Intrinsic value of Chipotle Mexican Grill Cl - CMG

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$480.15

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$480.15

 
Intrinsic value

$719.94

 
Up/down potential

+50%

 
Rating

buy

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

We calculate the intrinsic value of CMG 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 13.9

 

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, %
  -13.26
  28.20
  25.88
  23.79
  21.91
  20.22
  18.70
  17.33
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
Revenue, $m
  3,904
  5,005
  6,300
  7,799
  9,508
  11,431
  13,568
  15,920
  18,482
  21,252
  24,225
  27,396
  30,760
  34,314
  38,053
  41,975
  46,079
  50,364
  54,830
  59,481
  64,319
  69,350
  74,577
  80,010
  85,656
  91,524
  97,624
  103,969
  110,570
  117,441
  124,596
Variable operating expenses, $m
 
  4,153
  5,228
  6,471
  7,889
  9,483
  11,256
  13,207
  15,332
  17,629
  20,095
  22,723
  25,513
  28,461
  31,562
  34,816
  38,219
  41,773
  45,478
  49,336
  53,349
  57,521
  61,857
  66,363
  71,046
  75,913
  80,973
  86,236
  91,711
  97,410
  103,345
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
  3,870
  4,153
  5,228
  6,471
  7,889
  9,483
  11,256
  13,207
  15,332
  17,629
  20,095
  22,723
  25,513
  28,461
  31,562
  34,816
  38,219
  41,773
  45,478
  49,336
  53,349
  57,521
  61,857
  66,363
  71,046
  75,913
  80,973
  86,236
  91,711
  97,410
  103,345
Operating income, $m
  35
  851
  1,072
  1,328
  1,620
  1,947
  2,312
  2,713
  3,150
  3,623
  4,130
  4,673
  5,247
  5,853
  6,490
  7,159
  7,859
  8,590
  9,352
  10,145
  10,971
  11,829
  12,720
  13,647
  14,610
  15,611
  16,651
  17,733
  18,859
  20,031
  21,252
EBITDA, $m
  181
  1,037
  1,306
  1,617
  1,971
  2,369
  2,812
  3,300
  3,831
  4,405
  5,021
  5,678
  6,376
  7,112
  7,887
  8,700
  9,551
  10,439
  11,365
  12,329
  13,331
  14,374
  15,458
  16,584
  17,754
  18,970
  20,234
  21,549
  22,918
  24,342
  25,825
Interest expense (income), $m
  0
  0
  6
  13
  22
  31
  42
  54
  67
  82
  97
  114
  131
  150
  170
  191
  213
  236
  260
  285
  311
  338
  366
  395
  426
  457
  490
  524
  560
  597
  635
Earnings before tax, $m
  39
  851
  1,066
  1,315
  1,598
  1,916
  2,270
  2,659
  3,083
  3,541
  4,033
  4,559
  5,115
  5,702
  6,320
  6,968
  7,646
  8,354
  9,092
  9,860
  10,660
  11,491
  12,354
  13,252
  14,184
  15,153
  16,161
  17,209
  18,300
  19,435
  20,617
Tax expense, $m
  16
  230
  288
  355
  431
  517
  613
  718
  832
  956
  1,089
  1,231
  1,381
  1,540
  1,706
  1,881
  2,065
  2,256
  2,455
  2,662
  2,878
  3,102
  3,336
  3,578
  3,830
  4,091
  4,363
  4,646
  4,941
  5,247
  5,566
Net income, $m
  23
  622
  778
  960
  1,166
  1,399
  1,657
  1,941
  2,251
  2,585
  2,944
  3,328
  3,734
  4,163
  4,614
  5,087
  5,582
  6,099
  6,637
  7,198
  7,782
  8,388
  9,019
  9,674
  10,354
  11,062
  11,798
  12,563
  13,359
  14,187
  15,050

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  418
  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
  2,026
  2,061
  2,595
  3,212
  3,916
  4,708
  5,588
  6,557
  7,612
  8,753
  9,977
  11,283
  12,669
  14,132
  15,672
  17,288
  18,978
  20,743
  22,583
  24,498
  26,491
  28,562
  30,716
  32,953
  35,278
  37,695
  40,208
  42,821
  45,540
  48,369
  51,316
Adjusted assets (=assets-cash), $m
  1,608
  2,061
  2,595
  3,212
  3,916
  4,708
  5,588
  6,557
  7,612
  8,753
  9,977
  11,283
  12,669
  14,132
  15,672
  17,288
  18,978
  20,743
  22,583
  24,498
  26,491
  28,562
  30,716
  32,953
  35,278
  37,695
  40,208
  42,821
  45,540
  48,369
  51,316
Revenue / Adjusted assets
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
Average production assets, $m
  1,261
  1,617
  2,035
  2,519
  3,071
  3,692
  4,383
  5,142
  5,970
  6,864
  7,825
  8,849
  9,935
  11,083
  12,291
  13,558
  14,883
  16,267
  17,710
  19,212
  20,775
  22,400
  24,089
  25,843
  27,667
  29,562
  31,533
  33,582
  35,714
  37,933
  40,245
Working capital, $m
  240
  -230
  -290
  -359
  -437
  -526
  -624
  -732
  -850
  -978
  -1,114
  -1,260
  -1,415
  -1,578
  -1,750
  -1,931
  -2,120
  -2,317
  -2,522
  -2,736
  -2,959
  -3,190
  -3,431
  -3,680
  -3,940
  -4,210
  -4,491
  -4,783
  -5,086
  -5,402
  -5,731
Total debt, $m
  0
  176
  383
  622
  895
  1,203
  1,544
  1,920
  2,329
  2,772
  3,247
  3,754
  4,292
  4,859
  5,457
  6,084
  6,739
  7,424
  8,138
  8,881
  9,654
  10,458
  11,294
  12,162
  13,064
  14,002
  14,977
  15,990
  17,045
  18,143
  19,287
Total liabilities, $m
  624
  800
  1,007
  1,246
  1,519
  1,827
  2,168
  2,544
  2,953
  3,396
  3,871
  4,378
  4,916
  5,483
  6,081
  6,708
  7,363
  8,048
  8,762
  9,505
  10,278
  11,082
  11,918
  12,786
  13,688
  14,626
  15,601
  16,614
  17,669
  18,767
  19,911
Total equity, $m
  1,402
  1,262
  1,588
  1,966
  2,397
  2,881
  3,420
  4,013
  4,659
  5,357
  6,106
  6,905
  7,753
  8,649
  9,592
  10,580
  11,615
  12,695
  13,821
  14,993
  16,212
  17,480
  18,798
  20,167
  21,590
  23,069
  24,607
  26,206
  27,870
  29,602
  31,406
Total liabilities and equity, $m
  2,026
  2,062
  2,595
  3,212
  3,916
  4,708
  5,588
  6,557
  7,612
  8,753
  9,977
  11,283
  12,669
  14,132
  15,673
  17,288
  18,978
  20,743
  22,583
  24,498
  26,490
  28,562
  30,716
  32,953
  35,278
  37,695
  40,208
  42,820
  45,539
  48,369
  51,317
Debt-to-equity ratio
  0.000
  0.140
  0.240
  0.320
  0.370
  0.420
  0.450
  0.480
  0.500
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
Adjusted equity ratio
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  23
  622
  778
  960
  1,166
  1,399
  1,657
  1,941
  2,251
  2,585
  2,944
  3,328
  3,734
  4,163
  4,614
  5,087
  5,582
  6,099
  6,637
  7,198
  7,782
  8,388
  9,019
  9,674
  10,354
  11,062
  11,798
  12,563
  13,359
  14,187
  15,050
Depreciation, amort., depletion, $m
  146
  186
  233
  288
  351
  422
  500
  587
  681
  782
  891
  1,006
  1,129
  1,259
  1,397
  1,541
  1,691
  1,849
  2,013
  2,183
  2,361
  2,545
  2,737
  2,937
  3,144
  3,359
  3,583
  3,816
  4,058
  4,311
  4,573
Funds from operations, $m
  457
  807
  1,012
  1,248
  1,518
  1,821
  2,157
  2,528
  2,931
  3,367
  3,835
  4,334
  4,863
  5,422
  6,011
  6,628
  7,273
  7,947
  8,650
  9,381
  10,142
  10,934
  11,756
  12,610
  13,498
  14,421
  15,381
  16,379
  17,417
  18,498
  19,623
Change in working capital, $m
  108
  -51
  -60
  -69
  -79
  -88
  -98
  -108
  -118
  -127
  -137
  -146
  -155
  -163
  -172
  -180
  -189
  -197
  -205
  -214
  -223
  -231
  -240
  -250
  -260
  -270
  -281
  -292
  -304
  -316
  -329
Cash from operations, $m
  349
  902
  1,071
  1,317
  1,596
  1,909
  2,256
  2,636
  3,049
  3,495
  3,972
  4,480
  5,018
  5,586
  6,183
  6,808
  7,462
  8,144
  8,855
  9,595
  10,365
  11,165
  11,996
  12,860
  13,758
  14,691
  15,661
  16,671
  17,721
  18,814
  19,953
Maintenance CAPEX, $m
  0
  -143
  -184
  -231
  -286
  -349
  -420
  -498
  -584
  -678
  -780
  -889
  -1,006
  -1,129
  -1,259
  -1,397
  -1,541
  -1,691
  -1,849
  -2,013
  -2,183
  -2,361
  -2,545
  -2,737
  -2,937
  -3,144
  -3,359
  -3,583
  -3,816
  -4,058
  -4,311
New CAPEX, $m
  -259
  -356
  -418
  -484
  -552
  -621
  -690
  -759
  -828
  -895
  -960
  -1,024
  -1,087
  -1,148
  -1,208
  -1,267
  -1,326
  -1,384
  -1,443
  -1,502
  -1,563
  -1,625
  -1,689
  -1,755
  -1,824
  -1,895
  -1,970
  -2,049
  -2,132
  -2,219
  -2,311
Cash from investing activities, $m
  327
  -499
  -602
  -715
  -838
  -970
  -1,110
  -1,257
  -1,412
  -1,573
  -1,740
  -1,913
  -2,093
  -2,277
  -2,467
  -2,664
  -2,867
  -3,075
  -3,292
  -3,515
  -3,746
  -3,986
  -4,234
  -4,492
  -4,761
  -5,039
  -5,329
  -5,632
  -5,948
  -6,277
  -6,622
Free cash flow, $m
  676
  402
  469
  602
  758
  939
  1,146
  1,378
  1,637
  1,922
  2,232
  2,566
  2,926
  3,309
  3,715
  4,144
  4,596
  5,069
  5,564
  6,081
  6,619
  7,179
  7,762
  8,368
  8,998
  9,652
  10,332
  11,038
  11,772
  12,536
  13,331
Issuance/(repayment) of debt, $m
  0
  176
  207
  240
  273
  307
  342
  376
  409
  443
  475
  507
  538
  568
  598
  627
  656
  685
  714
  743
  773
  804
  835
  868
  902
  938
  975
  1,014
  1,055
  1,098
  1,143
Issuance/(repurchase) of shares, $m
  -838
  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  
  -836
  176
  207
  240
  273
  307
  342
  376
  409
  443
  475
  507
  538
  568
  598
  627
  656
  685
  714
  743
  773
  804
  835
  868
  902
  938
  975
  1,014
  1,055
  1,098
  1,143
Total cash flow (excl. dividends), $m
  -160
  578
  676
  841
  1,031
  1,246
  1,487
  1,754
  2,047
  2,364
  2,707
  3,073
  3,463
  3,877
  4,313
  4,771
  5,252
  5,754
  6,278
  6,824
  7,392
  7,983
  8,598
  9,236
  9,900
  10,590
  11,307
  12,052
  12,827
  13,634
  14,474
Retained Cash Flow (-), $m
  726
  -278
  -326
  -378
  -431
  -485
  -539
  -593
  -646
  -698
  -749
  -799
  -848
  -896
  -942
  -989
  -1,034
  -1,080
  -1,126
  -1,172
  -1,220
  -1,268
  -1,318
  -1,369
  -1,423
  -1,479
  -1,538
  -1,599
  -1,664
  -1,732
  -1,804
Prev. year cash balance distribution, $m
 
  418
  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
 
  719
  350
  463
  600
  762
  948
  1,161
  1,401
  1,666
  1,957
  2,274
  2,615
  2,981
  3,370
  3,783
  4,217
  4,674
  5,152
  5,652
  6,173
  6,715
  7,280
  7,867
  8,477
  9,111
  9,769
  10,453
  11,163
  11,902
  12,671
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
 
  689
  320
  403
  494
  590
  688
  785
  875
  957
  1,026
  1,080
  1,116
  1,133
  1,131
  1,111
  1,072
  1,017
  949
  870
  784
  695
  604
  516
  432
  354
  285
  224
  173
  130
  95
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

Chipotle Mexican Grill, Inc., together with its subsidiaries, develops and operates Chipotle Mexican Grill restaurants. As of December 31, 2016, the company operated 2,198 Chipotle restaurants throughout the United States, as well as 29 international Chipotle restaurants; and 23 restaurants with non-Chipotle concepts. The company was founded in 1993 and is based in Denver, Colorado.

FINANCIAL RATIOS  of  Chipotle Mexican Grill Cl (CMG)

Valuation Ratios
P/E Ratio 601.4
Price to Sales 3.5
Price to Book 9.9
Price to Tangible Book
Price to Cash Flow 39.6
Price to Free Cash Flow 153.7
Growth Rates
Sales Growth Rate -13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.8%
Cap. Spend. - 3 Yr. Gr. Rate 5.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 12.9%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 16.5%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. 16.5%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 20.3%
Gross Margin - 3 Yr. Avg. 28.4%
EBITDA Margin 4.7%
EBITDA Margin - 3 Yr. Avg. 14.9%
Operating Margin 0.9%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. 11.8%
Net Profit Margin 0.6%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 41%
Eff/ Tax Rate - 3 Yr. Avg. 39%
Payout Ratio 0%

CMG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMG stock intrinsic value calculation we used $3904 million for the last fiscal year's total revenue generated by Chipotle Mexican Grill Cl. The default revenue input number comes from 2016 income statement of Chipotle Mexican Grill Cl. 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 CMG stock valuation model: a) initial revenue growth rate of 28.2% 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 CMG is calculated based on our internal credit rating of Chipotle Mexican Grill Cl, 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 Chipotle Mexican Grill Cl.
    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 CMG stock the variable cost ratio is equal to 83%.

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 CMG 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 Chipotle Mexican Grill Cl.

Corporate tax rate of 27% is the nominal tax rate for Chipotle Mexican Grill Cl. 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 CMG 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 CMG are equal to 32.3%.

Life of production assets of 8.8 years is the average useful life of capital assets used in Chipotle Mexican Grill Cl 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 CMG is equal to -4.6%. 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 - $1402 million for Chipotle Mexican Grill Cl - 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 28.895 million for Chipotle Mexican Grill Cl 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 Chipotle Mexican Grill Cl at the current share price and the inputted number of shares is $13.9 billion.


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COMPANY NEWS

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▶ Chipotle Rebound Could Head Much Higher   [May-16-17 12:22PM  Investopedia]
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▶ Bill Ackman Comments on Chipotle Mexican Grill   [May-08-17 04:56PM  GuruFocus.com]
▶ Corporate Virtue-Signaling Can Be Bad For Business   [May-05-17 03:00PM  Investor's Business Daily]
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▶ Good News, Bad News for Chipotle   [01:00PM  TheStreet.com]
▶ Why Analysts Are Favoring Holds on Chipotle   [07:37AM  Market Realist]
▶ Chipotle's Mobile App Needs a Ton of Work   [Apr-30-17 01:50PM  Motley Fool]
▶ Why Analysts Are Warming Up to Chipotle After Earnings   [Apr-29-17 09:05AM  24/7 Wall St.]
▶ What Drove Chipotles Revenue in 1Q17?   [01:36PM  Market Realist]
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Stock chart of CMG Financial statements of CMG Annual reports of CMG
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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