Intrinsic value of Noodles Cl A - NDLS

Previous Close

$11.75

  Intrinsic Value

$0.18

stock screener

  Rating & Target

str. sell

-98%

Previous close

$11.75

 
Intrinsic value

$0.18

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of NDLS 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  7.03
  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
  487
  465
  476
  488
  502
  517
  534
  552
  572
  593
  615
  640
  666
  693
  723
  754
  787
  822
  859
  898
  939
  983
  1,029
  1,077
  1,128
  1,182
  1,238
  1,298
  1,361
  1,426
  1,496
Variable operating expenses, $m
 
  530
  542
  556
  571
  589
  608
  628
  651
  675
  701
  728
  757
  789
  822
  857
  895
  935
  977
  1,021
  1,068
  1,118
  1,170
  1,225
  1,283
  1,344
  1,408
  1,476
  1,547
  1,622
  1,701
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
  555
  530
  542
  556
  571
  589
  608
  628
  651
  675
  701
  728
  757
  789
  822
  857
  895
  935
  977
  1,021
  1,068
  1,118
  1,170
  1,225
  1,283
  1,344
  1,408
  1,476
  1,547
  1,622
  1,701
Operating income, $m
  -68
  -65
  -66
  -68
  -70
  -72
  -74
  -77
  -79
  -82
  -85
  -88
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
EBITDA, $m
  -40
  -46
  -47
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -113
  -118
  -124
  -129
  -136
  -142
  -149
Interest expense (income), $m
  2
  3
  3
  3
  4
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
Earnings before tax, $m
  -70
  -68
  -69
  -71
  -73
  -76
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
  -133
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
Tax expense, $m
  2
  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
Net income, $m
  -72
  -68
  -69
  -71
  -73
  -76
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
  -133
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  209
  189
  193
  198
  204
  210
  217
  224
  232
  241
  250
  260
  270
  281
  293
  306
  319
  334
  349
  364
  381
  399
  418
  437
  458
  480
  503
  527
  552
  579
  607
Adjusted assets (=assets-cash), $m
  207
  189
  193
  198
  204
  210
  217
  224
  232
  241
  250
  260
  270
  281
  293
  306
  319
  334
  349
  364
  381
  399
  418
  437
  458
  480
  503
  527
  552
  579
  607
Revenue / Adjusted assets
  2.353
  2.460
  2.466
  2.465
  2.461
  2.462
  2.461
  2.464
  2.466
  2.461
  2.460
  2.462
  2.467
  2.466
  2.468
  2.464
  2.467
  2.461
  2.461
  2.467
  2.465
  2.464
  2.462
  2.465
  2.463
  2.463
  2.461
  2.463
  2.466
  2.463
  2.465
Average production assets, $m
  191
  174
  178
  183
  188
  194
  200
  207
  214
  222
  231
  240
  250
  260
  271
  283
  295
  308
  322
  337
  352
  369
  386
  404
  423
  443
  464
  487
  510
  535
  561
Working capital, $m
  -23
  -1
  -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
Total debt, $m
  85
  61
  64
  68
  73
  78
  83
  89
  95
  102
  110
  118
  126
  135
  145
  155
  166
  177
  189
  202
  216
  230
  245
  261
  277
  295
  314
  333
  353
  375
  398
Total liabilities, $m
  184
  152
  156
  160
  164
  169
  175
  181
  187
  194
  201
  209
  218
  227
  236
  247
  257
  269
  281
  294
  307
  322
  337
  352
  369
  387
  405
  425
  445
  467
  489
Total equity, $m
  26
  37
  37
  38
  40
  41
  42
  43
  45
  47
  48
  50
  52
  55
  57
  59
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  98
  102
  107
  112
  118
Total liabilities and equity, $m
  210
  189
  193
  198
  204
  210
  217
  224
  232
  241
  249
  259
  270
  282
  293
  306
  319
  334
  349
  365
  381
  399
  418
  437
  458
  480
  503
  527
  552
  579
  607
Debt-to-equity ratio
  3.269
  1.650
  1.710
  1.770
  1.840
  1.900
  1.970
  2.050
  2.120
  2.190
  2.260
  2.340
  2.410
  2.480
  2.540
  2.610
  2.680
  2.740
  2.800
  2.860
  2.920
  2.970
  3.020
  3.070
  3.120
  3.170
  3.220
  3.260
  3.300
  3.340
  3.380
Adjusted equity ratio
  0.116
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -72
  -68
  -69
  -71
  -73
  -76
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
  -133
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
Depreciation, amort., depletion, $m
  28
  18
  19
  19
  20
  20
  21
  21
  22
  23
  24
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  49
  51
  53
  56
Funds from operations, $m
  45
  -50
  -51
  -52
  -54
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -154
  -161
  -169
Change in working capital, $m
  20
  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
  25
  -49
  -51
  -52
  -54
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -154
  -161
  -169
Maintenance CAPEX, $m
  0
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
New CAPEX, $m
  -43
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
Cash from investing activities, $m
  -43
  -20
  -21
  -23
  -23
  -25
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -43
  -45
  -47
  -49
  -51
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -76
  -79
Free cash flow, $m
  -18
  -70
  -72
  -75
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -122
  -127
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
Issuance/(repayment) of debt, $m
  17
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  18
  19
  20
  22
  23
Issuance/(repurchase) of shares, $m
  1
  68
  70
  72
  74
  77
  80
  82
  86
  89
  93
  96
  100
  104
  109
  114
  119
  125
  130
  137
  143
  150
  157
  165
  173
  181
  190
  200
  210
  220
  231
Cash from financing (excl. dividends), $m  
  18
  71
  73
  76
  78
  82
  85
  88
  92
  96
  100
  104
  108
  113
  119
  124
  130
  136
  142
  150
  156
  164
  172
  181
  190
  199
  208
  219
  230
  242
  254
Total cash flow (excl. dividends), $m
  0
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
Retained Cash Flow (-), $m
  68
  -68
  -70
  -72
  -74
  -77
  -80
  -82
  -86
  -89
  -93
  -96
  -100
  -104
  -109
  -114
  -119
  -125
  -130
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -210
  -220
  -231
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
 
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Cash available for distribution, $m
 
  -67
  -69
  -71
  -73
  -75
  -78
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -178
  -186
  -196
  -205
  -215
  -226
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  -61
  -57
  -53
  -48
  -44
  -40
  -35
  -31
  -27
  -23
  -20
  -17
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  84.0
  70.5
  59.1
  49.5
  41.5
  34.7
  29.0
  24.2
  20.2
  16.9
  14.1
  11.8
  9.8
  8.2
  6.8
  5.7
  4.7
  3.9
  3.3
  2.7
  2.3
  1.9
  1.6
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4

Noodles & Company develops and operates fast casual restaurants. The Company's menu includes a range of cooked-to-order dishes, including noodles and pasta, soups, salads, sandwiches and appetizers. The Company has approximately 490 restaurants, including 420 Company-owned and 70 franchised locations, across 40 states, the District of Columbia and one Canadian province. The Company offers over 30 globally inspired Asian, Mediterranean and American dishes together on a single menu. The Company offers approximately 10 fresh vegetables and six proteins, including marinated steak, naturally raised pork, chicken, meatballs, shrimp and organic tofu. The Company offers Kids Meals, which includes sides, such as broccoli, carrots, fruit, applesauce and a portion of its housemade rice crispy treat. The Company's restaurants' locations include Arizona, California, Colorado, Delaware, New York, North Dakota, Ohio, Texas, Utah, Virginia, Washington and Wisconsin.

FINANCIAL RATIOS  of  Noodles Cl A (NDLS)

Valuation Ratios
P/E Ratio -4.5
Price to Sales 0.7
Price to Book 12.6
Price to Tangible Book
Price to Cash Flow 13.1
Price to Free Cash Flow -18.2
Growth Rates
Sales Growth Rate 7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14%
Cap. Spend. - 3 Yr. Gr. Rate -4.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 326.9%
Total Debt to Equity 326.9%
Interest Coverage -34
Management Effectiveness
Return On Assets -31.2%
Ret/ On Assets - 3 Yr. Avg. -10.5%
Return On Total Capital -52.7%
Ret/ On T. Cap. - 3 Yr. Avg. -18%
Return On Equity -120%
Return On Equity - 3 Yr. Avg. -41.2%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 73.3%
Gross Margin - 3 Yr. Avg. 73.5%
EBITDA Margin -8.2%
EBITDA Margin - 3 Yr. Avg. 1.3%
Operating Margin -14%
Oper. Margin - 3 Yr. Avg. -4.7%
Pre-Tax Margin -14.4%
Pre-Tax Margin - 3 Yr. Avg. -4.9%
Net Profit Margin -14.8%
Net Profit Margin - 3 Yr. Avg. -5%
Effective Tax Rate -2.9%
Eff/ Tax Rate - 3 Yr. Avg. 26.1%
Payout Ratio 0%

NDLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NDLS stock intrinsic value calculation we used $456 million for the last fiscal year's total revenue generated by Noodles Cl A. The default revenue input number comes from 2017 income statement of Noodles Cl A. 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 NDLS 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 9.3%, whose default value for NDLS is calculated based on our internal credit rating of Noodles Cl A, 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 Noodles Cl A.
    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 NDLS stock the variable cost ratio is equal to 113.9%.

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 NDLS 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 5.4% for Noodles Cl A.

Corporate tax rate of 27% is the nominal tax rate for Noodles Cl A. 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 NDLS stock is equal to 0.3%.

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 NDLS are equal to 37.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Noodles Cl A 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 NDLS is equal to -0.2%. 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 - $36 million for Noodles Cl A - 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 38 million for Noodles Cl A 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 Noodles Cl A at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
SAUC Diversified Re 1.01 0.14  str.sell
ARKR ARK Restaurant 24.29 21.51  hold
RRGB Red Robin Gour 50.00 105.82  str.buy
EAT Brinker Intern 49.97 4.77  str.sell
BLMN Bloomin' B 21.42 6.22  str.sell
BOJA Bojangles' 14.70 21.84  str.buy
HABT Habit Restaura 10.30 7.37  hold

COMPANY NEWS

▶ 9 A-Rated Cheap Stocks to Consider   [02:24PM  InvestorPlace]
▶ Noodles & Co. records best comparable-sales growth in 6 years   [04:53PM  American City Business Journals]
▶ Noodles & Co.: 2Q Earnings Snapshot   [04:19PM  Associated Press]
▶ Earnings Preview For Noodles   [07:53AM  Benzinga]
▶ Noodles & Co (NDLS) Stock Surges Ahead of Earnings   [Jul-16-18 02:45PM  InvestorPlace]
▶ The 5 Best Restaurant Stocks of 2018 (So Far)   [Jul-05-18 07:00PM  Motley Fool]
▶ Top Stock Picks for the Week of May 14th   [May-14-18 02:47PM  Zacks]
▶ Noodles & Co.: 1Q Earnings Snapshot   [May-10-18 04:27PM  Associated Press]
▶ Noodles & Company Launches Zucchini Noodles Nationwide   [May-02-18 09:05AM  PR Newswire]
▶ Success of Noodles & Company's zoodles could go a long way toward the chain's recovery   [Apr-27-18 04:31PM  American City Business Journals]
▶ [$$] What if Mark Zuckerberg was your Facebook friend?   [Apr-05-18 11:59PM  Financial Times]
▶ Noodles shrinks 2017, fourth-quarter losses   [01:00AM  American City Business Journals]
▶ Noodles & Co (NDLS) Q4 Earnings Top Analysts Expectations   [Mar-14-18 06:01PM  InvestorPlace]
▶ Noodles & Co. reports 4Q loss   [05:03PM  Associated Press]
▶ Noodles CEO lays out plans for accelerating restaurant's turnaround   [04:55PM  American City Business Journals]
▶ Retail sales What you need to know in markets on Wednesday   [Mar-13-18 08:33PM  Yahoo Finance]
▶ Noodles & Company (NASDAQ:NDLS): Is Breakeven Near?   [Mar-02-18 07:07PM  Simply Wall St.]
▶ Chas Hermann Named Chief Brand Officer at Noodles & Company   [Mar-01-18 04:05PM  GlobeNewswire]
▶ Noodles & Company suffers continued losses in third quarter   [Nov-09-17 06:35PM  American City Business Journals]
▶ Noodles & Co. reports 3Q loss   [04:25PM  Associated Press]
▶ ETFs with exposure to Noodles & Co. : October 26, 2017   [Oct-26-17 10:40AM  Capital Cube]
▶ ETFs with exposure to Noodles & Co. : September 12, 2017   [Sep-11-17 11:49PM  Capital Cube]
▶ ETFs with exposure to Noodles & Co. : August 30, 2017   [Aug-29-17 08:03PM  Capital Cube]
▶ Noodles & Co. reports 2Q loss   [Aug-10-17 09:24PM  Associated Press]
▶ ETFs with exposure to Noodles & Co. : July 4, 2017   [Jul-04-17 03:13PM  Capital Cube]
▶ Leadership shakeup at Noodles & Company   [Jun-14-17 10:05PM  American City Business Journals]
▶ ETFs with exposure to Noodles & Co. : June 5, 2017   [Jun-05-17 02:32PM  Capital Cube]
▶ ETFs with exposure to Noodles & Co. : May 26, 2017   [May-26-17 01:19PM  Capital Cube]
▶ ETFs with exposure to Noodles & Co. : May 15, 2017   [May-15-17 04:13PM  Capital Cube]
Financial statements of NDLS
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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