Intrinsic value of Fogo de Chao - FOGO

Previous Close

$11.15

  Intrinsic Value

$59.14

stock screener

  Rating & Target

str. buy

+430%

  Value-price divergence*

+305%

Previous close

$11.15

 
Intrinsic value

$59.14

 
Up/down potential

+430%

 
Rating

str. buy

 
Value-price divergence*

+305%

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

We calculate the intrinsic value of FOGO 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 0.3

 

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, %
  5.88
  11.40
  10.76
  10.18
  9.67
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  288
  321
  355
  392
  429
  469
  510
  553
  597
  644
  692
  742
  794
  848
  904
  963
  1,024
  1,087
  1,153
  1,221
  1,293
  1,368
  1,446
  1,527
  1,612
  1,701
  1,794
  1,891
  1,993
  2,099
  2,210
Variable operating expenses, $m
 
  57
  60
  64
  69
  73
  78
  82
  87
  92
  98
  82
  88
  94
  100
  107
  113
  120
  128
  135
  143
  151
  160
  169
  179
  188
  199
  209
  221
  232
  245
Fixed operating expenses, $m
 
  209
  214
  220
  225
  231
  237
  242
  249
  255
  261
  268
  274
  281
  288
  295
  303
  310
  318
  326
  334
  343
  351
  360
  369
  378
  388
  397
  407
  417
  428
Total operating expenses, $m
  250
  266
  274
  284
  294
  304
  315
  324
  336
  347
  359
  350
  362
  375
  388
  402
  416
  430
  446
  461
  477
  494
  511
  529
  548
  566
  587
  606
  628
  649
  673
Operating income, $m
  38
  55
  81
  107
  136
  165
  196
  228
  262
  297
  333
  392
  432
  473
  516
  561
  607
  656
  707
  760
  816
  874
  935
  998
  1,065
  1,135
  1,208
  1,284
  1,365
  1,449
  1,538
EBITDA, $m
  53
  85
  112
  140
  169
  199
  231
  265
  300
  336
  374
  413
  454
  497
  541
  588
  636
  687
  739
  795
  852
  912
  975
  1,041
  1,110
  1,182
  1,258
  1,338
  1,421
  1,508
  1,600
Interest expense (income), $m
  4
  5
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  18
  19
  21
  23
  24
  26
  28
  29
  31
  33
  35
  38
  40
  42
  45
  47
  50
  53
  56
Earnings before tax, $m
  36
  50
  74
  100
  127
  156
  186
  217
  249
  283
  318
  376
  414
  454
  495
  538
  583
  630
  679
  731
  784
  840
  899
  960
  1,025
  1,092
  1,163
  1,237
  1,315
  1,396
  1,482
Tax expense, $m
  12
  13
  20
  27
  34
  42
  50
  58
  67
  76
  86
  101
  112
  122
  134
  145
  157
  170
  183
  197
  212
  227
  243
  259
  277
  295
  314
  334
  355
  377
  400
Net income, $m
  24
  36
  54
  73
  93
  114
  135
  158
  182
  206
  232
  274
  302
  331
  361
  393
  426
  460
  496
  533
  573
  613
  656
  701
  748
  797
  849
  903
  960
  1,019
  1,082

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
  522
  547
  605
  667
  731
  799
  869
  942
  1,018
  1,097
  1,179
  1,264
  1,353
  1,445
  1,540
  1,640
  1,744
  1,852
  1,964
  2,081
  2,203
  2,330
  2,463
  2,602
  2,747
  2,898
  3,056
  3,222
  3,395
  3,576
  3,765
Adjusted assets (=assets-cash), $m
  491
  547
  605
  667
  731
  799
  869
  942
  1,018
  1,097
  1,179
  1,264
  1,353
  1,445
  1,540
  1,640
  1,744
  1,852
  1,964
  2,081
  2,203
  2,330
  2,463
  2,602
  2,747
  2,898
  3,056
  3,222
  3,395
  3,576
  3,765
Revenue / Adjusted assets
  0.587
  0.587
  0.587
  0.588
  0.587
  0.587
  0.587
  0.587
  0.586
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
Average production assets, $m
  244
  271
  300
  331
  363
  396
  431
  467
  505
  544
  585
  627
  671
  717
  764
  813
  865
  918
  974
  1,032
  1,093
  1,156
  1,222
  1,291
  1,362
  1,437
  1,516
  1,598
  1,684
  1,774
  1,868
Working capital, $m
  15
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -33
  -36
  -39
  -42
  -44
  -47
  -51
  -54
  -57
  -61
  -65
  -68
  -72
  -77
  -81
  -86
  -90
  -95
  -100
  -106
  -112
  -118
  -124
Total debt, $m
  150
  176
  204
  233
  263
  294
  327
  362
  397
  434
  473
  513
  555
  598
  643
  690
  739
  789
  842
  897
  954
  1,014
  1,077
  1,142
  1,210
  1,281
  1,355
  1,433
  1,514
  1,600
  1,689
Total liabilities, $m
  232
  257
  285
  314
  344
  375
  408
  443
  478
  515
  554
  594
  636
  679
  724
  771
  820
  870
  923
  978
  1,035
  1,095
  1,158
  1,223
  1,291
  1,362
  1,436
  1,514
  1,595
  1,681
  1,770
Total equity, $m
  291
  290
  321
  354
  388
  423
  461
  499
  539
  581
  625
  670
  717
  766
  816
  869
  924
  981
  1,041
  1,103
  1,168
  1,235
  1,305
  1,379
  1,456
  1,536
  1,620
  1,707
  1,799
  1,895
  1,996
Total liabilities and equity, $m
  523
  547
  606
  668
  732
  798
  869
  942
  1,017
  1,096
  1,179
  1,264
  1,353
  1,445
  1,540
  1,640
  1,744
  1,851
  1,964
  2,081
  2,203
  2,330
  2,463
  2,602
  2,747
  2,898
  3,056
  3,221
  3,394
  3,576
  3,766
Debt-to-equity ratio
  0.515
  0.610
  0.630
  0.660
  0.680
  0.700
  0.710
  0.720
  0.740
  0.750
  0.760
  0.770
  0.770
  0.780
  0.790
  0.790
  0.800
  0.800
  0.810
  0.810
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.850
Adjusted equity ratio
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  24
  36
  54
  73
  93
  114
  135
  158
  182
  206
  232
  274
  302
  331
  361
  393
  426
  460
  496
  533
  573
  613
  656
  701
  748
  797
  849
  903
  960
  1,019
  1,082
Depreciation, amort., depletion, $m
  15
  30
  31
  32
  33
  34
  35
  37
  38
  39
  41
  21
  22
  24
  25
  27
  29
  31
  32
  34
  36
  39
  41
  43
  45
  48
  51
  53
  56
  59
  62
Funds from operations, $m
  62
  67
  85
  105
  126
  148
  171
  195
  220
  246
  273
  295
  324
  355
  387
  420
  455
  491
  528
  568
  609
  652
  697
  744
  793
  845
  899
  956
  1,016
  1,078
  1,144
Change in working capital, $m
  6
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from operations, $m
  56
  68
  87
  107
  128
  150
  173
  197
  222
  248
  275
  298
  327
  358
  390
  423
  458
  494
  532
  572
  613
  656
  701
  749
  798
  850
  905
  962
  1,021
  1,084
  1,150
Maintenance CAPEX, $m
  0
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -39
  -41
  -43
  -45
  -48
  -51
  -53
  -56
  -59
New CAPEX, $m
  -38
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
Cash from investing activities, $m
  -38
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -54
  -56
  -59
  -61
  -65
  -68
  -71
  -74
  -78
  -83
  -87
  -90
  -95
  -99
  -105
  -110
  -115
  -120
  -126
  -133
  -139
  -146
  -153
Free cash flow, $m
  18
  33
  49
  67
  85
  105
  125
  147
  169
  192
  217
  236
  262
  290
  319
  348
  379
  412
  446
  481
  518
  557
  597
  639
  683
  730
  778
  829
  882
  938
  997
Issuance/(repayment) of debt, $m
  -15
  26
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -14
  26
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
Total cash flow (excl. dividends), $m
  6
  59
  77
  96
  116
  136
  158
  181
  205
  229
  255
  276
  304
  333
  364
  395
  428
  463
  499
  536
  575
  616
  659
  704
  751
  801
  853
  907
  964
  1,023
  1,086
Retained Cash Flow (-), $m
  -40
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -100
Prev. year cash balance distribution, $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
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
 
  60
  46
  63
  81
  101
  121
  142
  164
  188
  212
  231
  257
  284
  313
  342
  373
  405
  439
  474
  511
  549
  589
  631
  675
  721
  769
  819
  872
  927
  986
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  57
  41
  54
  65
  75
  83
  90
  94
  98
  99
  96
  94
  91
  86
  81
  74
  67
  60
  53
  45
  38
  32
  26
  21
  16
  12
  9
  7
  5
  3
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

Fogo de Chao, Inc. is a United States-based holding company. The Company, through its subsidiaries, operates upscale Brazilian churrascaria steakhouses under the brand of Fogo de Chao. The Company owns 100% of Brasa (Purchaser) Inc. (Brasa Purchaser), which owns 100% of Brasa (Holdings) Inc. (Brasa Holdings). The Company operates through two segments: United States and Brazil. It specializes in fire-roasting meats utilizing the centuries-old Southern Brazilian cooking technique of churrasco. The Company offers its guests a tasting menu of meats featuring up to 20 cuts, simply seasoned and fire-roasted to expose their natural flavors. The Company operates approximately 26 restaurants in the United States, 10 in Brazil and one in Mexico. The Company operates a range of restaurant formats, including in-line and free-standing locations. Its restaurants range in size from approximately 7,000 to 16,000 square feet, with seating from 200 to 500 guests.

FINANCIAL RATIOS  of  Fogo de Chao (FOGO)

Valuation Ratios
P/E Ratio 13.1
Price to Sales 1.1
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 5.6
Price to Free Cash Flow 17.5
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.6%
Cap. Spend. - 3 Yr. Gr. Rate 4.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 51.5%
Total Debt to Equity 51.5%
Interest Coverage 10
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 5.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 8.9%
Return On Equity - 3 Yr. Avg. 11.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 48.6%
Gross Margin - 3 Yr. Avg. 48.7%
EBITDA Margin 19.1%
EBITDA Margin - 3 Yr. Avg. 17.8%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 8.9%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. -12.5%
Payout Ratio 0%

FOGO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FOGO stock intrinsic value calculation we used $288 million for the last fiscal year's total revenue generated by Fogo de Chao. The default revenue input number comes from 2017 income statement of Fogo de Chao. 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 FOGO stock valuation model: a) initial revenue growth rate of 11.4% 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 5.1%, whose default value for FOGO is calculated based on our internal credit rating of Fogo de Chao, 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 Fogo de Chao.
    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 FOGO stock the variable cost ratio is equal to 18.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $204 million in the base year in the intrinsic value calculation for FOGO 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 Fogo de Chao.

Corporate tax rate of 27% is the nominal tax rate for Fogo de Chao. 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 FOGO 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 FOGO are equal to 84.5%.

Life of production assets of 30.1 years is the average useful life of capital assets used in Fogo de Chao 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 FOGO is equal to -5.6%. 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 - $291 million for Fogo de Chao - 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 28.346 million for Fogo de Chao 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 Fogo de Chao at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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JAX J. Alexander&# 10.80 1.90  str.sell
STKS ONE Group Hosp 1.56 0.08  str.sell
DRI Darden Restaur 81.96 113.20  buy
BLMN Bloomin' B 17.77 12.31  sell
ARKR ARK Restaurant 24.94 28.64  buy
RRGB Red Robin Gour 66.95 31.93  sell
DENN Denny's 13.06 2.34  str.sell

COMPANY NEWS

▶ Hurricane Harvey's Impact On Restaurants: All Bluster?   [Aug-30-17 10:15AM  Barrons.com]
▶ 2 Stocks That Could Offer Value for Shareholders   [Aug-14-17 09:00AM  TheStreet.com]
▶ Fogo de Chão Opens First Middle East Location   [Aug-09-17 03:00PM  GlobeNewswire]
▶ Fogo de Chao misses 2Q profit forecasts   [Aug-08-17 10:39PM  Associated Press]
▶ 3 Stocks Billionaires Can't Buy but You Can   [Aug-05-17 11:32AM  Motley Fool]
▶ New Strong Sell Stocks for July 27th   [Jul-27-17 07:38AM  Zacks]
▶ Fogo de Chao wraps up revamp of its downtown Minneapolis restaurant   [Jun-20-17 02:26PM  American City Business Journals]
▶ ETFs with exposure to Fogo de Chão, Inc. : June 6, 2017   [Jun-06-17 11:42AM  Capital Cube]
▶ Fogo de Chão Completes Renovation of Minneapolis Location   [Jun-01-17 03:17PM  GlobeNewswire]
▶ [$$] Going Out for Lunch Is a Dying Tradition   [May-31-17 12:07AM  The Wall Street Journal]
▶ [$$] Going Out for Lunch Is a Dying Tradition   [May-30-17 02:19PM  The Wall Street Journal]
▶ Top Ranked Value Stocks to Buy for May 23rd   [May-23-17 10:13AM  Zacks]
▶ ETFs with exposure to Fogo de Chão, Inc. : May 16, 2017   [May-16-17 12:52PM  Capital Cube]
▶ Fogo de Chao meets 1Q profit forecasts   [May-08-17 05:36PM  Associated Press]
▶ ETFs with exposure to Fogo de Chão, Inc. : April 5, 2017   [Apr-05-17 04:46PM  Capital Cube]
▶ After-hours buzz: FOGO, TWNK, DSW   [Mar-14-17 06:02PM  CNBC]
▶ Fogo de Chao beats Street 4Q forecasts   [04:14PM  Associated Press]
▶ Fogo de Chão Opens Second Dallas-Area Location in Uptown   [Feb-17-17 10:33AM  GlobeNewswire]
▶ Is Consolidated-Tomoka Land Co. (CTO) a Good Stock to Invest in?   [Dec-14-16 11:42AM  at Insider Monkey]
▶ Why Fogo de Chao Inc Stock Jumped 17% in November   [Dec-10-16 02:34PM  at Motley Fool]
▶ 3 Small-Cap Stocks to Buy in November   [Nov-03-16 12:40PM  at Motley Fool]
▶ Renovations coming to Minneapolis Fogo De Chao   [Oct-26-16 04:30PM  at bizjournals.com]
▶ Why Fogo de Chao Inc Stock Dropped 14% Last Month   [Oct-08-16 11:46AM  at Motley Fool]
Financial statements of FOGO
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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