Intrinsic value of Buffalo Wild Wings - BWLD

Previous Close

$106.85

  Intrinsic Value

$89.32

stock screener

  Rating & Target

hold

-16%

  Value-price divergence*

-60%

Previous close

$106.85

 
Intrinsic value

$89.32

 
Up/down potential

-16%

 
Rating

hold

 
Value-price divergence*

-60%

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

We calculate the intrinsic value of BWLD 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 1.8

 

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, %
  9.60
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  1,987
  2,092
  2,203
  2,318
  2,439
  2,566
  2,699
  2,838
  2,984
  3,137
  3,297
  3,466
  3,642
  3,827
  4,022
  4,226
  4,439
  4,664
  4,899
  5,147
  5,406
  5,678
  5,964
  6,264
  6,579
  6,909
  7,256
  7,621
  8,003
  8,404
  8,826
Variable operating expenses, $m
 
  1,933
  2,034
  2,140
  2,251
  2,368
  2,490
  2,618
  2,752
  2,892
  3,040
  3,184
  3,346
  3,516
  3,694
  3,882
  4,078
  4,284
  4,501
  4,728
  4,966
  5,216
  5,479
  5,754
  6,043
  6,347
  6,666
  7,000
  7,352
  7,720
  8,107
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
  1,850
  1,933
  2,034
  2,140
  2,251
  2,368
  2,490
  2,618
  2,752
  2,892
  3,040
  3,184
  3,346
  3,516
  3,694
  3,882
  4,078
  4,284
  4,501
  4,728
  4,966
  5,216
  5,479
  5,754
  6,043
  6,347
  6,666
  7,000
  7,352
  7,720
  8,107
Operating income, $m
  137
  160
  169
  178
  188
  198
  209
  220
  232
  245
  258
  282
  296
  311
  327
  344
  361
  380
  399
  419
  440
  462
  485
  510
  535
  562
  591
  620
  651
  684
  718
EBITDA, $m
  289
  247
  260
  274
  288
  303
  319
  335
  353
  371
  390
  410
  430
  452
  475
  499
  525
  551
  579
  608
  639
  671
  705
  740
  778
  817
  858
  901
  946
  993
  1,043
Interest expense (income), $m
  4
  7
  8
  9
  10
  11
  13
  14
  15
  16
  18
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  47
  50
  53
  56
  59
  63
  67
Earnings before tax, $m
  134
  152
  160
  169
  178
  187
  196
  207
  217
  228
  240
  263
  276
  289
  303
  318
  333
  350
  367
  385
  404
  423
  444
  466
  489
  513
  538
  564
  592
  621
  652
Tax expense, $m
  40
  41
  43
  46
  48
  50
  53
  56
  59
  62
  65
  71
  74
  78
  82
  86
  90
  94
  99
  104
  109
  114
  120
  126
  132
  138
  145
  152
  160
  168
  176
Net income, $m
  95
  111
  117
  123
  130
  136
  143
  151
  158
  167
  175
  192
  201
  211
  221
  232
  243
  255
  268
  281
  295
  309
  324
  340
  357
  374
  393
  412
  432
  453
  476

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  49
  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
  1,047
  1,051
  1,106
  1,164
  1,225
  1,289
  1,355
  1,425
  1,499
  1,576
  1,656
  1,741
  1,829
  1,922
  2,020
  2,122
  2,230
  2,342
  2,461
  2,585
  2,715
  2,852
  2,995
  3,146
  3,304
  3,470
  3,645
  3,828
  4,020
  4,221
  4,433
Adjusted assets (=assets-cash), $m
  998
  1,051
  1,106
  1,164
  1,225
  1,289
  1,355
  1,425
  1,499
  1,576
  1,656
  1,741
  1,829
  1,922
  2,020
  2,122
  2,230
  2,342
  2,461
  2,585
  2,715
  2,852
  2,995
  3,146
  3,304
  3,470
  3,645
  3,828
  4,020
  4,221
  4,433
Revenue / Adjusted assets
  1.991
  1.990
  1.992
  1.991
  1.991
  1.991
  1.992
  1.992
  1.991
  1.990
  1.991
  1.991
  1.991
  1.991
  1.991
  1.992
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
Average production assets, $m
  732
  770
  811
  853
  898
  944
  993
  1,044
  1,098
  1,154
  1,213
  1,275
  1,340
  1,408
  1,480
  1,555
  1,634
  1,716
  1,803
  1,894
  1,989
  2,090
  2,195
  2,305
  2,421
  2,543
  2,670
  2,804
  2,945
  3,093
  3,248
Working capital, $m
  -65
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -173
  -181
  -191
  -200
  -211
  -221
  -232
  -244
  -257
  -269
  -283
  -297
  -312
  -328
  -345
  -362
  -380
  -399
  -419
  -440
  -462
  -485
Total debt, $m
  209
  233
  262
  292
  324
  358
  393
  430
  468
  509
  551
  596
  642
  691
  742
  796
  853
  912
  974
  1,040
  1,108
  1,180
  1,256
  1,335
  1,418
  1,505
  1,597
  1,693
  1,794
  1,900
  2,012
Total liabilities, $m
  529
  553
  582
  612
  644
  678
  713
  750
  788
  829
  871
  916
  962
  1,011
  1,062
  1,116
  1,173
  1,232
  1,294
  1,360
  1,428
  1,500
  1,576
  1,655
  1,738
  1,825
  1,917
  2,013
  2,114
  2,220
  2,332
Total equity, $m
  518
  498
  524
  552
  581
  611
  642
  676
  710
  747
  785
  825
  867
  911
  957
  1,006
  1,057
  1,110
  1,166
  1,225
  1,287
  1,352
  1,420
  1,491
  1,566
  1,645
  1,728
  1,814
  1,905
  2,001
  2,101
Total liabilities and equity, $m
  1,047
  1,051
  1,106
  1,164
  1,225
  1,289
  1,355
  1,426
  1,498
  1,576
  1,656
  1,741
  1,829
  1,922
  2,019
  2,122
  2,230
  2,342
  2,460
  2,585
  2,715
  2,852
  2,996
  3,146
  3,304
  3,470
  3,645
  3,827
  4,019
  4,221
  4,433
Debt-to-equity ratio
  0.403
  0.470
  0.500
  0.530
  0.560
  0.590
  0.610
  0.640
  0.660
  0.680
  0.700
  0.720
  0.740
  0.760
  0.780
  0.790
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.900
  0.910
  0.920
  0.920
  0.930
  0.940
  0.950
  0.960
Adjusted equity ratio
  0.470
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  95
  111
  117
  123
  130
  136
  143
  151
  158
  167
  175
  192
  201
  211
  221
  232
  243
  255
  268
  281
  295
  309
  324
  340
  357
  374
  393
  412
  432
  453
  476
Depreciation, amort., depletion, $m
  152
  88
  92
  96
  100
  105
  110
  115
  121
  126
  132
  128
  134
  141
  148
  155
  163
  172
  180
  189
  199
  209
  219
  231
  242
  254
  267
  280
  295
  309
  325
Funds from operations, $m
  309
  199
  209
  219
  230
  241
  253
  266
  279
  293
  307
  319
  335
  352
  369
  388
  407
  427
  448
  470
  494
  518
  544
  571
  599
  629
  660
  692
  727
  763
  801
Change in working capital, $m
  26
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Cash from operations, $m
  283
  205
  215
  226
  237
  248
  261
  274
  287
  301
  316
  329
  345
  362
  380
  399
  419
  439
  461
  484
  508
  533
  559
  587
  616
  647
  679
  712
  748
  785
  824
Maintenance CAPEX, $m
  0
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
  -115
  -121
  -128
  -134
  -141
  -148
  -155
  -163
  -172
  -180
  -189
  -199
  -209
  -219
  -231
  -242
  -254
  -267
  -280
  -295
  -309
New CAPEX, $m
  -142
  -38
  -41
  -42
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -148
  -155
Cash from investing activities, $m
  -145
  -111
  -118
  -123
  -130
  -137
  -143
  -150
  -158
  -166
  -174
  -183
  -193
  -202
  -212
  -223
  -234
  -246
  -259
  -271
  -284
  -299
  -314
  -329
  -347
  -364
  -382
  -401
  -421
  -443
  -464
Free cash flow, $m
  138
  93
  97
  102
  107
  112
  117
  123
  129
  135
  141
  145
  152
  160
  168
  176
  184
  193
  203
  213
  223
  234
  245
  257
  270
  283
  297
  311
  327
  343
  359
Issuance/(repayment) of debt, $m
  142
  28
  29
  31
  32
  33
  35
  37
  39
  40
  42
  44
  47
  49
  51
  54
  57
  59
  62
  65
  69
  72
  75
  79
  83
  87
  92
  96
  101
  106
  111
Issuance/(repurchase) of shares, $m
  -228
  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 from financing (excl. dividends), $m  
  -100
  28
  29
  31
  32
  33
  35
  37
  39
  40
  42
  44
  47
  49
  51
  54
  57
  59
  62
  65
  69
  72
  75
  79
  83
  87
  92
  96
  101
  106
  111
Total cash flow (excl. dividends), $m
  38
  121
  126
  133
  139
  146
  152
  160
  167
  175
  184
  190
  199
  209
  219
  230
  241
  253
  265
  278
  291
  306
  321
  336
  353
  370
  388
  408
  428
  449
  471
Retained Cash Flow (-), $m
  137
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -100
Prev. year cash balance distribution, $m
 
  45
  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
 
  141
  100
  105
  110
  115
  121
  127
  133
  139
  146
  150
  157
  165
  173
  181
  190
  199
  209
  219
  230
  241
  253
  265
  278
  292
  306
  321
  337
  353
  370
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  135
  92
  91
  91
  89
  88
  86
  83
  80
  76
  71
  67
  63
  58
  53
  48
  43
  38
  34
  29
  25
  21
  17
  14
  11
  9
  7
  5
  4
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Buffalo Wild Wings, Inc. owns, operates, and franchises restaurants under Buffalo Wild Wings, R Taco, and PizzaRev names. The company’s restaurants provide various food products, as well as non-alcoholic and alcoholic beverages. As of February 7, 2017, it had approximately 1,220 Buffalo Wild Wings locations worldwide. The company was founded in 1982 and is headquartered in Minneapolis, Minnesota.

FINANCIAL RATIOS  of  Buffalo Wild Wings (BWLD)

Valuation Ratios
P/E Ratio 19.6
Price to Sales 0.9
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 13.2
Growth Rates
Sales Growth Rate 9.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.9%
Cap. Spend. - 3 Yr. Gr. Rate 0.4%
Financial Strength
Quick Ratio 12
Current Ratio 0.3
LT Debt to Equity 39.6%
Total Debt to Equity 40.3%
Interest Coverage 35
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 10.4%
Return On Total Capital 13.1%
Ret/ On T. Cap. - 3 Yr. Avg. 15.2%
Return On Equity 16.2%
Return On Equity - 3 Yr. Avg. 16.6%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 41.4%
Gross Margin - 3 Yr. Avg. 42.3%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 14.9%
Operating Margin 6.9%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 29.9%
Eff/ Tax Rate - 3 Yr. Avg. 30.1%
Payout Ratio 0%

BWLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BWLD stock intrinsic value calculation we used $1987 million for the last fiscal year's total revenue generated by Buffalo Wild Wings. The default revenue input number comes from 2016 income statement of Buffalo Wild Wings. 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 BWLD stock valuation model: a) initial revenue growth rate of 5.3% 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 4.3%, whose default value for BWLD is calculated based on our internal credit rating of Buffalo Wild Wings, 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 Buffalo Wild Wings.
    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 BWLD stock the variable cost ratio is equal to 92.4%.

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 BWLD 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 3.5% for Buffalo Wild Wings.

Corporate tax rate of 27% is the nominal tax rate for Buffalo Wild Wings. 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 BWLD 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 BWLD are equal to 36.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Buffalo Wild Wings 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 BWLD is equal to -5.5%. 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 - $518 million for Buffalo Wild Wings - 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 17.215 million for Buffalo Wild Wings 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 Buffalo Wild Wings at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

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▶ Is Anything Going Right for Buffalo Wild Wings?   [Aug-01-17 07:40PM  Motley Fool]
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▶ Why You Should Stay Away From Buffalo Wild Wings   [Jul-28-17 05:46PM  GuruFocus.com]
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▶ Restaurant chain to pilot beer delivery in Ohio   [02:55PM  American City Business Journals]
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▶ Buffalo Wild Wings Needs a New Recipe   [09:11AM  Motley Fool]
▶ Buffalo Wild Wings misses Street 2Q forecasts   [Jul-26-17 09:55PM  Associated Press]
▶ The Restaurant Sector Q2 Earnings Cheat Sheet   [Jul-22-17 03:39PM  Benzinga]
▶ Reputed Creator of Buffalo Wings to Open NYC Restaurant   [Jul-21-17 12:47AM  The Wall Street Journal]
▶ Buffalo Wild Wings Refranchising to Drive Value   [Jul-20-17 09:30AM  TheStreet.com]
▶ Corrections & Amplifications for edition of July 17, 2017   [Jul-16-17 09:56PM  The Wall Street Journal]
▶ Corrections & Amplifications   [08:30PM  The Wall Street Journal]
▶ Refranchising Begins in Earnest at Buffalo Wild Wings   [Jul-08-17 11:46AM  Motley Fool]
▶ 2 Different Takes On B-Dubs Ahead Of Earnings   [Jul-07-17 04:57PM  Benzinga]
▶ Buffalo Wild Wings (BWLD) Stock Is a Contrarians Dream   [Jul-06-17 01:32PM  InvestorPlace]
▶ Why GrubHub Inc (GRUB) Stock Is a No-Go Right Now   [Jun-29-17 11:28AM  InvestorPlace]
▶ Will Marcato's Influence Be Bad for Buffalo Wild Wings?   [Jun-28-17 09:34PM  Motley Fool]
▶ Buffalo Wild Wings rolls out loyalty program nationwide   [Jun-26-17 11:00AM  MarketWatch]
▶ Why Netflix Could Be Eating up Restaurants   [Jun-23-17 07:36AM  Market Realist]
▶ Buffalo Wild Wings intends to sell over 80 restaurants to franchisees   [Jun-19-17 10:30PM  American City Business Journals]
▶ Buffalo Wild Wings eyes Denver for new smaller-format restaurants   [10:15AM  American City Business Journals]
▶ 3 Mid-Cap Stocks for June   [09:04AM  Motley Fool]
▶ Buffalo Wild Wings® Pilots B-Dubs Express   [10:00AM  Business Wire]
▶ [$$] Activist Investors Lose Their Way   [Jun-10-17 12:01AM  Barrons.com]
Financial statements of BWLD
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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