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    Nick Setyan

    Research Analyst at Wedbush Securities

    Nick Setyan is Managing Director and Equity Research Analyst specializing in the restaurant sector, most recently at Wedbush Securities where he led coverage of major companies such as Chipotle and held increasing responsibilities throughout his 15-year career. He is recognized as one of the top analysts in the sector, with a strong performance track record and deep industry relationships, and has made impactful investment calls on high-profile restaurant stocks. Setyan began his professional journey after earning his B.A. in Economics and Government from Cornell University and serving as a Bretschneider Fellow at Pembroke College, University of Oxford, and spent his entire early analyst career at Wedbush before joining Mizuho Americas as Managing Director and Senior Equity Research Analyst in June 2025. He holds relevant professional credentials and has established a reputation for rigorous, industry-leading research in equity markets.

    Nick Setyan's questions to ONE Group Hospitality (STKS) leadership

    Nick Setyan's questions to ONE Group Hospitality (STKS) leadership • Q4 2024

    Question

    Nick Setyan questioned the sales performance of recent Kona Grill and RA Sushi openings and asked for an update on current construction costs for new restaurants. He also asked if it was fair to assume Benihana's comparable sales turned positive in Q1 2025, given the commentary on sequential improvement.

    Answer

    CEO Emanuel Hilario reported that recent openings are performing well, with the RA Sushi in Plantation tracking on-brand and the new Saltwater Social concept exceeding expectations. He stated that gross construction costs are currently in the $600s-$700 per square foot range, with net costs in the mid-$500s after tenant allowances. While not providing specific brand guidance for Q1, Hilario confirmed Benihana's positive progression from a nearly flat Q4 (-20 bps), attributing the momentum to initiatives around happy hour, throughput, and product innovation, which also drove a 300 basis point margin improvement for the brand.

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    Nick Setyan's questions to Dine Brands Global (DIN) leadership

    Nick Setyan's questions to Dine Brands Global (DIN) leadership • Q4 2024

    Question

    Nick Setyan from Wedbush requested directional commentary on sales trends quarter-to-date in Q1, considering the volatility observed across the restaurant industry.

    Answer

    CFO Vance Chang stated that the company expects Q1 performance to show modest improvement from Q4, though the overall consumer environment is anticipated to remain challenging. He noted IHOP's performance strengthened late in Q4 driven by its 'House Faves' menu, while Applebee's improved over Q3 due to its 'Really Big Meal Deal,' with these trends informing the Q1 outlook.

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    Nick Setyan's questions to Dine Brands Global (DIN) leadership • Q3 2024

    Question

    Nick Setyan questioned if Applebee's upcoming 'Big Meal Deal' and IHOP's Q4 plans are sufficient to reverse negative trends and drive positive comparable sales in the fourth quarter.

    Answer

    Applebee's President Tony Moralejo stated the new campaign is designed to drive positive comps, not just stem declines, and is more comprehensive than prior successful promotions. IHOP President Jay Johns expressed confidence that the new 'House Faves' value platform, combined with holiday menu innovation, is well-positioned to improve results in Q4.

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    Nick Setyan's questions to DENNY'S (DENN) leadership

    Nick Setyan's questions to DENNY'S (DENN) leadership • Q4 2024

    Question

    Nick Setyan of Wedbush Securities questioned management's confidence in expanding company and franchise margins for 2025, referencing prior statements from the ICR conference and recent consumer softness.

    Answer

    EVP and CFO Robert Verostek reiterated high confidence in expanding company margins toward the mid-teens, crediting a focus on controllable factors. He noted that mature Keke's cafes are improving margins toward the high-teens goal, while newer locations are still ramping up, maintaining a confident outlook despite recent consumer uncertainty.

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    Nick Setyan's questions to DENNY'S (DENN) leadership • Q2 2024

    Question

    Nick Setyan focused on Keke's, asking about the expected same-store sales trajectory in the second half and whether new Texas and California locations would be company-owned or franchised. He also questioned if the new '$2 to $10' value menu was sufficient to compete in the current promotional environment.

    Answer

    CEO Kelli Valade acknowledged the tough Florida market for Keke's but noted positive momentum and numerous growth drivers like new high-volume units, remodels, and menu innovation. She confirmed the Texas expansion will be a mix of company and franchise units, while California will be franchise-led. Regarding the competitive landscape, she expressed strong confidence in the '$2, $4, $6, $8' platform as a unique brand equity for Denny's, while noting they have other value options available if needed.

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    Nick Setyan's questions to HIVE Digital Technologies (HIVE) leadership

    Nick Setyan's questions to HIVE Digital Technologies (HIVE) leadership • Q3 2025

    Question

    Nick Setyan of B. Riley Securities asked if the new U.S. administration has increased HIVE's desire to own operating assets in the U.S. and requested more details on the potential conversion of existing data centers to support HPC, including any CapEx estimates.

    Answer

    CFO Darcy Daubaras confirmed that the new, more crypto-friendly U.S. administration has positively changed HIVE's view on operating in the country, welcoming clearer regulations. He also stated that HIVE has engaged consultants to analyze converting its Sweden and New Brunswick facilities for HPC, with a key focus on ensuring the stable, non-curtailable power required for Tier 3 operations.

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    Nick Setyan's questions to Toast (TOST) leadership

    Nick Setyan's questions to Toast (TOST) leadership • Q3 2024

    Question

    Nick Setyan of Wedbush noted that the restaurant industry seems to have troughed in July and asked if this could mean that GPV per location also troughed in Q3, with potential for improvement going forward.

    Answer

    CFO Elena Gomez stated that GPV per location was down 3% year-over-year, consistent with Q2 and recent quarters. She indicated that the Q4 guidance reflects a similar trend and that while the company constantly monitors the macro environment, they expect GPV per location to remain within a tight band and follow a similar trend over the next couple of quarters.

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    Nick Setyan's questions to Dutch Bros (BROS) leadership

    Nick Setyan's questions to Dutch Bros (BROS) leadership • Q3 2024

    Question

    Nick Setyan from Wedbush Securities asked about the impact of mobile ordering on ticket mix, the reasons for the negative mix trend in Q3, and the company's future pricing strategy.

    Answer

    CFO Josh Guenser stated that mobile order tickets are similar to other channels but with higher tips, and he expects a similar overall ticket composition in Q4. CEO Christine Barone noted that while they have a strong value proposition and see pricing opportunities, they will be very thoughtful and do not expect major price increases next year, typically evaluating pricing in January and mid-year.

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    Nick Setyan's questions to BJs RESTAURANTS (BJRI) leadership

    Nick Setyan's questions to BJs RESTAURANTS (BJRI) leadership • Q3 2023

    Question

    Nick Setyan inquired about the future promotional cadence, asking if the Pizookie Meal Deal is permanent and how much the overall promotional calendar remains in flux. He also asked which menu areas beyond Pizookie would receive more focus.

    Answer

    President Lyle Tick stated that while the team is encouraged by the Pizookie Meal Deal and will leverage it through Q4, the long-term promotional strategy is still in a discovery phase. He expressed a preference for building a sustainable value platform over cyclical LTOs. Interim CEO Brad Richmond added that the goal is not to become heavily promotional but to be 'everyday approachable.' Regarding other menu items, Tick said future focus areas will be determined by a strategic menu architecture review, acknowledging the need for more platforms of 'authority' besides Pizookie.

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