On tonight's MAD MONEY on CNBC, Jim Cramer said the best company he has in the food space is Chipotle Mexican Grill Inc. (NYSE: CMG). He says this is a regional to national story that beat estimates and raised guidance last night. Cramer noted that the stock hasn't even seen upgrades after a 12% gain today on the better performance and Cramer said he thinks Chipotle will go up Thursday again. He interviewed Chipotle's CFO on the show.

Cramer asked about food costs being up..... costs are higher and theirs grew 100 basis points, but they have food integrity and solid contracts. The rest of the P&L statement is very efficient and they can offset some of that. Cramer's concern is on the slowness of the original buildout and then changing to rapid growth..... CFO said they are growing based on real estate availability and the quality of managers they can get. Managers are coming from inside now and they can do better now than earlier. How do they incentivize managers? Elite managers are bonused on sales growth above expectations above plan plus they get $10K per group leader that gets turned into a manager. As far as feeling like a chain....CFO said he doesn't want it to feel like a chain and they want to personalize the experience.

Chipotle is on a tear, that's a fact. Shares climbed nearly another 2% to yet another high, above $100.00 after Cramer talked this up after-hours. My only concern here is that at $3.25 billion in market cap with 640 restaurants and 110 to 120 restaurants scheduled to open in 2007, the value here is pretty high. If the company beats 2007 estimates by 20% it trades at 50-times earnings. On a per store value assuming these all come online that generates a $4,276,315.78 value per store after the store openings, and as of today's 640 restaurants in operation assuming no add-ons you would have a franchise value per store of $5,078,125.00 per store. The good news for growth and speculative investors is that in all fairness, these cautionary metrics I calculated won't come into play for some time and there is an unbelievable amount of growth this chain can generate now that it is out on its own.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.