Stock price when the opinion was issued
It got very overvalued during the pandemic hype, but this has since normalized. However, systems sales are still growing as they open 40-45 new stores annually. The market remains underserved outside cities. A cap-lite model, generating 22% EBITDA margins, and over 20% ROIC. Strong free cash flow. A great time to buy at 16x PE. Is recession-proof. Likely a takeover candidate.
A fine business with dominant market share. American upstart, Chewy, spooked investors by expanding to Canada, but he isn't worried. His problem is valuation vs. growth rate, so shares are fairly valued now. Long term you will do okay, but it's not exciting for him now.