Wingstop's Unparalleled Growth Narrative Underpinned by Best-in-Class Unit Economics

While we don't quite foresee Wingstop achieving management's target of becoming a top-10 restaurant brand in the upcoming decade, we do see a meaningful development runway for the chicken chain, with our estimates calling for midteens systemwide sales growth over that period. Our forecasts are underpinned by best-in-class unit economics and a sizable development pipeline, validating management's target for more than 10% annual unit growth over the long term. We believe that management's strategy is cogent, with priorities falling into three key buckets: improving unit economics, driving brand awareness, and expanding into international markets.