After The Chefs' Warehouse, Inc.'s (NASDAQ:CHEF) earnings announcement in March 2019, the consensus outlook from analysts appear highly confident, as a 52% rise in profits is expected in the upcoming year, against the historical 5-year average growth rate of 7.1%. … Below is a brief commentary around Chefs' Warehouse's earnings outlook going forward, which may give you a sense of market sentiment for the company. … NasdaqGS:CHEF Past and Future Earnings, June 18th 2019 This results in an annual growth rate of 17% based on the most recent earnings level of US$20m to the final forecast of US$43m by 2022.

Simply Wall St -

Was The Chefs' Warehouse, Inc.'s (NASDAQ:CHEF) Earnings Growth Better Than The Industry's?

Assessing The Chefs' Warehouse, Inc.'s (NASDAQ:CHEF) past track record of performance is a valuable exercise for investors. … Chefs' Warehouse's track record can be a valuable insight into its earnings performance, but it certainly doesn't tell the whole story. … I recommend you continue to research Chefs' Warehouse to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for CHEF’s future growth?

Simply Wall St -

CHEF Company Info

Description

The Chefs' Warehouse, Inc., together with its subsidiaries, distributes specialty food products in the United States and Canada. Its product portfolio includes approximately 55,000 stock-keeping units comprising specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products. The company also offers a line of center-of-the-plate products, including custom cut beef, seafood, and hormone-free poultry, as well as food products, such as cooking oils, butter, eggs, milk, and flour. It serves menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos, and specialty food stores. The company markets its center-of-the-plate products directly to consumers through a mail and e-commerce platform. The Chefs' Warehouse, Inc. was founded in 1985 and is headquartered in Ridgefield, Connecticut.

Details
Name: The Chefs' Warehouse, Inc.
CHEF
Exchange: NasdaqGS
Founded: 1985
$306,778,652
30,464,613
Website: http://www.chefswarehouse.com
Address: The Chefs' Warehouse, Inc.
100 East Ridge Road,
Ridgefield,
Connecticut, 06877,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS CHEF Common Shares Nasdaq Global Select US USD 28. Jul 2011
DB 2CF Common Shares Deutsche Boerse AG DE EUR 28. Jul 2011
Number of employees
Current staff
Staff numbers
2,447
Chefs' Warehouse employees.
Industry
Food Distributors
Consumer Retailing
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/01 02:14
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/26
Last earnings filing: 2020/02/24
Last earnings reported: 2019/12/27
Last annual earnings reported: 2019/12/27


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.