Intrinsic value of Arcos Dorados Holdings Cl A - ARCO

Previous Close

$10.00

  Intrinsic Value

$4.61

stock screener

  Rating & Target

str. sell

-54%

  Value-price divergence*

+949%

Previous close

$10.00

 
Intrinsic value

$4.61

 
Up/down potential

-54%

 
Rating

str. sell

 
Value-price divergence*

+949%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ARCO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.06
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.59
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
Revenue, $m
  2,929
  3,406
  3,923
  4,478
  5,071
  5,701
  6,366
  7,067
  7,802
  8,572
  9,376
  10,214
  11,087
  11,995
  12,939
  13,921
  14,940
  16,000
  17,102
  18,247
  19,438
  20,677
  21,966
  23,309
  24,708
  26,166
  27,687
  29,273
  30,929
  32,659
  34,465
Variable operating expenses, $m
 
  3,301
  3,801
  4,339
  4,914
  5,523
  6,168
  6,847
  7,559
  8,305
  9,083
  9,895
  10,740
  11,620
  12,535
  13,486
  14,474
  15,501
  16,568
  17,677
  18,831
  20,031
  21,280
  22,581
  23,936
  25,349
  26,822
  28,359
  29,963
  31,638
  33,389
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,750
  3,301
  3,801
  4,339
  4,914
  5,523
  6,168
  6,847
  7,559
  8,305
  9,083
  9,895
  10,740
  11,620
  12,535
  13,486
  14,474
  15,501
  16,568
  17,677
  18,831
  20,031
  21,280
  22,581
  23,936
  25,349
  26,822
  28,359
  29,963
  31,638
  33,389
Operating income, $m
  179
  106
  122
  139
  158
  177
  198
  220
  243
  267
  292
  319
  346
  375
  404
  435
  467
  500
  534
  570
  607
  646
  686
  728
  772
  817
  865
  914
  966
  1,020
  1,077
EBITDA, $m
  272
  214
  246
  281
  319
  358
  400
  444
  490
  538
  589
  642
  696
  753
  813
  874
  939
  1,005
  1,074
  1,146
  1,221
  1,299
  1,380
  1,464
  1,552
  1,644
  1,739
  1,839
  1,943
  2,052
  2,165
Interest expense (income), $m
  77
  69
  92
  117
  144
  172
  202
  234
  268
  303
  340
  379
  419
  461
  505
  550
  598
  647
  697
  750
  806
  863
  922
  984
  1,049
  1,116
  1,186
  1,259
  1,336
  1,415
  1,498
Earnings before tax, $m
  139
  37
  30
  22
  14
  5
  -4
  -14
  -25
  -36
  -48
  -60
  -73
  -87
  -101
  -115
  -131
  -147
  -163
  -180
  -198
  -217
  -236
  -256
  -277
  -299
  -321
  -345
  -369
  -395
  -422
Tax expense, $m
  60
  10
  8
  6
  4
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  79
  27
  22
  16
  10
  4
  -4
  -14
  -25
  -36
  -48
  -60
  -73
  -87
  -101
  -115
  -131
  -147
  -163
  -180
  -198
  -217
  -236
  -256
  -277
  -299
  -321
  -345
  -369
  -395
  -422

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  195
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,505
  1,523
  1,755
  2,003
  2,268
  2,550
  2,847
  3,160
  3,489
  3,834
  4,193
  4,568
  4,958
  5,364
  5,787
  6,226
  6,682
  7,156
  7,648
  8,161
  8,693
  9,247
  9,824
  10,424
  11,050
  11,702
  12,382
  13,092
  13,832
  14,606
  15,414
Adjusted assets (=assets-cash), $m
  1,310
  1,523
  1,755
  2,003
  2,268
  2,550
  2,847
  3,160
  3,489
  3,834
  4,193
  4,568
  4,958
  5,364
  5,787
  6,226
  6,682
  7,156
  7,648
  8,161
  8,693
  9,247
  9,824
  10,424
  11,050
  11,702
  12,382
  13,092
  13,832
  14,606
  15,414
Revenue / Adjusted assets
  2.236
  2.236
  2.235
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
Average production assets, $m
  878
  1,022
  1,177
  1,344
  1,521
  1,710
  1,910
  2,120
  2,341
  2,572
  2,813
  3,064
  3,326
  3,598
  3,882
  4,176
  4,482
  4,800
  5,131
  5,474
  5,831
  6,203
  6,590
  6,993
  7,412
  7,850
  8,306
  8,782
  9,279
  9,798
  10,340
Working capital, $m
  -103
  -313
  -361
  -412
  -467
  -524
  -586
  -650
  -718
  -789
  -863
  -940
  -1,020
  -1,104
  -1,190
  -1,281
  -1,375
  -1,472
  -1,573
  -1,679
  -1,788
  -1,902
  -2,021
  -2,144
  -2,273
  -2,407
  -2,547
  -2,693
  -2,845
  -3,005
  -3,171
Total debt, $m
  580
  736
  935
  1,148
  1,376
  1,619
  1,875
  2,144
  2,427
  2,723
  3,032
  3,354
  3,690
  4,039
  4,403
  4,780
  5,172
  5,580
  6,004
  6,444
  6,902
  7,379
  7,875
  8,391
  8,929
  9,490
  10,075
  10,685
  11,322
  11,987
  12,682
Total liabilities, $m
  1,154
  1,310
  1,509
  1,722
  1,950
  2,193
  2,449
  2,718
  3,001
  3,297
  3,606
  3,928
  4,264
  4,613
  4,977
  5,354
  5,746
  6,154
  6,578
  7,018
  7,476
  7,953
  8,449
  8,965
  9,503
  10,064
  10,649
  11,259
  11,896
  12,561
  13,256
Total equity, $m
  351
  213
  246
  280
  318
  357
  399
  442
  489
  537
  587
  640
  694
  751
  810
  872
  935
  1,002
  1,071
  1,142
  1,217
  1,295
  1,375
  1,459
  1,547
  1,638
  1,734
  1,833
  1,937
  2,045
  2,158
Total liabilities and equity, $m
  1,505
  1,523
  1,755
  2,002
  2,268
  2,550
  2,848
  3,160
  3,490
  3,834
  4,193
  4,568
  4,958
  5,364
  5,787
  6,226
  6,681
  7,156
  7,649
  8,160
  8,693
  9,248
  9,824
  10,424
  11,050
  11,702
  12,383
  13,092
  13,833
  14,606
  15,414
Debt-to-equity ratio
  1.652
  3.450
  3.810
  4.100
  4.340
  4.530
  4.700
  4.850
  4.970
  5.070
  5.170
  5.250
  5.320
  5.380
  5.430
  5.480
  5.530
  5.570
  5.610
  5.640
  5.670
  5.700
  5.730
  5.750
  5.770
  5.790
  5.810
  5.830
  5.850
  5.860
  5.880
Adjusted equity ratio
  0.119
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  79
  27
  22
  16
  10
  4
  -4
  -14
  -25
  -36
  -48
  -60
  -73
  -87
  -101
  -115
  -131
  -147
  -163
  -180
  -198
  -217
  -236
  -256
  -277
  -299
  -321
  -345
  -369
  -395
  -422
Depreciation, amort., depletion, $m
  93
  108
  125
  142
  161
  181
  202
  224
  247
  271
  297
  323
  350
  379
  409
  440
  472
  505
  540
  576
  614
  653
  694
  736
  780
  826
  874
  924
  977
  1,031
  1,088
Funds from operations, $m
  232
  135
  146
  158
  171
  185
  198
  210
  222
  235
  249
  263
  277
  292
  308
  324
  341
  359
  377
  396
  416
  436
  458
  480
  503
  528
  553
  580
  607
  636
  667
Change in working capital, $m
  68
  -44
  -48
  -51
  -55
  -58
  -61
  -64
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -101
  -105
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -159
  -166
Cash from operations, $m
  164
  179
  194
  210
  226
  243
  259
  274
  290
  306
  323
  340
  357
  376
  395
  414
  435
  456
  478
  501
  525
  550
  576
  603
  632
  662
  693
  725
  760
  795
  833
Maintenance CAPEX, $m
  0
  -92
  -108
  -124
  -141
  -160
  -180
  -201
  -223
  -246
  -271
  -296
  -323
  -350
  -379
  -409
  -440
  -472
  -505
  -540
  -576
  -614
  -653
  -694
  -736
  -780
  -826
  -874
  -924
  -977
  -1,031
New CAPEX, $m
  -92
  -144
  -155
  -167
  -178
  -189
  -200
  -210
  -221
  -231
  -241
  -251
  -262
  -272
  -283
  -294
  -306
  -318
  -330
  -344
  -357
  -372
  -387
  -403
  -420
  -437
  -456
  -476
  -497
  -519
  -542
Cash from investing activities, $m
  23
  -236
  -263
  -291
  -319
  -349
  -380
  -411
  -444
  -477
  -512
  -547
  -585
  -622
  -662
  -703
  -746
  -790
  -835
  -884
  -933
  -986
  -1,040
  -1,097
  -1,156
  -1,217
  -1,282
  -1,350
  -1,421
  -1,496
  -1,573
Free cash flow, $m
  187
  -58
  -69
  -81
  -94
  -106
  -121
  -137
  -154
  -171
  -189
  -208
  -227
  -247
  -267
  -289
  -311
  -334
  -358
  -382
  -408
  -435
  -464
  -493
  -524
  -556
  -590
  -625
  -662
  -700
  -740
Issuance/(repayment) of debt, $m
  -264
  184
  199
  214
  228
  242
  256
  269
  283
  296
  309
  322
  336
  349
  363
  377
  392
  408
  424
  440
  458
  477
  496
  516
  538
  561
  585
  610
  637
  665
  695
Issuance/(repurchase) of shares, $m
  0
  2
  11
  18
  27
  36
  46
  58
  71
  84
  99
  112
  128
  143
  160
  177
  195
  213
  232
  252
  273
  294
  317
  340
  365
  390
  417
  444
  473
  503
  535
Cash from financing (excl. dividends), $m  
  -113
  186
  210
  232
  255
  278
  302
  327
  354
  380
  408
  434
  464
  492
  523
  554
  587
  621
  656
  692
  731
  771
  813
  856
  903
  951
  1,002
  1,054
  1,110
  1,168
  1,230
Total cash flow (excl. dividends), $m
  82
  129
  141
  151
  161
  171
  181
  190
  200
  209
  218
  227
  236
  246
  256
  266
  276
  287
  298
  310
  322
  336
  349
  364
  379
  395
  412
  430
  448
  468
  489
Retained Cash Flow (-), $m
  -65
  -29
  -32
  -35
  -37
  -39
  -46
  -58
  -71
  -84
  -99
  -112
  -128
  -143
  -160
  -177
  -195
  -213
  -232
  -252
  -273
  -294
  -317
  -340
  -365
  -390
  -417
  -444
  -473
  -503
  -535
Prev. year cash balance distribution, $m
 
  167
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  267
  108
  116
  124
  132
  135
  132
  129
  125
  120
  115
  109
  103
  96
  89
  82
  74
  66
  58
  50
  41
  32
  23
  14
  5
  -5
  -15
  -25
  -35
  -46
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  249
  94
  93
  91
  88
  81
  71
  61
  52
  43
  36
  29
  22
  17
  13
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.8
  99.0
  97.8
  96.3
  94.5
  92.6
  90.4
  88.1
  85.7
  83.2
  80.6
  78.1
  75.5
  73.0
  70.4
  67.9
  65.5
  63.1
  60.7
  58.5
  56.2
  54.1
  51.9
  49.9
  47.9
  46.0
  44.1
  42.3
  40.6
  38.9

Arcos Dorados Holdings Inc. is a McDonald's franchisee. The Company operates or franchises over 2,140 McDonald's-branded restaurants. It divides its operations into four geographical divisions: Brazil; the Caribbean division, consisting of Aruba, Colombia, Curacao, French Guiana, Guadeloupe, Martinique, Puerto Rico, Trinidad and Tobago, the United States Virgin Islands of Saint Croix and Saint Thomas, and Venezuela; the North Latin America division (NOLAD), consisting of Costa Rica, Mexico and Panama, and the South Latin America division (SLAD), consisting of Argentina, Chile, Ecuador, Peru and Uruguay. Its menus feature over three tiers of products: entry-level options, such as its Big Pleasures, Small Prices offerings and Almuerzos Colombianos (Colombian Lunches) in Colombia; core menu options, such as the Big Mac, Happy Meal and Quarter Pounder, and premium options, such as Big Tasty or Angus premium hamburgers and chicken sandwiches and low-calorie or low-sodium products.

FINANCIAL RATIOS  of  Arcos Dorados Holdings Cl A (ARCO)

Valuation Ratios
P/E Ratio 26.7
Price to Sales 0.7
Price to Book 6
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 29.3
Growth Rates
Sales Growth Rate -4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.1%
Cap. Spend. - 3 Yr. Gr. Rate -21.7%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 157.3%
Total Debt to Equity 165.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. -1.4%
Return On Equity 24.8%
Return On Equity - 3 Yr. Avg. -2.7%
Asset Turnover 2
Profitability Ratios
Gross Margin 12.2%
Gross Margin - 3 Yr. Avg. 12%
EBITDA Margin 10.5%
EBITDA Margin - 3 Yr. Avg. 6.1%
Operating Margin 6.1%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 4.7%
Pre-Tax Margin - 3 Yr. Avg. 0.6%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. -0.7%
Effective Tax Rate 43.2%
Eff/ Tax Rate - 3 Yr. Avg. -24.8%
Payout Ratio 0%

ARCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARCO stock intrinsic value calculation we used $2929 million for the last fiscal year's total revenue generated by Arcos Dorados Holdings Cl A. The default revenue input number comes from 2016 income statement of Arcos Dorados Holdings Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ARCO stock valuation model: a) initial revenue growth rate of 16.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.9%, whose default value for ARCO is calculated based on our internal credit rating of Arcos Dorados Holdings Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Arcos Dorados Holdings Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ARCO stock the variable cost ratio is equal to 96.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ARCO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 12.5% for Arcos Dorados Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for Arcos Dorados Holdings Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ARCO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ARCO are equal to 30%.

Life of production assets of 9.5 years is the average useful life of capital assets used in Arcos Dorados Holdings Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ARCO is equal to -9.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $351 million for Arcos Dorados Holdings Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 213.873 million for Arcos Dorados Holdings Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Arcos Dorados Holdings Cl A at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Arcos Dorados reports 2Q loss   [Aug-09-17 10:22PM  Associated Press]
▶ The 3 Stocks on the MFM Team's Radar This Week   [Aug-06-17 10:02PM  Motley Fool]
▶ Arcos Dorados Holdings Addresses Its Biggest Threat   [Aug-03-17 06:11PM  Motley Fool]
▶ Arcos Dorados to Participate in Upcoming Equity Conferences   [Jul-07-17 08:05AM  Business Wire]
▶ Brazil Shockwaves Send These 5 Stocks Plunging   [May-18-17 05:43PM  Motley Fool]
▶ Why Arcos Dorados Holding Inc. Stock Popped Today   [May-03-17 04:58PM  Motley Fool]
▶ Arcos Dorados posts 1Q profit   [08:04AM  Associated Press]
▶ 3 Top Stocks Under $10   [Mar-16-17 07:15PM  Motley Fool]
▶ What Happened in the Stock Market Today   [04:58PM  at Motley Fool]
▶ Arcos Dorados Announces Key Appointments   [Jan-04-17 04:45PM  Business Wire]
▶ 6 Analyst Stock Picks Under $10 for Massive Upside   [Oct-30-16 11:06AM  at 24/7 Wall St.]
Financial statements of ARCO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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