Intrinsic value of DineEquity - DIN

Previous Close

$40.84

  Intrinsic Value

$48.83

stock screener

  Rating & Target

hold

+20%

  Value-price divergence*

+126%

Previous close

$40.84

 
Intrinsic value

$48.83

 
Up/down potential

+20%

 
Rating

hold

 
Value-price divergence*

+126%

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

We calculate the intrinsic value of DIN 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 0.7

 

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, %
  -6.90
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  634
  647
  662
  679
  698
  719
  742
  767
  795
  824
  856
  890
  926
  964
  1,005
  1,048
  1,094
  1,143
  1,194
  1,249
  1,306
  1,367
  1,430
  1,498
  1,569
  1,643
  1,722
  1,805
  1,892
  1,983
  2,080
Variable operating expenses, $m
 
  425
  433
  442
  453
  464
  477
  491
  506
  522
  540
  488
  508
  529
  552
  576
  601
  628
  656
  686
  717
  750
  785
  822
  861
  902
  945
  991
  1,039
  1,089
  1,142
Fixed operating expenses, $m
 
  67
  68
  70
  72
  74
  75
  77
  79
  81
  83
  85
  87
  90
  92
  94
  96
  99
  101
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
  133
  136
Total operating expenses, $m
  481
  492
  501
  512
  525
  538
  552
  568
  585
  603
  623
  573
  595
  619
  644
  670
  697
  727
  757
  790
  824
  859
  897
  937
  979
  1,023
  1,069
  1,118
  1,169
  1,222
  1,278
Operating income, $m
  153
  155
  160
  166
  173
  181
  190
  199
  209
  221
  233
  316
  330
  345
  361
  379
  397
  416
  437
  459
  482
  507
  533
  561
  590
  620
  653
  687
  723
  761
  801
EBITDA, $m
  184
  258
  264
  271
  279
  288
  297
  308
  320
  333
  347
  362
  378
  395
  413
  433
  453
  475
  499
  524
  550
  578
  607
  638
  671
  705
  742
  780
  821
  864
  909
Interest expense (income), $m
  69
  68
  66
  68
  71
  73
  77
  80
  84
  88
  92
  97
  102
  107
  113
  119
  125
  132
  140
  147
  155
  164
  173
  182
  192
  203
  214
  225
  238
  251
  264
Earnings before tax, $m
  153
  87
  94
  98
  103
  107
  113
  119
  126
  133
  141
  219
  228
  238
  248
  260
  271
  284
  298
  312
  327
  343
  360
  378
  398
  418
  439
  462
  485
  511
  537
Tax expense, $m
  55
  23
  26
  27
  28
  29
  31
  32
  34
  36
  38
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  93
  97
  102
  107
  113
  119
  125
  131
  138
  145
Net income, $m
  98
  63
  69
  72
  75
  78
  82
  87
  92
  97
  103
  160
  167
  174
  181
  189
  198
  207
  217
  228
  239
  251
  263
  276
  290
  305
  321
  337
  354
  373
  392

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  141
  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
  2,279
  2,177
  2,227
  2,285
  2,349
  2,420
  2,498
  2,583
  2,676
  2,775
  2,881
  2,995
  3,117
  3,246
  3,384
  3,530
  3,684
  3,848
  4,021
  4,204
  4,397
  4,601
  4,816
  5,043
  5,281
  5,533
  5,798
  6,076
  6,369
  6,678
  7,002
Adjusted assets (=assets-cash), $m
  2,138
  2,177
  2,227
  2,285
  2,349
  2,420
  2,498
  2,583
  2,676
  2,775
  2,881
  2,995
  3,117
  3,246
  3,384
  3,530
  3,684
  3,848
  4,021
  4,204
  4,397
  4,601
  4,816
  5,043
  5,281
  5,533
  5,798
  6,076
  6,369
  6,678
  7,002
Revenue / Adjusted assets
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
Average production assets, $m
  981
  1,000
  1,023
  1,050
  1,079
  1,112
  1,148
  1,187
  1,229
  1,275
  1,324
  1,376
  1,432
  1,491
  1,555
  1,622
  1,693
  1,768
  1,848
  1,932
  2,020
  2,114
  2,213
  2,317
  2,427
  2,542
  2,664
  2,792
  2,926
  3,068
  3,217
Working capital, $m
  80
  -49
  -50
  -52
  -53
  -55
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
Total debt, $m
  1,410
  1,344
  1,389
  1,440
  1,498
  1,562
  1,632
  1,709
  1,792
  1,881
  1,977
  2,080
  2,189
  2,306
  2,429
  2,561
  2,700
  2,847
  3,003
  3,168
  3,342
  3,525
  3,718
  3,922
  4,137
  4,364
  4,602
  4,853
  5,116
  5,394
  5,686
Total liabilities, $m
  2,026
  1,960
  2,005
  2,056
  2,114
  2,178
  2,248
  2,325
  2,408
  2,497
  2,593
  2,696
  2,805
  2,922
  3,045
  3,177
  3,316
  3,463
  3,619
  3,784
  3,958
  4,141
  4,334
  4,538
  4,753
  4,980
  5,218
  5,469
  5,732
  6,010
  6,302
Total equity, $m
  253
  218
  223
  228
  235
  242
  250
  258
  268
  277
  288
  300
  312
  325
  338
  353
  368
  385
  402
  420
  440
  460
  482
  504
  528
  553
  580
  608
  637
  668
  700
Total liabilities and equity, $m
  2,279
  2,178
  2,228
  2,284
  2,349
  2,420
  2,498
  2,583
  2,676
  2,774
  2,881
  2,996
  3,117
  3,247
  3,383
  3,530
  3,684
  3,848
  4,021
  4,204
  4,398
  4,601
  4,816
  5,042
  5,281
  5,533
  5,798
  6,077
  6,369
  6,678
  7,002
Debt-to-equity ratio
  5.573
  6.170
  6.230
  6.300
  6.380
  6.450
  6.530
  6.620
  6.700
  6.780
  6.860
  6.940
  7.020
  7.100
  7.180
  7.250
  7.330
  7.400
  7.470
  7.530
  7.600
  7.660
  7.720
  7.780
  7.830
  7.890
  7.940
  7.990
  8.030
  8.080
  8.120
Adjusted equity ratio
  0.052
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  98
  63
  69
  72
  75
  78
  82
  87
  92
  97
  103
  160
  167
  174
  181
  189
  198
  207
  217
  228
  239
  251
  263
  276
  290
  305
  321
  337
  354
  373
  392
Depreciation, amort., depletion, $m
  31
  103
  104
  105
  106
  107
  108
  109
  111
  112
  114
  46
  48
  50
  52
  54
  56
  59
  62
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  102
  107
Funds from operations, $m
  106
  166
  173
  176
  181
  185
  190
  196
  202
  209
  217
  206
  214
  223
  233
  244
  255
  266
  279
  292
  306
  321
  337
  354
  371
  390
  409
  430
  452
  475
  499
Change in working capital, $m
  -12
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
Cash from operations, $m
  118
  167
  174
  178
  182
  187
  192
  198
  205
  211
  219
  208
  217
  226
  236
  247
  258
  270
  283
  296
  311
  326
  342
  359
  376
  395
  415
  436
  459
  482
  507
Maintenance CAPEX, $m
  0
  -33
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -62
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
New CAPEX, $m
  -6
  -20
  -23
  -26
  -30
  -33
  -36
  -39
  -42
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -149
Cash from investing activities, $m
  13
  -53
  -56
  -60
  -65
  -69
  -73
  -77
  -82
  -87
  -91
  -96
  -102
  -107
  -113
  -119
  -125
  -131
  -139
  -146
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -217
  -228
  -240
  -251
Free cash flow, $m
  131
  115
  118
  117
  117
  118
  119
  121
  123
  125
  128
  112
  115
  119
  123
  128
  133
  138
  144
  151
  157
  165
  172
  181
  190
  199
  209
  220
  231
  243
  255
Issuance/(repayment) of debt, $m
  -14
  -53
  45
  52
  58
  64
  70
  77
  83
  89
  96
  103
  109
  116
  124
  131
  139
  147
  156
  165
  174
  183
  193
  204
  215
  226
  238
  251
  264
  278
  292
Issuance/(repurchase) of shares, $m
  -57
  29
  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  
  -68
  -24
  45
  52
  58
  64
  70
  77
  83
  89
  96
  103
  109
  116
  124
  131
  139
  147
  156
  165
  174
  183
  193
  204
  215
  226
  238
  251
  264
  278
  292
Total cash flow (excl. dividends), $m
  63
  91
  163
  169
  175
  182
  190
  197
  206
  214
  223
  214
  225
  236
  247
  259
  272
  286
  300
  315
  331
  348
  366
  385
  404
  425
  447
  470
  495
  520
  547
Retained Cash Flow (-), $m
  14
  -93
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
Prev. year cash balance distribution, $m
 
  128
  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
 
  126
  158
  163
  169
  175
  182
  189
  196
  204
  213
  203
  213
  223
  233
  245
  257
  269
  283
  297
  312
  328
  344
  362
  381
  400
  421
  442
  465
  489
  515
Discount rate, %
 
  11.60
  12.18
  12.79
  13.43
  14.10
  14.80
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
PV of cash for distribution, $m
 
  113
  125
  114
  102
  91
  79
  69
  59
  49
  41
  30
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6

DineEquity, Inc., through its subsidiaries, owns and franchises the Applebee's Neighborhood Grill & Bar (Applebee's) concept in the bar and grill segment within the casual dining category of the restaurant industry, and owns, franchises and operates the International House of Pancakes (IHOP) concept in the family dining category of the restaurant industry. It operates through four segments: Franchise operations, Rental operations, Company restaurant operations and Financing operations. As of December 31, 2016, it had 3,749 restaurants. Applebee's menu features a selection of grill and bar fare, such as appetizers, bar snacks, burgers, classic entrees and lighter fare, as well as cocktails, beers and desserts. As of December 31, 2016, IHOP franchise and area license restaurants were located in all 50 states within the United States, in the District of Columbia, in three United States territories and in 10 countries outside of the United States.

FINANCIAL RATIOS  of  DineEquity (DIN)

Valuation Ratios
P/E Ratio 7.5
Price to Sales 1.2
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 6.6
Growth Rates
Sales Growth Rate -6.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.3%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio 11
Current Ratio 0.1
LT Debt to Equity 552.2%
Total Debt to Equity 557.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 37.7%
Return On Equity - 3 Yr. Avg. 29.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 59.8%
Gross Margin - 3 Yr. Avg. 58.5%
EBITDA Margin 39.9%
EBITDA Margin - 3 Yr. Avg. 36.9%
Operating Margin 24.1%
Oper. Margin - 3 Yr. Avg. 19%
Pre-Tax Margin 24.1%
Pre-Tax Margin - 3 Yr. Avg. 19%
Net Profit Margin 15.5%
Net Profit Margin - 3 Yr. Avg. 12.1%
Effective Tax Rate 35.9%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 68.4%

DIN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DIN stock intrinsic value calculation we used $634 million for the last fiscal year's total revenue generated by DineEquity. The default revenue input number comes from 2016 income statement of DineEquity. 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 DIN stock valuation model: a) initial revenue growth rate of 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 11.6%, whose default value for DIN is calculated based on our internal credit rating of DineEquity, 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 DineEquity.
    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 DIN stock the variable cost ratio is equal to 65.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $65 million in the base year in the intrinsic value calculation for DIN 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 4.9% for DineEquity.

Corporate tax rate of 27% is the nominal tax rate for DineEquity. 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 DIN 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 DIN are equal to 154.7%.

Life of production assets of 54.1 years is the average useful life of capital assets used in DineEquity 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 DIN is equal to -7.6%. 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 - $253 million for DineEquity - 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 18.318 million for DineEquity 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 DineEquity at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for September 13th   [Sep-13-17 08:15AM  Zacks]
▶ 5 Dicey Dividends I'd Sell Today   [Aug-31-17 08:12AM  Forbes]
▶ ETFs with exposure to DineEquity, Inc. : August 25, 2017   [Aug-25-17 04:17PM  Capital Cube]
▶ Apple Gold Group quietly closing some Applebees locations, likely to close more   [Aug-23-17 04:55PM  American City Business Journals]
▶ IHOP Closing Up to 25 Restaurants in 2017   [12:06PM  InvestorPlace]
▶ Applebees Closing Up to 135 Restaurants   [12:02PM  InvestorPlace]
▶ DineEquity ups number of Applebees, IHOPs it will shutter   [09:45AM  American City Business Journals]
▶ DineEquity posts 2Q profit   [Aug-10-17 11:55PM  Associated Press]
▶ What Happened in the Stock Market Today   [04:59PM  Motley Fool]
▶ Denny's just schooled IHOP with the ultimate Twitter comeback   [Jul-13-17 01:03PM  Business Insider]
▶ 3 Dividend Stocks for Bold Investors   [Jun-22-17 08:18AM  Motley Fool]
▶ Full-Service Restaurants Have a Big Problem   [Jun-20-17 09:04AM  Motley Fool]
▶ Roundtable: 1 Underdog Stock I'm Watching   [Jun-15-17 04:24PM  Motley Fool]
▶ Why Did DineEquity, Inc. Shares Drop 19% in May?   [Jun-14-17 06:27PM  Motley Fool]
▶ ETFs with exposure to DineEquity, Inc. : June 13, 2017   [Jun-13-17 12:25PM  Capital Cube]
▶ ETFs with exposure to DineEquity, Inc. : May 31, 2017   [May-31-17 12:29PM  Capital Cube]
▶ 3 Great Stocks for Retirees   [May-24-17 07:09AM  Motley Fool]
▶ ETFs with exposure to DineEquity, Inc. : May 19, 2017   [May-19-17 01:48PM  Capital Cube]
▶ DineEquity, Inc. Announces Second Quarter 2017 Dividend   [May-15-17 07:00PM  PR Newswire]
▶ ETFs with exposure to DineEquity, Inc. : May 8, 2017   [May-08-17 04:24PM  Capital Cube]
▶ DineEquity tops 1Q profit forecasts   [08:21AM  Associated Press]
▶ DineEquity earnings miss estimates   [08:09AM  MarketWatch]
▶ 2 Incredibly Cheap High-Yield Dividend Stocks   [Apr-14-17 07:51AM  Motley Fool]
▶ Darden Excels by Keeping It Simple   [Apr-12-17 04:00PM  TheStreet.com]
▶ [$$] Post-Panera: Three Restaurant Buy Targets   [Apr-10-17 11:07AM  Barrons.com]
▶ After Panera, What Restaurants Will Be Bought Next?   [Apr-07-17 11:06AM  Barrons.com]
▶ Final Trade: DIN, BBBY & more   [Apr-05-17 05:59PM  CNBC Videos]
▶ What's Cooking on DineEquity's Charts?   [Apr-03-17 01:59PM  TheStreet.com]
▶ Don't Pick Up the Check on DineEquity   [Mar-21-17 12:52PM  TheStreet.com]
▶ 3 Underdog Stocks We're Watching   [Mar-13-17 09:46AM  Motley Fool]
▶ Struggling Applebee's Gets a New President   [Mar-10-17 03:15PM  at Investopedia]
▶ Applebee's new president was executive at Chili's   [01:15PM  at bizjournals.com]
▶ Applebee's new president was executive at Chili's   [01:15PM  American City Business Journals]
Financial statements of DIN
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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