Intrinsic value of Brinker International - EAT

Previous Close

$38.37

  Intrinsic Value

$3.46

stock screener

  Rating & Target

str. sell

-91%

Previous close

$38.37

 
Intrinsic value

$3.46

 
Up/down potential

-91%

 
Rating

str. sell

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 2017), $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 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.25
  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
  3,151
  3,214
  3,288
  3,372
  3,467
  3,572
  3,688
  3,813
  3,949
  4,096
  4,253
  4,421
  4,601
  4,792
  4,995
  5,210
  5,438
  5,680
  5,936
  6,206
  6,491
  6,792
  7,109
  7,444
  7,796
  8,167
  8,558
  8,969
  9,402
  9,857
  10,336
Variable operating expenses, $m
 
  1,366
  1,397
  1,432
  1,472
  1,516
  1,565
  1,617
  1,674
  1,736
  1,802
  1,856
  1,931
  2,011
  2,097
  2,187
  2,283
  2,384
  2,492
  2,605
  2,725
  2,851
  2,984
  3,125
  3,273
  3,428
  3,593
  3,765
  3,947
  4,138
  4,339
Fixed operating expenses, $m
 
  1,636
  1,677
  1,719
  1,762
  1,806
  1,851
  1,897
  1,945
  1,993
  2,043
  2,094
  2,146
  2,200
  2,255
  2,311
  2,369
  2,429
  2,489
  2,551
  2,615
  2,681
  2,748
  2,816
  2,887
  2,959
  3,033
  3,109
  3,186
  3,266
  3,348
Total operating expenses, $m
  2,895
  3,002
  3,074
  3,151
  3,234
  3,322
  3,416
  3,514
  3,619
  3,729
  3,845
  3,950
  4,077
  4,211
  4,352
  4,498
  4,652
  4,813
  4,981
  5,156
  5,340
  5,532
  5,732
  5,941
  6,160
  6,387
  6,626
  6,874
  7,133
  7,404
  7,687
Operating income, $m
  256
  212
  214
  222
  234
  251
  272
  299
  330
  367
  408
  471
  523
  580
  643
  711
  786
  867
  955
  1,049
  1,151
  1,260
  1,377
  1,502
  1,636
  1,780
  1,932
  2,095
  2,269
  2,453
  2,649
EBITDA, $m
  412
  366
  371
  382
  398
  420
  446
  478
  515
  558
  606
  660
  719
  785
  856
  934
  1,018
  1,110
  1,208
  1,314
  1,428
  1,550
  1,681
  1,820
  1,969
  2,128
  2,298
  2,478
  2,670
  2,874
  3,091
Interest expense (income), $m
  89
  96
  52
  54
  57
  59
  62
  66
  69
  73
  78
  82
  87
  92
  98
  104
  110
  117
  124
  132
  140
  148
  157
  166
  176
  186
  197
  208
  220
  233
  246
Earnings before tax, $m
  209
  116
  163
  168
  177
  191
  210
  233
  261
  293
  330
  389
  436
  488
  545
  607
  676
  750
  831
  918
  1,011
  1,112
  1,220
  1,336
  1,461
  1,594
  1,735
  1,887
  2,048
  2,220
  2,403
Tax expense, $m
  58
  31
  44
  45
  48
  52
  57
  63
  70
  79
  89
  105
  118
  132
  147
  164
  182
  203
  224
  248
  273
  300
  330
  361
  394
  430
  469
  509
  553
  599
  649
Net income, $m
  151
  85
  119
  122
  129
  140
  153
  170
  191
  214
  241
  284
  318
  356
  398
  443
  493
  548
  606
  670
  738
  812
  891
  976
  1,066
  1,163
  1,267
  1,377
  1,495
  1,621
  1,754

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  9
  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
  1,414
  1,433
  1,466
  1,504
  1,546
  1,593
  1,644
  1,700
  1,761
  1,826
  1,896
  1,971
  2,051
  2,136
  2,227
  2,323
  2,425
  2,532
  2,646
  2,767
  2,894
  3,028
  3,169
  3,319
  3,476
  3,641
  3,815
  3,999
  4,192
  4,395
  4,608
Adjusted assets (=assets-cash), $m
  1,405
  1,433
  1,466
  1,504
  1,546
  1,593
  1,644
  1,700
  1,761
  1,826
  1,896
  1,971
  2,051
  2,136
  2,227
  2,323
  2,425
  2,532
  2,646
  2,767
  2,894
  3,028
  3,169
  3,319
  3,476
  3,641
  3,815
  3,999
  4,192
  4,395
  4,608
Revenue / Adjusted assets
  2.243
  2.243
  2.243
  2.242
  2.243
  2.242
  2.243
  2.243
  2.242
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.242
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
  2.243
Average production assets, $m
  1,051
  1,070
  1,095
  1,123
  1,155
  1,190
  1,228
  1,270
  1,315
  1,364
  1,416
  1,472
  1,532
  1,596
  1,663
  1,735
  1,811
  1,891
  1,977
  2,067
  2,161
  2,262
  2,367
  2,479
  2,596
  2,720
  2,850
  2,987
  3,131
  3,282
  3,442
Working capital, $m
  -292
  -296
  -302
  -310
  -319
  -329
  -339
  -351
  -363
  -377
  -391
  -407
  -423
  -441
  -460
  -479
  -500
  -523
  -546
  -571
  -597
  -625
  -654
  -685
  -717
  -751
  -787
  -825
  -865
  -907
  -951
Total debt, $m
  1,329
  711
  740
  774
  812
  854
  901
  951
  1,006
  1,064
  1,127
  1,195
  1,267
  1,344
  1,425
  1,512
  1,603
  1,700
  1,803
  1,911
  2,025
  2,146
  2,273
  2,408
  2,549
  2,698
  2,855
  3,020
  3,193
  3,376
  3,568
Total liabilities, $m
  1,907
  1,290
  1,319
  1,353
  1,391
  1,433
  1,480
  1,530
  1,585
  1,643
  1,706
  1,774
  1,846
  1,923
  2,004
  2,091
  2,182
  2,279
  2,382
  2,490
  2,604
  2,725
  2,852
  2,987
  3,128
  3,277
  3,434
  3,599
  3,772
  3,955
  4,147
Total equity, $m
  -494
  143
  147
  150
  155
  159
  164
  170
  176
  183
  190
  197
  205
  214
  223
  232
  242
  253
  265
  277
  289
  303
  317
  332
  348
  364
  382
  400
  419
  439
  461
Total liabilities and equity, $m
  1,413
  1,433
  1,466
  1,503
  1,546
  1,592
  1,644
  1,700
  1,761
  1,826
  1,896
  1,971
  2,051
  2,137
  2,227
  2,323
  2,424
  2,532
  2,647
  2,767
  2,893
  3,028
  3,169
  3,319
  3,476
  3,641
  3,816
  3,999
  4,191
  4,394
  4,608
Debt-to-equity ratio
  -2.690
  4.960
  5.050
  5.150
  5.250
  5.360
  5.480
  5.590
  5.710
  5.830
  5.950
  6.060
  6.180
  6.290
  6.400
  6.510
  6.610
  6.710
  6.810
  6.910
  7.000
  7.090
  7.170
  7.260
  7.330
  7.410
  7.480
  7.550
  7.620
  7.680
  7.740
Adjusted equity ratio
  -0.358
  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
  151
  85
  119
  122
  129
  140
  153
  170
  191
  214
  241
  284
  318
  356
  398
  443
  493
  548
  606
  670
  738
  812
  891
  976
  1,066
  1,163
  1,267
  1,377
  1,495
  1,621
  1,754
Depreciation, amort., depletion, $m
  156
  154
  157
  160
  164
  169
  174
  179
  185
  191
  198
  189
  196
  205
  213
  222
  232
  242
  253
  265
  277
  290
  304
  318
  333
  349
  365
  383
  401
  421
  441
Funds from operations, $m
  310
  238
  275
  283
  294
  309
  327
  349
  376
  405
  439
  473
  514
  560
  611
  666
  725
  790
  860
  935
  1,015
  1,102
  1,194
  1,293
  1,399
  1,512
  1,632
  1,760
  1,897
  2,041
  2,195
Change in working capital, $m
  -3
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
Cash from operations, $m
  313
  244
  282
  290
  302
  318
  338
  361
  388
  419
  454
  488
  531
  578
  630
  686
  747
  812
  883
  960
  1,042
  1,129
  1,224
  1,324
  1,432
  1,546
  1,668
  1,798
  1,936
  2,083
  2,239
Maintenance CAPEX, $m
  0
  -135
  -137
  -140
  -144
  -148
  -153
  -157
  -163
  -169
  -175
  -182
  -189
  -196
  -205
  -213
  -222
  -232
  -242
  -253
  -265
  -277
  -290
  -304
  -318
  -333
  -349
  -365
  -383
  -401
  -421
New CAPEX, $m
  -103
  -20
  -25
  -28
  -32
  -35
  -38
  -42
  -45
  -49
  -52
  -56
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -111
  -117
  -124
  -130
  -137
  -144
  -152
  -159
Cash from investing activities, $m
  -99
  -155
  -162
  -168
  -176
  -183
  -191
  -199
  -208
  -218
  -227
  -238
  -249
  -260
  -273
  -285
  -298
  -312
  -327
  -343
  -360
  -377
  -396
  -415
  -435
  -457
  -479
  -502
  -527
  -553
  -580
Free cash flow, $m
  214
  90
  120
  122
  127
  135
  147
  162
  180
  202
  226
  250
  282
  318
  357
  401
  448
  500
  556
  616
  682
  752
  828
  909
  996
  1,090
  1,189
  1,296
  1,409
  1,530
  1,659
Issuance/(repayment) of debt, $m
  208
  -609
  30
  34
  38
  42
  46
  50
  55
  59
  63
  67
  72
  77
  81
  86
  92
  97
  103
  108
  114
  121
  127
  134
  141
  149
  157
  165
  174
  183
  192
Issuance/(repurchase) of shares, $m
  -365
  553
  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  
  -165
  -56
  30
  34
  38
  42
  46
  50
  55
  59
  63
  67
  72
  77
  81
  86
  92
  97
  103
  108
  114
  121
  127
  134
  141
  149
  157
  165
  174
  183
  192
Total cash flow (excl. dividends), $m
  49
  33
  150
  156
  165
  177
  193
  212
  235
  260
  290
  318
  354
  395
  439
  487
  540
  597
  658
  725
  796
  873
  955
  1,043
  1,138
  1,239
  1,346
  1,461
  1,583
  1,713
  1,851
Retained Cash Flow (-), $m
  268
  -637
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
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
 
  -604
  147
  152
  161
  173
  188
  207
  228
  254
  283
  310
  346
  386
  430
  478
  529
  586
  647
  713
  783
  860
  941
  1,029
  1,122
  1,222
  1,329
  1,443
  1,564
  1,693
  1,830
Discount rate, %
 
  12.80
  13.44
  14.11
  14.82
  15.56
  16.34
  17.15
  18.01
  18.91
  19.86
  20.85
  21.89
  22.99
  24.14
  25.34
  26.61
  27.94
  29.34
  30.80
  32.34
  33.96
  35.66
  37.44
  39.32
  41.28
  43.35
  45.51
  47.79
  50.18
  52.69
PV of cash for distribution, $m
 
  -536
  114
  102
  92
  84
  76
  68
  61
  53
  46
  39
  32
  26
  21
  16
  12
  9
  6
  4
  3
  2
  1
  1
  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

Brinker International, Inc. is engaged in the ownership, operation, development, and franchising of the Chili's Grill & Bar (Chili's) and Maggiano's Little Italy (Maggiano's) restaurant brands. The Company's Chili's operates Bar & Grill category of casual dining. Chili's menu features authentic Fresh Mex and Fresh Tex cuisine, including signature items, such as Baby Back Ribs smoked in-house, Hand-Crafted Burgers served with house-made garlic dill pickles, Mix and Match Fajitas, Tableside Guacamole and house-made Chips and Salsa. Maggiano's is a full-service, casual dining Italian restaurant brand. Its Maggiano's restaurants feature individual and family-style menus, and its restaurants also has banquet facilities designed to host party business or social events. The Company owns, operates or franchises restaurants, which include approximately 1,650 restaurants in the United States, over 30 countries and approximately two territories outside of the United States.

FINANCIAL RATIOS  of  Brinker International (EAT)

Valuation Ratios
P/E Ratio 12.3
Price to Sales 0.6
Price to Book -3.8
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow 8.9
Growth Rates
Sales Growth Rate -3.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.8%
Cap. Spend. - 3 Yr. Gr. Rate -8.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity -267%
Total Debt to Equity -269%
Interest Coverage 3
Management Effectiveness
Return On Assets 15%
Ret/ On Assets - 3 Yr. Avg. 15.6%
Return On Total Capital 17.5%
Ret/ On T. Cap. - 3 Yr. Avg. 20.5%
Return On Equity -41.9%
Return On Equity - 3 Yr. Avg. -924.7%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 18%
Gross Margin - 3 Yr. Avg. 19%
EBITDA Margin 14.4%
EBITDA Margin - 3 Yr. Avg. 15.1%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 9.4%
Pre-Tax Margin 6.6%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 27.8%
Eff/ Tax Rate - 3 Yr. Avg. 29.6%
Payout Ratio 47%

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 $3151 million for the last fiscal year's total revenue generated by Brinker International. The default revenue input number comes from 2017 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 12.8%, 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 42.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1596 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 7.3% 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 33.3%.

Life of production assets of 7.8 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 -9.2%. 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 - $-494 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 48.321 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 $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
DRI Darden Restaur 87.14 207.42  str.buy
BJRI BJ's Resta 36.40 47.50  buy
BLMN Bloomin' B 21.37 12.53  sell
DENN Denny's 13.26 2.33  str.sell
SAUC Diversified Re 1.48 0.53  str.sell
DIN DineEquity 50.72 50.04  hold
BWLD Buffalo Wild W 156.50 93.00  hold
ARKR ARK Restaurant 25.00 28.77  hold

COMPANY NEWS

▶ You Must Eat Up These 3 Restaurant Stocks   [Dec-01-17 12:17PM  TheStreet.com]
▶ These 7 Restaurant Chains Serve up Tasty Returns   [Nov-22-17 02:22PM  Investopedia]
▶ Little Actions, Big Impact   [Nov-21-17 02:43PM  PR Newswire]
▶ A Look At The Fair Value Of Brinker International Inc (EAT)   [Nov-20-17 10:05AM  Simply Wall St.]
▶ Brinker International Board Declares Common Dividend   [Nov-16-17 04:10PM  PR Newswire]
▶ What Analysts Expect for Buffalo Wild Wings   [Nov-15-17 09:55AM  Market Realist]
▶ Maggiano's Raises The Bar   [10:10AM  PR Newswire]
▶ Brinker International misses Street 1Q forecasts   [06:59AM  Associated Press]
▶ Bull of the Day: Brinker (EAT)   [07:00AM  Zacks]
▶ 3 Restaurant Stocks With Tasty Dividend Yields   [Oct-13-17 06:05AM  Motley Fool]
▶ Oh Baby, Chili's Is Back, Baby Back, Baby Back   [Oct-04-17 10:10AM  PR Newswire]
▶ Chili's is reviving its iconic 'baby back' jingle   [Oct-02-17 10:00AM  Business Insider]
▶ You Say Goodbye. Chili's Says Hello. Hello. Hello.   [Sep-18-17 06:54PM  PR Newswire]
▶ 5 High-Yielding Stocks in 3 Surprising Industries   [Sep-13-17 10:10AM  Motley Fool]
▶ Chilis Menu Gets 40% Smaller: What Items Were Cut?   [Sep-08-17 04:30PM  InvestorPlace]
▶ Chili's trimming 40% of dishes, getting back to core menu   [03:30PM  American City Business Journals]
▶ Chili's cutting its menu by 40%   [10:08AM  MarketWatch]
▶ Chili's Growth Means Getting Smaller   [09:30AM  PR Newswire]
▶ Stocks That Fell to 3-Year Lows   [Sep-01-17 08:17PM  GuruFocus.com]
▶ [$$] Brinker Stock Seen Rebounding to $49   [Aug-24-17 12:54PM  Barrons.com]
▶ 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]
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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