$TXRH · Joseph Carlson After Hours · 2026-11-02
Texas Roadhouse 仍是一家伟大的公司；股价 186 美元，相比约 200 美元的公允价值约低估 5-6%，差距不大。牛肉和大宗商品通胀是担忧，但说话者预计 Texas Roadhouse 会比竞争对手应对得更好，平均周销售额持续上升，从首次买入时的不足 10 万美元升至 17.7 万美元。
逐段跳播
接下来是 Texas Roadhouse。我买入这家公司，是因为我多年来一直去 Texas Roadhouse 就餐。我注意到它总是很拥挤。我注意到食物一直很棒。员工一直很出色。
它提供给顾客的价值主张一直非常好。因此，我利用这些了解，再加上新冠疫情期间卖出股票的机会，建立了投资仓位。
Next , we have Texas Roadhouse. I bought this particular company because I had been going to Texas Roadhouse for years. I noticed that it was always crowded. I noticed that the food was always great.
The staff were always excellent. The value proposition offered to the customer is always really good. Therefore, I used that knowledge, along with the opportunity to sell the stock during COVID, to enter into an investment position.
现在，它已经变成了一笔非常大的持仓。它原本比这大得多，但我削减了一部分。所以，它现在是一笔价值 54,000 美元的仓位，收益为 46,000 美元。这有点误导，因为我卖掉了这项投资的 50%。
所以，它原本已经增长到一笔价值 100,000 美元的持仓。我决定，我不想让一家餐厅在我的投资组合中占据很大一部分。
Now, it has become a very large center. Well, it was much bigger than that, but I cut some of it down. Therefore, it is now a position worth $54,000, with profits of $46,000. This is a bit misleading because I sold 50% of this investment.
Therefore, it has grown to become a center worth $100,000. I decided that I didn't want a restaurant to make up a large part of my investment portfolio.
不过，Texas Roadhouse 仍然是一家很棒的公司。它的股票今天交易价格为 186 美元。市场对牛肉价格和商品通胀存在担忧，但我相信 Texas Roadhouse 会比任何竞争对手都更好地应对这一点，为公司带来非常强劲的客户增长。
However, Texas Roadhouse remains a great company. Its stock is trading at $186 today. There are concerns about beef prices and commodity inflation, but I believe Texas Roadhouse will handle that better than any of its competitors, creating very strong customer growth for the company.
我们有跟踪这一趋势随时间变化的关键绩效指标，它们显示公司的平均每周销售额持续上升。他们现在每周平均销售额为 177,000 美元。当我最初买入这家公司的股票时，这个数字还不到 100,000 美元。
所以，增长确实令人印象深刻。我对这家公司所看到的情况非常满意。
We have key performance indicators that track this over time, and they show that the company’s average weekly sales continue to rise. They are now making an average of $177,000 in sales each week.
When I first bought shares in this company, the amount was less than $100,000. So, there is really impressive growth. I am very impressed with what I see in this company.
但就公允价值而言，我认为它今天每股大约值 200 美元。因此，它被低估了约 5-6%。我目前没有看到很大的价格差距。
But in terms of fair value, I think it is worth about $200 per share today. Therefore, it is undervalued by about 5-6%. I don't currently see a large price gap.
观察点
这个频道对 $TXRH 的历次判断
Joseph Carlson After Hours 在这只股票上共 4 条判断，这里只列相邻的几条。