Intrinsic value of Dunkin' Brands Group - DNKN

Previous Close

$53.06

  Intrinsic Value

$5.94

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

-114%

Previous close

$53.06

 
Intrinsic value

$5.94

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

-114%

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

We calculate the intrinsic value of DNKN 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 4.9

 

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, %
  2.22
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  829
  847
  868
  892
  918
  947
  979
  1,014
  1,051
  1,090
  1,133
  1,179
  1,227
  1,279
  1,334
  1,392
  1,454
  1,519
  1,588
  1,660
  1,737
  1,818
  1,903
  1,993
  2,088
  2,188
  2,293
  2,403
  2,519
  2,642
  2,770
Variable operating expenses, $m
 
  533
  544
  556
  570
  585
  602
  620
  639
  660
  682
  618
  643
  670
  699
  729
  762
  796
  832
  870
  910
  952
  997
  1,044
  1,094
  1,146
  1,201
  1,259
  1,320
  1,384
  1,451
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
  414
  533
  544
  556
  570
  585
  602
  620
  639
  660
  682
  618
  643
  670
  699
  729
  762
  796
  832
  870
  910
  952
  997
  1,044
  1,094
  1,146
  1,201
  1,259
  1,320
  1,384
  1,451
Operating income, $m
  415
  315
  325
  336
  348
  362
  377
  394
  411
  430
  451
  561
  584
  609
  635
  663
  692
  723
  756
  790
  827
  866
  906
  949
  994
  1,042
  1,092
  1,144
  1,199
  1,258
  1,319
EBITDA, $m
  458
  457
  468
  481
  495
  511
  528
  546
  567
  588
  611
  636
  662
  690
  719
  751
  784
  819
  856
  895
  937
  980
  1,026
  1,075
  1,126
  1,180
  1,236
  1,296
  1,358
  1,424
  1,494
Interest expense (income), $m
  94
  93
  76
  79
  82
  86
  90
  94
  99
  104
  109
  115
  121
  127
  134
  141
  149
  157
  166
  175
  185
  195
  206
  217
  229
  242
  255
  269
  283
  299
  315
Earnings before tax, $m
  313
  222
  248
  257
  266
  276
  288
  300
  313
  327
  342
  447
  464
  482
  501
  522
  543
  566
  590
  616
  642
  671
  701
  732
  765
  800
  837
  875
  916
  959
  1,004
Tax expense, $m
  117
  60
  67
  69
  72
  75
  78
  81
  84
  88
  92
  121
  125
  130
  135
  141
  147
  153
  159
  166
  173
  181
  189
  198
  207
  216
  226
  236
  247
  259
  271
Net income, $m
  196
  162
  181
  187
  194
  202
  210
  219
  228
  239
  250
  326
  339
  352
  366
  381
  396
  413
  431
  449
  469
  490
  511
  534
  559
  584
  611
  639
  669
  700
  733

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  361
  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
  3,227
  3,297
  3,378
  3,471
  3,573
  3,686
  3,810
  3,944
  4,088
  4,243
  4,409
  4,587
  4,776
  4,977
  5,190
  5,416
  5,656
  5,909
  6,177
  6,460
  6,759
  7,074
  7,406
  7,756
  8,124
  8,512
  8,921
  9,350
  9,803
  10,279
  10,779
Adjusted assets (=assets-cash), $m
  2,866
  3,297
  3,378
  3,471
  3,573
  3,686
  3,810
  3,944
  4,088
  4,243
  4,409
  4,587
  4,776
  4,977
  5,190
  5,416
  5,656
  5,909
  6,177
  6,460
  6,759
  7,074
  7,406
  7,756
  8,124
  8,512
  8,921
  9,350
  9,803
  10,279
  10,779
Revenue / Adjusted assets
  0.289
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
Average production assets, $m
  1,569
  1,604
  1,644
  1,688
  1,738
  1,793
  1,853
  1,919
  1,989
  2,064
  2,145
  2,231
  2,323
  2,421
  2,525
  2,635
  2,752
  2,875
  3,005
  3,143
  3,288
  3,441
  3,603
  3,773
  3,952
  4,141
  4,340
  4,549
  4,769
  5,001
  5,244
Working capital, $m
  182
  -85
  -87
  -89
  -92
  -95
  -98
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -209
  -219
  -229
  -240
  -252
  -264
  -277
Total debt, $m
  2,435
  2,012
  2,086
  2,169
  2,261
  2,363
  2,474
  2,594
  2,724
  2,864
  3,013
  3,173
  3,343
  3,524
  3,716
  3,920
  4,135
  4,363
  4,605
  4,859
  5,128
  5,411
  5,710
  6,025
  6,357
  6,706
  7,074
  7,460
  7,868
  8,296
  8,746
Total liabilities, $m
  3,391
  2,967
  3,041
  3,124
  3,216
  3,318
  3,429
  3,549
  3,679
  3,819
  3,968
  4,128
  4,298
  4,479
  4,671
  4,875
  5,090
  5,318
  5,560
  5,814
  6,083
  6,366
  6,665
  6,980
  7,312
  7,661
  8,029
  8,415
  8,823
  9,251
  9,701
Total equity, $m
  -163
  330
  338
  347
  357
  369
  381
  394
  409
  424
  441
  459
  478
  498
  519
  542
  566
  591
  618
  646
  676
  707
  741
  776
  812
  851
  892
  935
  980
  1,028
  1,078
Total liabilities and equity, $m
  3,228
  3,297
  3,379
  3,471
  3,573
  3,687
  3,810
  3,943
  4,088
  4,243
  4,409
  4,587
  4,776
  4,977
  5,190
  5,417
  5,656
  5,909
  6,178
  6,460
  6,759
  7,073
  7,406
  7,756
  8,124
  8,512
  8,921
  9,350
  9,803
  10,279
  10,779
Debt-to-equity ratio
  -14.939
  6.100
  6.170
  6.250
  6.330
  6.410
  6.490
  6.580
  6.660
  6.750
  6.830
  6.920
  7.000
  7.080
  7.160
  7.240
  7.310
  7.380
  7.450
  7.520
  7.590
  7.650
  7.710
  7.770
  7.820
  7.880
  7.930
  7.980
  8.030
  8.070
  8.110
Adjusted equity ratio
  -0.183
  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
  196
  162
  181
  187
  194
  202
  210
  219
  228
  239
  250
  326
  339
  352
  366
  381
  396
  413
  431
  449
  469
  490
  511
  534
  559
  584
  611
  639
  669
  700
  733
Depreciation, amort., depletion, $m
  43
  142
  144
  145
  147
  149
  151
  153
  155
  158
  160
  74
  77
  81
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  167
  175
Funds from operations, $m
  324
  304
  325
  332
  341
  350
  361
  372
  383
  396
  410
  400
  416
  433
  450
  469
  488
  509
  531
  554
  579
  604
  631
  660
  690
  722
  755
  791
  828
  867
  907
Change in working capital, $m
  48
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
Cash from operations, $m
  276
  306
  327
  335
  344
  353
  364
  375
  387
  400
  414
  405
  421
  438
  455
  474
  494
  515
  538
  561
  586
  612
  640
  669
  700
  732
  766
  802
  839
  879
  920
Maintenance CAPEX, $m
  0
  -52
  -53
  -55
  -56
  -58
  -60
  -62
  -64
  -66
  -69
  -72
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
New CAPEX, $m
  -15
  -35
  -40
  -45
  -50
  -55
  -60
  -65
  -70
  -75
  -81
  -86
  -92
  -98
  -104
  -110
  -117
  -123
  -130
  -138
  -145
  -153
  -162
  -170
  -179
  -189
  -199
  -209
  -220
  -231
  -243
Cash from investing activities, $m
  1
  -87
  -93
  -100
  -106
  -113
  -120
  -127
  -134
  -141
  -150
  -158
  -166
  -175
  -185
  -194
  -205
  -215
  -226
  -238
  -250
  -263
  -277
  -290
  -305
  -321
  -337
  -354
  -372
  -390
  -410
Free cash flow, $m
  277
  219
  234
  235
  237
  240
  244
  248
  253
  258
  265
  247
  255
  262
  271
  280
  290
  300
  312
  324
  336
  350
  364
  379
  395
  411
  429
  448
  468
  488
  510
Issuance/(repayment) of debt, $m
  -25
  -423
  74
  83
  92
  102
  111
  120
  130
  140
  150
  160
  170
  181
  192
  204
  216
  228
  241
  255
  269
  283
  299
  315
  332
  349
  368
  387
  407
  428
  450
Issuance/(repurchase) of shares, $m
  -44
  331
  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  
  -66
  -92
  74
  83
  92
  102
  111
  120
  130
  140
  150
  160
  170
  181
  192
  204
  216
  228
  241
  255
  269
  283
  299
  315
  332
  349
  368
  387
  407
  428
  450
Total cash flow (excl. dividends), $m
  211
  127
  307
  318
  330
  342
  355
  369
  383
  398
  414
  407
  425
  443
  463
  484
  506
  529
  553
  578
  605
  633
  663
  694
  726
  761
  797
  835
  875
  917
  961
Retained Cash Flow (-), $m
  -58
  -493
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
Prev. year cash balance distribution, $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 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
 
  -366
  299
  309
  320
  331
  343
  355
  368
  383
  397
  389
  406
  423
  442
  461
  482
  503
  526
  550
  575
  602
  629
  659
  690
  722
  756
  792
  829
  869
  911
Discount rate, %
 
  13.30
  13.97
  14.66
  15.40
  16.17
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.75
  23.88
  25.08
  26.33
  27.65
  29.03
  30.48
  32.01
  33.61
  35.29
  37.05
  38.91
  40.85
  42.89
  45.04
  47.29
  49.65
  52.14
  54.74
PV of cash for distribution, $m
 
  -323
  230
  205
  180
  156
  134
  113
  93
  76
  61
  45
  35
  26
  19
  14
  10
  7
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Dunkin’ Brands Group, Inc., together with its subsidiaries, develops, franchises, and licenses quick service restaurants under the Dunkin’ Donuts and Baskin-Robbins brands worldwide. The company operates through four segments: Dunkin’ Donuts U.S., Dunkin’ Donuts International, Baskin-Robbins International, and Baskin-Robbins U.S. Its restaurants offer hot and cold coffee, baked goods, donuts, bagels, muffins, breakfast sandwiches, hard-serve ice cream, soft serve ice cream, frozen yogurt, shakes, malts, floats, and cakes. As of December 31, 2016, it had 12,258 Dunkin’ Donuts points of distribution and 7,822 Baskin-Robbins points of distribution. The company is headquartered in Canton, Massachusetts.

FINANCIAL RATIOS  of  Dunkin' Brands Group (DNKN)

Valuation Ratios
P/E Ratio 24.8
Price to Sales 5.9
Price to Book -29.8
Price to Tangible Book
Price to Cash Flow 17.6
Price to Free Cash Flow 18.6
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate -13.5%
Financial Strength
Quick Ratio 14
Current Ratio 0.3
LT Debt to Equity -1477.9%
Total Debt to Equity -1493.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7.1%
Return On Equity -102.1%
Return On Equity - 3 Yr. Avg. 28.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 83.7%
Gross Margin - 3 Yr. Avg. 83.1%
EBITDA Margin 54.3%
EBITDA Margin - 3 Yr. Avg. 48.3%
Operating Margin 50.1%
Oper. Margin - 3 Yr. Avg. 43.4%
Pre-Tax Margin 37.8%
Pre-Tax Margin - 3 Yr. Avg. 32.3%
Net Profit Margin 23.6%
Net Profit Margin - 3 Yr. Avg. 20%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 38.9%
Payout Ratio 56.1%

DNKN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DNKN stock intrinsic value calculation we used $829 million for the last fiscal year's total revenue generated by Dunkin' Brands Group. The default revenue input number comes from 2016 income statement of Dunkin' Brands Group. 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 DNKN stock valuation model: a) initial revenue growth rate of 2.2% 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 13.3%, whose default value for DNKN is calculated based on our internal credit rating of Dunkin' Brands Group, 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 Dunkin' Brands Group.
    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 DNKN stock the variable cost ratio is equal to 63.1%.

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 DNKN 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 3.8% for Dunkin' Brands Group.

Corporate tax rate of 27% is the nominal tax rate for Dunkin' Brands Group. 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 DNKN 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 DNKN are equal to 189.3%.

Life of production assets of 57.2 years is the average useful life of capital assets used in Dunkin' Brands Group 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 DNKN is equal to -10%. 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 - $-163 million for Dunkin' Brands Group - 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 91.908 million for Dunkin' Brands Group 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 Dunkin' Brands Group at the current share price and the inputted number of shares is $4.9 billion.

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COMPANY NEWS

▶ A Flavorful Fall Is Coming to Dunkin' Donuts this Month   [Aug-14-17 09:47AM  PR Newswire]
▶ Will Dunkin Brands' Name Change Help or Hurt?   [Aug-13-17 01:02PM  Motley Fool]
▶ Lawsuit Claims Dunkin' Donuts Misleads About Blueberries   [Aug-10-17 09:40AM  Motley Fool]
▶ Dunkin' Brands Cops a Plea   [Aug-08-17 01:29PM  The Wall Street Journal]
▶ Dunkin Donuts Is Considering a Name Change   [12:16PM  InvestorPlace]
▶ Yahoo Finance Live: Midday Movers - Aug 4th, 2017   [09:40AM  Yahoo Finance Video]
▶ Dunkin' without the 'Donuts'? Maybe in the name   [Aug-03-17 05:57PM  Associated Press]
▶ Even Starbucks Is Seeing The Amazon Effect; Here's What Top Execs Said   [Jul-28-17 04:03PM  Investor's Business Daily]
▶ Dunkin' tops 2Q profit forecasts   [01:34AM  Associated Press]
▶ Hundreds line up for Dunkin' Donuts return to Hawaii: Slideshow & Video   [Jul-26-17 08:36PM  American City Business Journals]
▶ 3 Stocks With Starbucks-Like Return Potential   [Jul-24-17 05:51PM  Motley Fool]
▶ What Will Drive Dunkin Brands 2Q17 Earnings?   [07:38AM  Market Realist]
▶ Why Analysts Expect Dunkin Brands Earnings Margin to Expand   [Jul-21-17 01:05PM  Market Realist]
▶ 3 Best Coffee Stocks for 2017   [08:56AM  Investopedia]
▶ Better Buy: Starbucks Corporation vs Dunkin Donuts   [Jul-11-17 09:35AM  Motley Fool]
▶ If You're in Your 50s, Consider Buying This Stock   [Jul-10-17 07:45PM  Motley Fool]
▶ The top 10 grossing food vendors at MSP Airport in 2016 (slideshow)   [03:41PM  American City Business Journals]
▶ Top 10 Coffee Brands in America   [09:30AM  Insider Monkey]
▶ Is Dunkin' Donuts Selling "Fake" Steak?   [Jul-03-17 09:07AM  Motley Fool]
▶ Second Hawaii Dunkin' Donuts store to open this fall   [Jun-29-17 08:20PM  American City Business Journals]
▶ 20 Most Popular Stores in America   [Jun-28-17 05:15PM  24/7 Wall St.]
▶ Original coffee makes a comebackfor $240   [Jun-27-17 02:59PM  Yahoo Finance Video]
▶ Coffee connoisseurs: Yahoo Finance taste test   [02:22PM  Yahoo Finance Video]
▶ Starbucks Corporation: The Bear Case From a Bull   [Jun-23-17 08:18AM  Motley Fool]
▶ What Happened to Coffee Last Week   [10:49AM  Market Realist]
▶ Why Is Snap Having Trouble Finding Advertisers?   [Jun-16-17 03:38PM  Investopedia]
▶ Credit Suisse Picks Its Top Restaurant Stocks   [Jun-15-17 03:40PM  Investopedia]
▶ Papa Murphy's hires former Dunkin' executive as new CEO   [Jun-14-17 10:30PM  American City Business Journals]
▶ 3 Value Stocks for Shrewd Investors   [Jun-13-17 09:06AM  Motley Fool]
▶ What Starbucks Can Do For A 5,000-Year-Old Civilization   [Jun-09-17 04:23PM  Investor's Business Daily]
Stock chart of DNKN Financial statements of DNKN
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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