Chipotle (CMG.N) - Fundamental Equity Short Idea

CMG - A restaurant operator with an expensive valuation facing difficult comparisons and large benefits year-over-year.

Chipotle Mexican Grill (“Chipotle”) is a fast casual dining restaurant.  The original vision for Chipotle was to offer a fast food style restaurant but with higher-quality ingredients.  The restaurant offers a simple menu consisting of burritos, burrito bowls (a burrito without the tortilla), tacos and salads.  The company currently has 2,505 Chipotle restaurants in the US and 39 international locations.