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Classic Starboard playbook: invokes its own Darden/Olive Garden turnaround as template for Outback. Tone is softer than a typical activist deck — no named villain, CEO Dave Deno is quoted supportively. Heavy visual use of brand assets (restaurant photography, Bloomin' Onion, old Outback TV ads) alongside peer-gap bar charts. No explicit stake disclosure or price target in the deck. Final page is a blank Starboard logo closer rather than a demands slide — typical of stock-pitch conference format.", "kpisCited": [ { "detail": "BLMN 5.0x vs DRI 9.5x and TXRH 10.3x", "metric": "EV / CY24E EBITDA multiple" }, { "detail": "BLMN 16.2% vs DRI 6.5% and TXRH 4.9%", "metric": "CY24E levered FCF yield" }, { "detail": "BLMN 11.9% vs DRI 15.3%", "metric": "CY23E EBITDA margin" }, { "detail": "Outback -5.4% vs Texas Roadhouse +4.7% and LongHorn +7.1%", "metric": "Outback same-store traffic (Jun-23)" }, { "detail": "BLMN 8.7x → 5.0x; DRI 8.3x → 9.5x (roles reversed)", "metric": "Historical EV/NTM EBITDA (2013 vs current)" }, { "detail": "Outback +6.4%, LongHorn +2.7%, Carrabba's +0.3%, Olive Garden -3.4%", "metric": "FY14 same-store sales by concept" }, { "detail": "+23.3% vs Knapp Track casual dining +3.1%", "metric": "Outback Brazil '22 vs '19 comp sales" }, { "detail": "Olive Garden 906, Carrabba's 199, Maggiano's 50, others <45", "metric": "Italian casual-dining unit count" }, { "detail": "$526mm ($338mm FCF + $248mm capex - $60mm maintenance capex) — ~25% of market cap", "metric": "FY24E discretionary cash flow" }, { "detail": "Outback US 562→650, Outback Brazil 148→300, Fleming's 64→100", "metric": "Unit-expansion targets" }, { "detail": "Outback $2,277; Carrabba's $695; Bonefish $564; Outback Brazil $464; Fleming's $378", "metric": "LTM 2Q23 restaurant sales by concept (mm)" } ], "closingAsk": "Buy Bloomin' Brands — an undervalued conglomerate with truly great brands where Starboard's Darden playbook can close the operational and valuation gap.", "extraction": { "at": "2026-04-22 15:35:31+00", "model": "unknown-legacy", "runId": null, "seconds": 203.79225, "promptVersion": null }, "scqaReward": "Closing the multiple gap from 5.0x toward Darden's 9.5x — plus margin expansion from 11.9% to Darden-like 15%+ — implies substantial re-rating of Bloomin's EV/EBITDA, supported by the current 16.2% FCF yield.", "thesisTypes": [ "operational_turnaround", "multiple_rerating", "capital_return", "undervaluation" ], "top3Reasons": [ "Bloomin' trades at 5.0x EBITDA versus Darden 9.5x and Texas Roadhouse 10.3x", "Outback traffic -5.4% in Jun-23 while Texas Roadhouse +4.7% and LongHorn +7.1%", "Starboard's Olive Garden playbook at Darden can replay at Outback" ], "scqaSituation": "Bloomin' Brands is a ~$4.4bn-revenue restaurant conglomerate anchored by Outback Steakhouse (562 US units) plus Carrabba's, Bonefish Grill, Fleming's, and a 148-unit Outback Brazil franchise, with 145 years of combined brand heritage.", "thesisSummary": "Starboard argues Bloomin' Brands trades at just 5.0x 2024E EBITDA versus Darden's 9.5x and Texas Roadhouse's 10.3x because Outback — Bloomin's flagship concept with 562 US units and $2.3bn in sales — is executing poorly, losing customer traffic (-5.4% in Jun-23) while peers gain. Starboard frames this as the Darden/Olive Garden turnaround in reverse: prior to Starboard's 2014 involvement at DRI, Bloomin' actually traded above Darden at 8.7x, with superior same-store sales at Outback and LongHorn. The fix is operational: better food and service consistency at Outback restaurants, rebuilding brand fun in marketing, scaling Carrabba's into Italian casual-dining whitespace, and monetising the overlooked Outback Brazil crown jewel. Capital allocation is a further lever — Bloomin' generates $526mm in discretionary cash flow, roughly a quarter of its market cap, giving shareholders a win-win between growth capex and returns.", "primaryDemands": [ "Improve Outback operational execution — food and service consistency", "Re-embrace the 'fun' in Outback branding and marketing", "Scale Carrabba's into Italian casual-dining whitespace behind Olive Garden", "Monetise Outback Brazil as the category leader it already is", "Optimise capital allocation across ~$526mm of discretionary cash flow (buybacks, dividends, disciplined growth capex)" ], "scqaResolution": "Fix Outback operationally (food and service consistency, re-embrace fun branding), scale Carrabba's into Italian whitespace, unlock Outback Brazil, and optimise capital allocation across the $526mm discretionary cash flow through buybacks, dividends, and disciplined growth capex.", "thesisOneLiner": "Bloomin' Brands trades at 5.0x EBITDA vs Darden's 9.5x because of operational execution failures at Outback; Starboard's Darden playbook can narrow the gap and unlock shareholder value.", "precedentsCited": [ "Darden/Olive Garden transformation under Starboard (2014-2016)", "Papa John's (prior Starboard restaurant campaign)" ], "scqaComplication": "Outback is losing traffic (-5.4% in Jun-23) versus Texas Roadhouse (+4.7%) and LongHorn (+7.1%), dragging EBITDA margins to 11.9% versus Darden's 15.3% — yet the brand equity and cash generation remain intact, making underperformance fixable.", "narrativeInterest": 4, "notableSlidePages": [ 3, 7, 9, 11, 17, 19 ], "peerCompaniesCited": [ "Darden Restaurants", "Texas Roadhouse", "Olive Garden", "LongHorn Steakhouse", "The Capital Grille", "Papa John's", "Maggiano's", "Old Spaghetti Factory", "Macaroni Grill", "Bravo! 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