Chipotle

My updated scenario analysis and valuation of Chipotle

• My updated scenario analysis and valuation work is below.

• I made generally bullish tweaks to my Bear and Bull case scenarios, but I wouldn't call the Base case appropriately conservative anymore.

• Base and Bull cases suggest CMG is worth $354 and $447 per share, respectively.

• Tax sensitive investors may want to consider waiting for a 1-year holding period to get the lower long-term capital gains tax rate.