Intrinsic value of Panera Bread Cl A - PNRA

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$314.58

  Intrinsic Value

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  Value-price divergence*

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$314.58

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

We calculate the intrinsic value of PNRA 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 7.1

 

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, %
  4.21
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.00
Revenue, $m
  2,795
  2,938
  3,087
  3,244
  3,408
  3,581
  3,762
  3,952
  4,152
  4,361
  4,581
  4,812
  5,054
  5,308
  5,575
  5,855
  6,149
  6,457
  6,781
  7,121
  7,478
  7,853
  8,247
  8,660
  9,093
  9,549
  10,027
  10,529
  11,056
  11,609
  12,190
Variable operating expenses, $m
 
  2,673
  2,808
  2,950
  3,099
  3,255
  3,419
  3,592
  3,772
  3,962
  4,161
  4,358
  4,577
  4,807
  5,049
  5,302
  5,568
  5,848
  6,141
  6,449
  6,773
  7,112
  7,468
  7,843
  8,235
  8,648
  9,081
  9,535
  10,013
  10,514
  11,040
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
  2,556
  2,673
  2,808
  2,950
  3,099
  3,255
  3,419
  3,592
  3,772
  3,962
  4,161
  4,358
  4,577
  4,807
  5,049
  5,302
  5,568
  5,848
  6,141
  6,449
  6,773
  7,112
  7,468
  7,843
  8,235
  8,648
  9,081
  9,535
  10,013
  10,514
  11,040
Operating income, $m
  240
  265
  279
  294
  309
  326
  343
  361
  380
  399
  420
  454
  477
  501
  526
  552
  580
  609
  640
  672
  706
  741
  778
  817
  858
  901
  946
  994
  1,043
  1,096
  1,150
EBITDA, $m
  394
  419
  440
  463
  486
  511
  537
  564
  592
  622
  653
  686
  721
  757
  795
  835
  877
  921
  967
  1,016
  1,067
  1,120
  1,176
  1,235
  1,297
  1,362
  1,430
  1,502
  1,577
  1,656
  1,739
Interest expense (income), $m
  8
  14
  16
  18
  20
  22
  24
  26
  29
  31
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  73
  77
  82
  88
  93
  99
  105
  111
  117
  124
Earnings before tax, $m
  230
  251
  263
  276
  289
  304
  319
  334
  351
  368
  386
  417
  437
  458
  480
  503
  528
  553
  580
  608
  637
  668
  701
  735
  771
  808
  848
  889
  932
  978
  1,026
Tax expense, $m
  85
  68
  71
  74
  78
  82
  86
  90
  95
  99
  104
  113
  118
  124
  130
  136
  142
  149
  157
  164
  172
  180
  189
  198
  208
  218
  229
  240
  252
  264
  277
Net income, $m
  146
  183
  192
  201
  211
  222
  233
  244
  256
  269
  282
  305
  319
  335
  351
  367
  385
  404
  423
  444
  465
  488
  512
  536
  562
  590
  619
  649
  681
  714
  749

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  106
  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
  1,302
  1,257
  1,321
  1,388
  1,458
  1,532
  1,610
  1,691
  1,777
  1,866
  1,960
  2,059
  2,163
  2,271
  2,385
  2,505
  2,631
  2,763
  2,902
  3,047
  3,200
  3,360
  3,529
  3,705
  3,891
  4,086
  4,291
  4,505
  4,731
  4,968
  5,216
Adjusted assets (=assets-cash), $m
  1,196
  1,257
  1,321
  1,388
  1,458
  1,532
  1,610
  1,691
  1,777
  1,866
  1,960
  2,059
  2,163
  2,271
  2,385
  2,505
  2,631
  2,763
  2,902
  3,047
  3,200
  3,360
  3,529
  3,705
  3,891
  4,086
  4,291
  4,505
  4,731
  4,968
  5,216
Revenue / Adjusted assets
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.338
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
Average production assets, $m
  849
  893
  938
  986
  1,036
  1,089
  1,144
  1,202
  1,262
  1,326
  1,393
  1,463
  1,536
  1,614
  1,695
  1,780
  1,869
  1,963
  2,061
  2,165
  2,273
  2,387
  2,507
  2,633
  2,764
  2,903
  3,048
  3,201
  3,361
  3,529
  3,706
Working capital, $m
  -137
  -238
  -250
  -263
  -276
  -290
  -305
  -320
  -336
  -353
  -371
  -390
  -409
  -430
  -452
  -474
  -498
  -523
  -549
  -577
  -606
  -636
  -668
  -701
  -737
  -773
  -812
  -853
  -896
  -940
  -987
Total debt, $m
  428
  462
  515
  571
  630
  691
  756
  824
  895
  970
  1,048
  1,130
  1,216
  1,307
  1,402
  1,502
  1,607
  1,717
  1,832
  1,953
  2,081
  2,214
  2,354
  2,502
  2,656
  2,819
  2,989
  3,168
  3,356
  3,553
  3,760
Total liabilities, $m
  1,013
  1,047
  1,100
  1,156
  1,215
  1,276
  1,341
  1,409
  1,480
  1,555
  1,633
  1,715
  1,801
  1,892
  1,987
  2,087
  2,192
  2,302
  2,417
  2,538
  2,666
  2,799
  2,939
  3,087
  3,241
  3,404
  3,574
  3,753
  3,941
  4,138
  4,345
Total equity, $m
  289
  210
  221
  232
  244
  256
  269
  282
  297
  312
  327
  344
  361
  379
  398
  418
  439
  461
  485
  509
  534
  561
  589
  619
  650
  682
  717
  752
  790
  830
  871
Total liabilities and equity, $m
  1,302
  1,257
  1,321
  1,388
  1,459
  1,532
  1,610
  1,691
  1,777
  1,867
  1,960
  2,059
  2,162
  2,271
  2,385
  2,505
  2,631
  2,763
  2,902
  3,047
  3,200
  3,360
  3,528
  3,706
  3,891
  4,086
  4,291
  4,505
  4,731
  4,968
  5,216
Debt-to-equity ratio
  1.481
  2.200
  2.340
  2.460
  2.590
  2.700
  2.810
  2.920
  3.020
  3.110
  3.200
  3.290
  3.370
  3.450
  3.520
  3.590
  3.660
  3.720
  3.780
  3.840
  3.890
  3.950
  4.000
  4.040
  4.090
  4.130
  4.170
  4.210
  4.250
  4.280
  4.320
Adjusted equity ratio
  0.153
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  146
  183
  192
  201
  211
  222
  233
  244
  256
  269
  282
  305
  319
  335
  351
  367
  385
  404
  423
  444
  465
  488
  512
  536
  562
  590
  619
  649
  681
  714
  749
Depreciation, amort., depletion, $m
  154
  154
  161
  169
  177
  185
  194
  203
  213
  223
  233
  232
  244
  256
  269
  283
  297
  312
  327
  344
  361
  379
  398
  418
  439
  461
  484
  508
  533
  560
  588
Funds from operations, $m
  449
  337
  353
  370
  388
  407
  426
  447
  469
  491
  515
  537
  563
  591
  620
  650
  682
  715
  750
  787
  826
  867
  909
  954
  1,001
  1,051
  1,103
  1,157
  1,214
  1,274
  1,337
Change in working capital, $m
  61
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
Cash from operations, $m
  388
  357
  365
  383
  401
  421
  441
  462
  485
  508
  533
  556
  583
  611
  641
  673
  706
  740
  777
  815
  855
  897
  941
  988
  1,036
  1,088
  1,141
  1,198
  1,257
  1,319
  1,384
Maintenance CAPEX, $m
  0
  -135
  -142
  -149
  -157
  -164
  -173
  -182
  -191
  -200
  -210
  -221
  -232
  -244
  -256
  -269
  -283
  -297
  -312
  -327
  -344
  -361
  -379
  -398
  -418
  -439
  -461
  -484
  -508
  -533
  -560
New CAPEX, $m
  -200
  -44
  -45
  -48
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -153
  -160
  -168
  -177
Cash from investing activities, $m
  -175
  -179
  -187
  -197
  -207
  -216
  -228
  -240
  -252
  -264
  -277
  -291
  -306
  -321
  -337
  -354
  -372
  -391
  -410
  -430
  -453
  -475
  -499
  -524
  -550
  -577
  -606
  -637
  -668
  -701
  -737
Free cash flow, $m
  213
  179
  178
  186
  195
  204
  213
  223
  233
  244
  256
  264
  277
  290
  304
  319
  334
  350
  367
  384
  403
  422
  443
  464
  487
  510
  535
  561
  589
  617
  647
Issuance/(repayment) of debt, $m
  21
  51
  53
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  91
  95
  100
  105
  110
  115
  121
  127
  134
  140
  147
  155
  162
  170
  179
  188
  197
  207
Issuance/(repurchase) of shares, $m
  -373
  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  
  -349
  51
  53
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  91
  95
  100
  105
  110
  115
  121
  127
  134
  140
  147
  155
  162
  170
  179
  188
  197
  207
Total cash flow (excl. dividends), $m
  -136
  230
  231
  242
  253
  265
  278
  291
  305
  319
  334
  347
  363
  381
  399
  418
  439
  460
  482
  506
  530
  556
  583
  611
  641
  673
  706
  740
  776
  815
  855
Retained Cash Flow (-), $m
  208
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
Prev. year cash balance distribution, $m
 
  89
  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
 
  309
  221
  231
  242
  253
  265
  277
  290
  304
  318
  330
  346
  363
  380
  398
  418
  438
  459
  481
  505
  529
  555
  582
  610
  640
  671
  704
  739
  775
  813
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  296
  202
  201
  199
  196
  192
  187
  181
  175
  167
  157
  148
  138
  128
  117
  106
  95
  85
  74
  64
  55
  46
  38
  31
  25
  20
  15
  11
  8
  6
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

Panera Bread Company, together with its subsidiaries, owns, operates, and franchises retail bakery-cafes. The company operates through three segments: Company Bakery-Cafe Operations, Franchise Operations, and Fresh Dough and Other Product Operations. It operates bakery-cafes under the Panera Bread, Saint Louis Bread Co., and Paradise Bakery & Café names that offer daily baked goods, including freshly baked bagels, breads, muffins, scones, rolls, and sweet goods; made-to-order sandwiches on freshly baked breads; soups; freshly prepared and hand-tossed salads; pasta dishes; and custom roasted coffees and cafe beverages, such as hot or cold espresso and cappuccino drinks and smoothies through on-premise sales, as well as provides catering services. The company also supplies fresh dough, produce, tuna, cream cheese, and proprietary sweet goods items. As of December 27, 2016, it operated 902 company-owned bakery-cafes and 1,134 franchise-operated bakery-cafes in the United States, the District of Columbia, and Ontario. The company was formerly known as Au Bon Pain Co., Inc. and changed its name to Panera Bread Company in August 1998. Panera Bread Company was founded in 1981 and is based in St. Louis, Missouri.

FINANCIAL RATIOS  of  Panera Bread Cl A (PNRA)

Valuation Ratios
P/E Ratio 49.5
Price to Sales 2.6
Price to Book 25
Price to Tangible Book
Price to Cash Flow 18.6
Price to Free Cash Flow 38.4
Growth Rates
Sales Growth Rate 4.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.7%
Cap. Spend. - 3 Yr. Gr. Rate 0.8%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 142.2%
Total Debt to Equity 148.1%
Interest Coverage 30
Management Effectiveness
Return On Assets 11%
Ret/ On Assets - 3 Yr. Avg. 11.9%
Return On Total Capital 18%
Ret/ On T. Cap. - 3 Yr. Avg. 19.5%
Return On Equity 37.2%
Return On Equity - 3 Yr. Avg. 28.7%
Asset Turnover 2
Profitability Ratios
Gross Margin 68.3%
Gross Margin - 3 Yr. Avg. 67.7%
EBITDA Margin 14%
EBITDA Margin - 3 Yr. Avg. 14.6%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 9.5%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 9.3%
Net Profit Margin 5.2%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 37%
Eff/ Tax Rate - 3 Yr. Avg. 36.5%
Payout Ratio 0%

PNRA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PNRA stock intrinsic value calculation we used $2795 million for the last fiscal year's total revenue generated by Panera Bread Cl A. The default revenue input number comes from 2016 income statement of Panera Bread 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 PNRA stock valuation model: a) initial revenue growth rate of 5.1% 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 4.3%, whose default value for PNRA is calculated based on our internal credit rating of Panera Bread 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 Panera Bread 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 PNRA stock the variable cost ratio is equal to 91%.

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 PNRA 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 Panera Bread Cl A.

Corporate tax rate of 27% is the nominal tax rate for Panera Bread 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 PNRA 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 PNRA are equal to 30.4%.

Life of production assets of 6.3 years is the average useful life of capital assets used in Panera Bread 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 PNRA is equal to -8.1%. 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 - $289 million for Panera Bread 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 22.709 million for Panera Bread 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 Panera Bread Cl A at the current share price and the inputted number of shares is $7.1 billion.


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COMPANY NEWS

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▶ [$$] How Panera Solved Its Mosh Pit Problem   [Jun-02-17 10:53PM  The Wall Street Journal]
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▶ 3 Retailers Leveraging Loyalty Programs   [May-31-17 10:49AM  Investopedia]
▶ Panera Bread across from Inner Harbor is closing   [May-24-17 03:19PM  American City Business Journals]
▶ Why Facebook Is Making Grubhub Stock Fall Today   [May-19-17 04:21PM  Investor's Business Daily]
▶ Bull case for staying in stocks through a dip   [May-17-17 07:02PM  CNBC Videos]
▶ Potential tenants in talks to replace Lake Eola Panera cafe   [02:35PM  American City Business Journals]
▶ Chipotle: Your Panera Replacement?   [May-12-17 12:52PM  Barrons.com]
▶ Restaurants use technology to nudge us into spending more   [May-10-17 03:36PM  Associated Press]
▶ Why Panera Bread Company Stock Jumped 19% Last Month   [May-05-17 09:03AM  Motley Fool]
▶ ETFs with exposure to Panera Bread Co. : May 1, 2017   [May-01-17 04:18PM  Capital Cube]
▶ Coach is vying to buy luxury shoe company Jimmy Choo   [04:15PM  American City Business Journals]
▶ Where Does Starbucks Go From Here? More Unicorn Frappuccinos?   [Apr-28-17 04:43PM  Investor's Business Daily]
▶ Panera competitor files to block $7.5 billion acquisition   [Apr-26-17 04:00PM  American City Business Journals]
▶ Panera misses 1Q profit forecasts   [04:30PM  Associated Press]
▶ Panera Q1 EPS in-line, revenues beat   [04:05PM  CNBC Videos]
▶ Panera Bread Company Reports Q1 2017 Results   [04:01PM  GlobeNewswire]
▶ Panera to add 10,000 jobs   [12:16PM  Reuters Videos]
Stock chart of PNRA Financial statements of PNRA Annual reports of PNRA
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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