Chipotle isn’t immune to the pullback in the fast-casual and broader restaurant industries, but it isn’t standing still. Indeed, management is ramping up investments intended to strengthen consumers’ value perception by enhancing the menu and in-store operations, expanding its digital reach, and boosting marketing to tout its better-for-you positioning and competitive price points. We surmise that Chipotle’s prudent investment track record, on-trend culinary offerings, and expanding unit base have driven impressive market share gains, as US system sales jumped 15% annually over the past five years, outpacing 9.5% and 10.5% growth in total foodservice and Latin American limited-service, respectively. We expect share gains to persist, supported by our forecast for $4.2 billion in capital expenditures over the next five years, well above the $2.7 billion deployed in the comparable period.