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Campaigns / Marcato → Buffalo Wild Wings
Marcato vs. Buffalo Wild Wings

Buffalo Wild Wings · BWLD

2 decks published between 2016-06-13 and 2017-04-20 — 98 pages, 98 analysed slides total.

initial thesis proxy fight

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2016-06-13 initial thesis

    2016 06 Marcato Buffalo Wild Wings Presentation Jun 2016

    48pp · full_deck

    Buffalo Wild Wings should reverse course on low-return franchisee buy-ins, refranchise to 90% by 2020, recapitalize, and fix incentives — unlocking ~180% upside to ~$402.

    N 4 V 4 C 4
    ⌂ ◫ ” ⇌
  2. 2017-04-20 proxy fight

    2017 04 Marcato Buffalo Wild Wings Presentation April 2017

    50pp · full_deck

    Sally Smith-led BWLD has underperformed peers, mismanaged margins, and wasted capital buying back franchise stores; replacing the board and refranchising to 90% unlocks a higher multiple.