Intrinsic value of Nathan's Famous - NATH

Previous Close

$58.10

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-91%

Previous close

$58.10

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-91%

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

We calculate the intrinsic value of NATH 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 0.2

 

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, %
  2.02
  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
  101
  103
  105
  108
  111
  115
  118
  122
  127
  131
  136
  142
  147
  154
  160
  167
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  274
  287
  301
  316
  331
Variable operating expenses, $m
 
  83
  85
  87
  89
  92
  95
  98
  102
  105
  109
  114
  118
  123
  128
  134
  140
  146
  153
  160
  167
  175
  183
  191
  200
  210
  220
  231
  242
  253
  266
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
  76
  83
  85
  87
  89
  92
  95
  98
  102
  105
  109
  114
  118
  123
  128
  134
  140
  146
  153
  160
  167
  175
  183
  191
  200
  210
  220
  231
  242
  253
  266
Operating income, $m
  25
  20
  21
  21
  22
  23
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
  66
EBITDA, $m
  26
  21
  22
  22
  23
  24
  25
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  54
  57
  60
  63
  66
  69
Interest expense (income), $m
  14
  14
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
Earnings before tax, $m
  10
  6
  15
  16
  16
  16
  17
  18
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
Tax expense, $m
  4
  2
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
Net income, $m
  6
  5
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  50
  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
  72
  73
  75
  77
  79
  82
  84
  87
  90
  94
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  148
  155
  162
  170
  178
  187
  196
  205
  215
  225
  236
Adjusted assets (=assets-cash), $m
  22
  73
  75
  77
  79
  82
  84
  87
  90
  94
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  148
  155
  162
  170
  178
  187
  196
  205
  215
  225
  236
Revenue / Adjusted assets
  4.591
  1.411
  1.400
  1.403
  1.405
  1.402
  1.405
  1.402
  1.411
  1.394
  1.402
  1.406
  1.400
  1.413
  1.404
  1.403
  1.403
  1.400
  1.397
  1.401
  1.405
  1.406
  1.407
  1.406
  1.404
  1.401
  1.398
  1.400
  1.400
  1.404
  1.403
Average production assets, $m
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
Working capital, $m
  50
  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 debt, $m
  130
  52
  54
  55
  57
  59
  62
  64
  67
  70
  73
  77
  81
  85
  89
  93
  98
  103
  108
  114
  119
  126
  132
  139
  146
  154
  162
  170
  179
  189
  199
Total liabilities, $m
  144
  66
  68
  69
  71
  73
  76
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
  117
  122
  128
  133
  140
  146
  153
  160
  168
  176
  184
  193
  203
  213
Total equity, $m
  -72
  7
  8
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  23
  24
Total liabilities and equity, $m
  72
  73
  76
  77
  79
  81
  84
  87
  90
  93
  97
  101
  106
  110
  114
  119
  124
  130
  136
  142
  148
  156
  162
  170
  178
  187
  196
  204
  214
  226
  237
Debt-to-equity ratio
  -1.806
  7.090
  7.140
  7.180
  7.230
  7.280
  7.340
  7.390
  7.450
  7.500
  7.560
  7.610
  7.670
  7.720
  7.770
  7.820
  7.870
  7.920
  7.970
  8.010
  8.060
  8.100
  8.140
  8.180
  8.210
  8.250
  8.280
  8.320
  8.350
  8.380
  8.410
Adjusted equity ratio
  -5.545
  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
  6
  5
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
Funds from operations, $m
  15
  6
  12
  12
  13
  13
  14
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
Change in working capital, $m
  3
  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 operations, $m
  12
  6
  12
  12
  13
  13
  14
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
New CAPEX, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
Cash from investing activities, $m
  6
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
Free cash flow, $m
  18
  4
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
Issuance/(repayment) of debt, $m
  0
  -78
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
Issuance/(repurchase) of shares, $m
  -19
  75
  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  
  -20
  -3
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
Total cash flow (excl. dividends), $m
  -1
  1
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  41
Retained Cash Flow (-), $m
  12
  -79
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
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
 
  -78
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  40
Discount rate, %
 
  14.50
  15.23
  15.99
  16.79
  17.62
  18.51
  19.43
  20.40
  21.42
  22.49
  23.62
  24.80
  26.04
  27.34
  28.71
  30.14
  31.65
  33.23
  34.90
  36.64
  38.47
  40.40
  42.42
  44.54
  46.76
  49.10
  51.56
  54.14
  56.84
  59.68
PV of cash for distribution, $m
 
  -68
  9
  8
  7
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  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
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Nathan’s Famous, Inc., together with its subsidiaries, operates in the foodservice industry. The company owns and franchises restaurants under the name Nathan’s Famous brand name, as well as sells products bearing the Nathan’s Famous trademarks through various channels of distribution. It also has license agreements for the manufacture, distribution, marketing, and sale of Nathan’s Famous branded hot dogs, sausages, and corned beef products in refrigerated consumer packages to be resold through retail channels, such as supermarkets, groceries, mass merchandisers, and club stores; and other Nathan’s Famous branded refrigerated meat products in consumer packages to be resold through retail channels. In addition, the company has license agreements to manufacture Nathan’s Famous branded hot dog and sausage products in bulk for use in the food service industry; for supply of Nathan’s Famous natural casing and skinless hot dogs in bulk for use in the Nathan’s Famous restaurant system; to manufacture proprietary spices; and to manufacture and sale of various products, including mustard, salsa, sauerkraut, and pickles. Further, the company sells Nathan’s products directly to end users or to various foodservice distributors, as well as provides Arthur Treacher’s brand fish fillets. As of March 27, 2016, its restaurant system consisted of 259 franchised units; and 5 company-owned units, including 1 seasonal unit located in 21 states and 11 foreign countries. Nathan's Famous, Inc. was founded in 1916 and is based in Jericho, New York.

FINANCIAL RATIOS  of  Nathan's Famous (NATH)

Valuation Ratios
P/E Ratio 40.5
Price to Sales 2.4
Price to Book -3.4
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 22.1
Growth Rates
Sales Growth Rate 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 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -180.6%
Total Debt to Equity -180.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 18.5%
Ret/ On Assets - 3 Yr. Avg. 17.3%
Return On Total Capital 9.4%
Ret/ On T. Cap. - 3 Yr. Avg. 17.1%
Return On Equity -9.1%
Return On Equity - 3 Yr. Avg. -46.2%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 38.6%
Gross Margin - 3 Yr. Avg. 34%
EBITDA Margin 24.8%
EBITDA Margin - 3 Yr. Avg. 21.7%
Operating Margin 24.8%
Oper. Margin - 3 Yr. Avg. 20.8%
Pre-Tax Margin 9.9%
Pre-Tax Margin - 3 Yr. Avg. 15.5%
Net Profit Margin 5.9%
Net Profit Margin - 3 Yr. Avg. 9.4%
Effective Tax Rate 40%
Eff/ Tax Rate - 3 Yr. Avg. 39.9%
Payout Ratio 0%

NATH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NATH stock intrinsic value calculation we used $101 million for the last fiscal year's total revenue generated by Nathan's Famous. The default revenue input number comes from 2016 income statement of Nathan's Famous. 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 NATH 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 14.5%, whose default value for NATH is calculated based on our internal credit rating of Nathan's Famous, 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 Nathan's Famous.
    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 NATH stock the variable cost ratio is equal to 80.2%.

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 NATH 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 10.8% for Nathan's Famous.

Corporate tax rate of 27% is the nominal tax rate for Nathan's Famous. 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 NATH 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 NATH are equal to 9.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Nathan's Famous 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 NATH is equal to 0%. 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 - $-72 million for Nathan's Famous - 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 4.183 million for Nathan's Famous 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 Nathan's Famous at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Nathan's posts 1Q profit   [Aug-05-17 12:02AM  Associated Press]
▶ Nathan's Famous, Inc. Reports First Quarter Results   [Aug-04-17 08:30AM  PR Newswire]
▶ [$$] Coney Island Hangs on With a Mix of Nostalgia and 21st-Century Sizzle   [Jul-05-17 12:12AM  The Wall Street Journal]
▶ [$$] Nathans Hot-Dog Eaters Aim To Bring Title Home   [Jul-02-17 11:35PM  The Wall Street Journal]
▶ [$$] Nathan's Hot-Dog Eaters Aim to Bring Title Home   [09:31PM  The Wall Street Journal]
▶ Nathan's Hotdog Eating Contest: By The Numbers   [Jun-30-17 01:47PM  TheStreet.com]
▶ Restaurateur Nathan Handwerker Doggedly Pursued The American Dream   [Jun-24-17 10:26AM  Investor's Business Daily]
▶ [$$] Hidden in Plain Sight: A Powerful Way to Beat the Market   [Jun-14-17 12:57AM  The Wall Street Journal]
▶ Nathan's posts 4Q profit   [Jun-09-17 08:40AM  Associated Press]
▶ Hot Dog! Nathan's Enters Sponsorship Deal With MLB   [Mar-28-17 10:29AM  TheStreet.com]
▶ Nathan's posts 3Q profit   [Feb-03-17 08:36AM  Associated Press]
▶ LD Micro Index Reconstitution as of February 1, 2017   [Feb-01-17 09:45AM  Accesswire]
▶ Heres What Smart Money Think about Jones Energy Inc (JONE)   [Dec-12-16 05:45PM  Insider Monkey]
▶ What Iconic Franchises Looked Like at the Very Beginning   [Nov-21-16 08:27AM  at The Wall Street Journal]
▶ [$$] How a Hot Dog Stand Sparked a July Fourth Tradition   [Jul-02-16 12:15AM  at The Wall Street Journal]
▶ [$$] Americas Top Dog   [12:13AM  at The Wall Street Journal]
▶ [$$] How a Hot Dog Stand Sparked a July Fourth Tradition   [Jul-01-16 07:07PM  at The Wall Street Journal]
▶ Hot Dog History Born in Coney Island   [Jun-30-16 03:44PM  at MarketWatch]
▶ Is McDonald's Now Going After Burgers King's Wieners?   [Apr-18-16 01:42PM  at TheStreet]
▶ The Top 5 Micro-Cap Restaurant Stocks for 2016 (KONA, ARKR)   [Dec-30  03:36PM  at Investopedia]
▶ 10-Q for Nathan's Famous, Inc.   [Aug-10  08:13PM  at Company Spotlight]
▶ Nathan's Famous, Inc. Reports First Quarter Results   [Aug-05  04:30PM  PR Newswire]
▶ We are eating a ton of hot dogs   [Jul-23  04:34PM  at Fortune]
Stock chart of NATH Financial statements of NATH
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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