Intrinsic value of Brinker International - EAT

Previous Close

$35.05

  Intrinsic Value

$12.13

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

-57%

Previous close

$35.05

 
Intrinsic value

$12.13

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

-57%

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

We calculate the intrinsic value of EAT 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 1.7

 

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, %
  8.49
  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
  3,257
  3,322
  3,399
  3,486
  3,584
  3,693
  3,812
  3,942
  4,082
  4,234
  4,396
  4,570
  4,755
  4,953
  5,163
  5,385
  5,621
  5,871
  6,135
  6,415
  6,709
  7,020
  7,348
  7,694
  8,058
  8,442
  8,846
  9,271
  9,718
  10,189
  10,684
Variable operating expenses, $m
 
  2,980
  3,048
  3,126
  3,213
  3,310
  3,416
  3,532
  3,658
  3,793
  3,938
  4,076
  4,242
  4,418
  4,605
  4,804
  5,014
  5,237
  5,473
  5,722
  5,984
  6,262
  6,554
  6,863
  7,188
  7,530
  7,890
  8,269
  8,668
  9,088
  9,530
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
  2,940
  2,980
  3,048
  3,126
  3,213
  3,310
  3,416
  3,532
  3,658
  3,793
  3,938
  4,076
  4,242
  4,418
  4,605
  4,804
  5,014
  5,237
  5,473
  5,722
  5,984
  6,262
  6,554
  6,863
  7,188
  7,530
  7,890
  8,269
  8,668
  9,088
  9,530
Operating income, $m
  317
  343
  351
  360
  371
  383
  395
  409
  425
  441
  459
  494
  514
  535
  558
  582
  607
  634
  663
  693
  725
  758
  794
  831
  871
  912
  956
  1,002
  1,050
  1,101
  1,154
EBITDA, $m
  473
  467
  478
  490
  504
  519
  536
  554
  574
  595
  618
  643
  669
  697
  726
  757
  791
  826
  863
  902
  944
  987
  1,033
  1,082
  1,133
  1,187
  1,244
  1,304
  1,367
  1,433
  1,503
Interest expense (income), $m
  29
  39
  27
  28
  30
  31
  33
  34
  36
  38
  40
  43
  45
  48
  50
  53
  57
  60
  64
  67
  71
  75
  80
  85
  89
  95
  100
  106
  112
  118
  125
Earnings before tax, $m
  286
  304
  323
  332
  341
  351
  363
  375
  388
  403
  418
  451
  469
  487
  507
  528
  551
  574
  599
  626
  654
  683
  714
  747
  781
  817
  856
  896
  938
  983
  1,029
Tax expense, $m
  85
  82
  87
  90
  92
  95
  98
  101
  105
  109
  113
  122
  127
  132
  137
  143
  149
  155
  162
  169
  176
  184
  193
  202
  211
  221
  231
  242
  253
  265
  278
Net income, $m
  201
  222
  236
  242
  249
  257
  265
  274
  284
  294
  305
  329
  342
  356
  370
  386
  402
  419
  437
  457
  477
  499
  521
  545
  570
  597
  625
  654
  685
  717
  751

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  31
  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
  1,469
  1,498
  1,533
  1,572
  1,617
  1,666
  1,719
  1,778
  1,841
  1,910
  1,983
  2,061
  2,145
  2,234
  2,329
  2,429
  2,536
  2,648
  2,767
  2,893
  3,026
  3,167
  3,314
  3,470
  3,635
  3,808
  3,990
  4,182
  4,383
  4,596
  4,819
Adjusted assets (=assets-cash), $m
  1,438
  1,498
  1,533
  1,572
  1,617
  1,666
  1,719
  1,778
  1,841
  1,910
  1,983
  2,061
  2,145
  2,234
  2,329
  2,429
  2,536
  2,648
  2,767
  2,893
  3,026
  3,167
  3,314
  3,470
  3,635
  3,808
  3,990
  4,182
  4,383
  4,596
  4,819
Revenue / Adjusted assets
  2.265
  2.218
  2.217
  2.218
  2.216
  2.217
  2.218
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.216
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
  2.217
Average production assets, $m
  1,061
  1,083
  1,108
  1,136
  1,168
  1,204
  1,243
  1,285
  1,331
  1,380
  1,433
  1,490
  1,550
  1,615
  1,683
  1,756
  1,833
  1,914
  2,000
  2,091
  2,187
  2,289
  2,396
  2,508
  2,627
  2,752
  2,884
  3,022
  3,168
  3,322
  3,483
Working capital, $m
  -255
  -289
  -296
  -303
  -312
  -321
  -332
  -343
  -355
  -368
  -382
  -398
  -414
  -431
  -449
  -469
  -489
  -511
  -534
  -558
  -584
  -611
  -639
  -669
  -701
  -734
  -770
  -807
  -845
  -886
  -929
Total debt, $m
  1,114
  781
  812
  847
  887
  931
  979
  1,032
  1,089
  1,151
  1,217
  1,287
  1,362
  1,443
  1,528
  1,618
  1,714
  1,815
  1,923
  2,036
  2,156
  2,282
  2,415
  2,555
  2,703
  2,859
  3,023
  3,196
  3,377
  3,568
  3,769
Total liabilities, $m
  1,683
  1,349
  1,380
  1,415
  1,455
  1,499
  1,547
  1,600
  1,657
  1,719
  1,785
  1,855
  1,930
  2,011
  2,096
  2,186
  2,282
  2,383
  2,491
  2,604
  2,724
  2,850
  2,983
  3,123
  3,271
  3,427
  3,591
  3,764
  3,945
  4,136
  4,337
Total equity, $m
  -213
  150
  153
  157
  162
  167
  172
  178
  184
  191
  198
  206
  214
  223
  233
  243
  254
  265
  277
  289
  303
  317
  331
  347
  363
  381
  399
  418
  438
  460
  482
Total liabilities and equity, $m
  1,470
  1,499
  1,533
  1,572
  1,617
  1,666
  1,719
  1,778
  1,841
  1,910
  1,983
  2,061
  2,144
  2,234
  2,329
  2,429
  2,536
  2,648
  2,768
  2,893
  3,027
  3,167
  3,314
  3,470
  3,634
  3,808
  3,990
  4,182
  4,383
  4,596
  4,819
Debt-to-equity ratio
  -5.230
  5.210
  5.290
  5.390
  5.490
  5.590
  5.700
  5.810
  5.920
  6.030
  6.140
  6.240
  6.350
  6.460
  6.560
  6.660
  6.760
  6.860
  6.950
  7.040
  7.120
  7.210
  7.290
  7.360
  7.440
  7.510
  7.580
  7.640
  7.700
  7.760
  7.820
Adjusted equity ratio
  -0.170
  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
  201
  222
  236
  242
  249
  257
  265
  274
  284
  294
  305
  329
  342
  356
  370
  386
  402
  419
  437
  457
  477
  499
  521
  545
  570
  597
  625
  654
  685
  717
  751
Depreciation, amort., depletion, $m
  156
  125
  127
  130
  133
  137
  141
  145
  149
  154
  160
  149
  155
  161
  168
  176
  183
  191
  200
  209
  219
  229
  240
  251
  263
  275
  288
  302
  317
  332
  348
Funds from operations, $m
  377
  346
  363
  372
  382
  393
  406
  419
  433
  448
  465
  478
  497
  517
  539
  561
  585
  611
  637
  666
  696
  727
  761
  796
  833
  872
  913
  956
  1,002
  1,049
  1,100
Change in working capital, $m
  -18
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
Cash from operations, $m
  395
  352
  370
  380
  391
  403
  416
  430
  445
  462
  479
  493
  513
  534
  557
  581
  606
  632
  660
  690
  721
  754
  789
  826
  865
  905
  948
  993
  1,041
  1,090
  1,143
Maintenance CAPEX, $m
  0
  -106
  -108
  -111
  -114
  -117
  -120
  -124
  -128
  -133
  -138
  -143
  -149
  -155
  -161
  -168
  -176
  -183
  -191
  -200
  -209
  -219
  -229
  -240
  -251
  -263
  -275
  -288
  -302
  -317
  -332
New CAPEX, $m
  -113
  -22
  -25
  -28
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -57
  -60
  -64
  -68
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -153
  -161
Cash from investing activities, $m
  -214
  -128
  -133
  -139
  -146
  -152
  -159
  -166
  -174
  -182
  -191
  -200
  -209
  -219
  -229
  -241
  -253
  -264
  -277
  -291
  -305
  -320
  -336
  -353
  -370
  -388
  -407
  -427
  -448
  -470
  -493
Free cash flow, $m
  181
  224
  237
  241
  245
  251
  257
  263
  271
  279
  288
  293
  304
  315
  327
  340
  353
  368
  383
  399
  416
  434
  454
  474
  495
  518
  541
  566
  592
  620
  649
Issuance/(repayment) of debt, $m
  143
  -333
  31
  35
  40
  44
  48
  53
  57
  61
  66
  71
  75
  80
  85
  90
  96
  101
  107
  113
  120
  126
  133
  140
  148
  156
  164
  173
  182
  191
  201
Issuance/(repurchase) of shares, $m
  -279
  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
Cash from financing (excl. dividends), $m  
  -130
  -192
  31
  35
  40
  44
  48
  53
  57
  61
  66
  71
  75
  80
  85
  90
  96
  101
  107
  113
  120
  126
  133
  140
  148
  156
  164
  173
  182
  191
  201
Total cash flow (excl. dividends), $m
  50
  32
  268
  276
  285
  295
  305
  316
  328
  341
  354
  364
  379
  395
  412
  430
  449
  469
  490
  512
  536
  561
  587
  614
  643
  673
  705
  739
  774
  811
  850
Retained Cash Flow (-), $m
  135
  -363
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
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
 
  -331
  264
  272
  281
  290
  300
  310
  322
  334
  347
  356
  371
  386
  403
  420
  438
  458
  478
  500
  523
  547
  572
  598
  626
  656
  687
  720
  754
  790
  828
Discount rate, %
 
  11.10
  11.66
  12.24
  12.85
  13.49
  14.17
  14.88
  15.62
  16.40
  17.22
  18.08
  18.98
  19.93
  20.93
  21.98
  23.08
  24.23
  25.44
  26.71
  28.05
  29.45
  30.92
  32.47
  34.09
  35.80
  37.59
  39.47
  41.44
  43.51
  45.69
PV of cash for distribution, $m
 
  -298
  212
  192
  173
  154
  135
  118
  101
  85
  71
  57
  46
  36
  28
  21
  16
  11
  8
  6
  4
  2
  2
  1
  1
  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

Brinker International, Inc., together with its subsidiaries, owns, develops, operates, and franchises casual dining restaurants worldwide. As of June 29, 2016, it had 1,660 company-owned and franchised restaurants comprising 1,609 restaurants under the Chili's Grill & Bar brand name; and 51 restaurants under the Maggiano's Little Italy brand name. The company was founded in 1975 and is based in Dallas, Texas.

FINANCIAL RATIOS  of  Brinker International (EAT)

Valuation Ratios
P/E Ratio 9.7
Price to Sales 0.6
Price to Book -9.1
Price to Tangible Book
Price to Cash Flow 4.9
Price to Free Cash Flow 6.9
Growth Rates
Sales Growth Rate 8.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.3%
Cap. Spend. - 3 Yr. Gr. Rate -3.1%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity -521.1%
Total Debt to Equity -523%
Interest Coverage 11
Management Effectiveness
Return On Assets 15.2%
Ret/ On Assets - 3 Yr. Avg. 13.9%
Return On Total Capital 22.4%
Ret/ On T. Cap. - 3 Yr. Avg. 20.1%
Return On Equity -138.1%
Return On Equity - 3 Yr. Avg. -873.2%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 19%
Gross Margin - 3 Yr. Avg. 19.4%
EBITDA Margin 14.5%
EBITDA Margin - 3 Yr. Avg. 14.2%
Operating Margin 9.7%
Oper. Margin - 3 Yr. Avg. 9.5%
Pre-Tax Margin 8.8%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 29.7%
Eff/ Tax Rate - 3 Yr. Avg. 29.7%
Payout Ratio 36.8%

EAT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EAT stock intrinsic value calculation we used $3257 million for the last fiscal year's total revenue generated by Brinker International. The default revenue input number comes from 2016 income statement of Brinker International. 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 EAT 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 11.1%, whose default value for EAT is calculated based on our internal credit rating of Brinker International, 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 Brinker International.
    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 EAT stock the variable cost ratio is equal to 89.7%.

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 EAT 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 Brinker International.

Corporate tax rate of 27% is the nominal tax rate for Brinker International. 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 EAT 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 EAT are equal to 32.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Brinker International 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 EAT is equal to -8.7%. 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 - $-213 million for Brinker International - 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 48.769 million for Brinker International 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 Brinker International at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ Company News For August 11, 2017   [Aug-11-17 09:58AM  Zacks]
▶ Brinker International beats 4Q profit forecasts   [Aug-10-17 11:51PM  Associated Press]
▶ 5 Stocks to Avoid at all Costs   [Jul-27-17 03:30PM  Zacks]
▶ New Strong Sell Stocks for July 21st   [Jul-21-17 07:48AM  Zacks]
▶ Why Brinker International Inc. Stock Dove Today   [Jun-15-17 05:11PM  Motley Fool]
▶ With DFW relocation, Brinker puts longtime Dallas headquarters on the market   [Jun-08-17 03:55PM  American City Business Journals]
▶ Brinker International Board Declares Common Dividend   [May-25-17 05:33PM  PR Newswire]
▶ Brinker Bottom Forming   [May-11-17 11:26AM  TheStreet.com]
▶ Brinker International tops 3Q profit forecasts   [07:42AM  Associated Press]
▶ After Panera, What Restaurants Will Be Bought Next?   [Apr-07-17 11:06AM  Barrons.com]
▶ Cramer taste-tests two popular restaurant chains   [Apr-06-17 08:04PM  CNBC Videos]
▶ Brinker International Could Bite Shorts on Possible Upturn   [Apr-05-17 09:38AM  TheStreet.com]
▶ How Darden is rivaling Brinker with its purchase of Cheddar's   [02:15AM  American City Business Journals]
▶ Why Automation Could Soon Be Coming to a Restaurant Near You   [Mar-19-17 02:50PM  at Motley Fool]
▶ Brinker International Board Declares Common Dividend   [Feb-09-17 04:15PM  PR Newswire]
▶ IIROC Trade Resumption - EAT   [10:49AM  PR Newswire]
▶ IIROC Trading Halt - EAT   [09:35AM  PR Newswire]
Stock chart of EAT Financial statements of EAT
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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