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OPEN: The Growth Story Unravels Just As Competition Appears Poised to Step Up, Lowering Price Objective to $30

November 2nd, 2011

In the lengthy report we published on OPEN on Monday (backed by a survey of 110-120 restaurant owners) we outlined a number key issues that we expected to become discounted in the stock over the next...

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OPEN: The NA Moat Is More Vulnerable Than You Think – A More Realistic TAM Analysis, Lowering Price Objective to $37

October 31st, 2011

In the 7+ months since we introduced OPEN as a short idea, we have been in a position where the stock has gained more than 40% against us and now trades more than 40% below where we initiated our...

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OPEN: The North American “Moat” Looks to be Increasingly Under Siege

September 8th, 2011

OPEN shares traded off sharply today in response to GOOG’s announcement that it had acquired Zagat, a worldwide publisher of ratings and reviews of restaurants and other businesses.  The Zagat restaurant surveys, launched more than 30 years...

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OPEN: The Growth Story Is Cracking Sooner Than Expected, Lowering Price Objective to $48

August 2nd, 2011

Approximately 5-months ago, we introduced OPEN as a short idea based on the following thesis: 1. OPEN’s electronic reservation booking system (ERB) in many respects is a solution without a problem 2. Restaurants view the...

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OPEN: 2Q11 Preview, Competition Matters

August 1st, 2011

If you happen to be looking at OPEN for the first time, you might be wondering: what’s the big deal about the stock from a pure performance perspective?  Year-to date the stock has gained a measly 0.5%, compared to a 2.8% gain for the S&P 500.  Obviously, OPEN has been...

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OPEN: Competition Continues to Eat Away at OPEN’s Total Addressable Market (TAM)

June 24th, 2011

Approximately 12-weeks ago, we introduced OPEN as a short idea.  You can read our original 40-page report by clicking here.  The principal elements of our short thesis are as follows: 1. OPEN’s electronic reservation booking system...

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OPEN: Unassailable OPEN? We Don’t Think So, 1Q11 Preview

May 3rd, 2011

Approximately 8-weeks ago, we introduced OPEN as a short idea.  You can read our original 40-page report by clicking here.  The principal elements of our short thesis are as follows: 1. OPEN’s electronic reservation booking system (ERB) in many respects...

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OPEN: Evaluating OPEN’s Competitive Challenges in Europe – Is Market Leadership in Europe “Fait Accompli”?

March 17th, 2011

Approximately 2-weeks ago, we introduced OPEN as a short idea.  You can read our original 40-page report by clicking here.  The principal elements of our short thesis are as follows: 1. OPEN’s...

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OPEN: The “TAM” Fallacy and the Implications of a Solution without a Problem – Time to Get Short

March 2nd, 2011

Let’s get this out of the way early on – we are firm believers in the concept that valuation is not a short thesis, or more simply stated valuation is not a thesis.  Ask any hedge fund manager who has relied on...

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