Intrinsic value of Papa John's International - PZZA

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$79.51

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$79.51

 
Intrinsic value

$45.03

 
Up/down potential

-43%

 
Rating

sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of PZZA 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 3.0

 

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, %
  4.70
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  1,714
  1,795
  1,879
  1,969
  2,063
  2,162
  2,266
  2,376
  2,491
  2,613
  2,740
  2,875
  3,016
  3,164
  3,320
  3,483
  3,655
  3,836
  4,026
  4,225
  4,435
  4,655
  4,886
  5,129
  5,384
  5,652
  5,934
  6,229
  6,539
  6,865
  7,208
Variable operating expenses, $m
 
  814
  852
  893
  935
  979
  1,026
  1,075
  1,127
  1,182
  1,239
  1,291
  1,354
  1,420
  1,490
  1,564
  1,641
  1,722
  1,808
  1,897
  1,991
  2,090
  2,194
  2,303
  2,417
  2,538
  2,664
  2,797
  2,936
  3,082
  3,236
Fixed operating expenses, $m
 
  808
  828
  849
  870
  892
  914
  937
  960
  984
  1,009
  1,034
  1,060
  1,086
  1,113
  1,141
  1,170
  1,199
  1,229
  1,260
  1,291
  1,324
  1,357
  1,391
  1,425
  1,461
  1,497
  1,535
  1,573
  1,613
  1,653
Total operating expenses, $m
  1,548
  1,622
  1,680
  1,742
  1,805
  1,871
  1,940
  2,012
  2,087
  2,166
  2,248
  2,325
  2,414
  2,506
  2,603
  2,705
  2,811
  2,921
  3,037
  3,157
  3,282
  3,414
  3,551
  3,694
  3,842
  3,999
  4,161
  4,332
  4,509
  4,695
  4,889
Operating income, $m
  165
  173
  199
  228
  258
  291
  326
  364
  404
  447
  493
  550
  602
  657
  716
  778
  844
  915
  989
  1,069
  1,152
  1,242
  1,336
  1,436
  1,542
  1,654
  1,772
  1,897
  2,030
  2,170
  2,319
EBITDA, $m
  206
  213
  241
  271
  303
  338
  375
  414
  456
  501
  549
  601
  655
  713
  774
  839
  909
  982
  1,060
  1,143
  1,230
  1,323
  1,422
  1,526
  1,636
  1,753
  1,876
  2,007
  2,145
  2,291
  2,445
Interest expense (income), $m
  7
  11
  9
  10
  11
  12
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  24
  26
  28
  29
  31
  33
  35
  37
  40
  42
  44
  47
  50
  52
  55
Earnings before tax, $m
  159
  162
  190
  218
  248
  280
  314
  351
  390
  432
  476
  532
  583
  637
  694
  755
  820
  889
  962
  1,039
  1,121
  1,208
  1,301
  1,398
  1,502
  1,612
  1,728
  1,851
  1,981
  2,118
  2,263
Tax expense, $m
  50
  44
  51
  59
  67
  76
  85
  95
  105
  117
  129
  144
  157
  172
  187
  204
  221
  240
  260
  281
  303
  326
  351
  378
  406
  435
  466
  500
  535
  572
  611
Net income, $m
  103
  118
  139
  159
  181
  204
  229
  256
  285
  315
  348
  389
  426
  465
  507
  551
  598
  649
  702
  759
  818
  882
  949
  1,021
  1,096
  1,177
  1,261
  1,351
  1,446
  1,546
  1,652

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  16
  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
  513
  520
  545
  571
  598
  627
  657
  689
  722
  758
  795
  833
  874
  917
  962
  1,010
  1,060
  1,112
  1,167
  1,225
  1,286
  1,350
  1,417
  1,487
  1,561
  1,639
  1,720
  1,806
  1,896
  1,991
  2,090
Adjusted assets (=assets-cash), $m
  497
  520
  545
  571
  598
  627
  657
  689
  722
  758
  795
  833
  874
  917
  962
  1,010
  1,060
  1,112
  1,167
  1,225
  1,286
  1,350
  1,417
  1,487
  1,561
  1,639
  1,720
  1,806
  1,896
  1,991
  2,090
Revenue / Adjusted assets
  3.449
  3.452
  3.448
  3.448
  3.450
  3.448
  3.449
  3.448
  3.450
  3.447
  3.447
  3.451
  3.451
  3.450
  3.451
  3.449
  3.448
  3.450
  3.450
  3.449
  3.449
  3.448
  3.448
  3.449
  3.449
  3.448
  3.450
  3.449
  3.449
  3.448
  3.449
Average production assets, $m
  222
  233
  244
  256
  268
  281
  295
  309
  324
  340
  356
  374
  392
  411
  432
  453
  475
  499
  523
  549
  577
  605
  635
  667
  700
  735
  771
  810
  850
  893
  937
Working capital, $m
  18
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
Total debt, $m
  308
  259
  281
  305
  329
  355
  382
  411
  441
  473
  506
  541
  578
  617
  657
  700
  745
  792
  842
  894
  948
  1,006
  1,066
  1,129
  1,196
  1,266
  1,339
  1,416
  1,497
  1,582
  1,672
Total liabilities, $m
  516
  468
  490
  514
  538
  564
  591
  620
  650
  682
  715
  750
  787
  826
  866
  909
  954
  1,001
  1,051
  1,103
  1,157
  1,215
  1,275
  1,338
  1,405
  1,475
  1,548
  1,625
  1,706
  1,791
  1,881
Total equity, $m
  -4
  52
  54
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  156
  164
  172
  181
  190
  199
  209
Total liabilities and equity, $m
  512
  520
  544
  571
  598
  627
  657
  689
  722
  758
  794
  833
  874
  918
  962
  1,010
  1,060
  1,112
  1,168
  1,226
  1,286
  1,350
  1,417
  1,487
  1,561
  1,639
  1,720
  1,806
  1,896
  1,990
  2,090
Debt-to-equity ratio
  -77.000
  4.980
  5.160
  5.340
  5.510
  5.670
  5.820
  5.970
  6.110
  6.240
  6.370
  6.490
  6.610
  6.720
  6.830
  6.930
  7.030
  7.120
  7.210
  7.290
  7.370
  7.450
  7.520
  7.590
  7.660
  7.720
  7.790
  7.840
  7.900
  7.950
  8.000
Adjusted equity ratio
  -0.040
  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
  103
  118
  139
  159
  181
  204
  229
  256
  285
  315
  348
  389
  426
  465
  507
  551
  598
  649
  702
  759
  818
  882
  949
  1,021
  1,096
  1,177
  1,261
  1,351
  1,446
  1,546
  1,652
Depreciation, amort., depletion, $m
  41
  40
  42
  43
  45
  47
  48
  50
  52
  55
  57
  50
  53
  56
  58
  61
  64
  67
  71
  74
  78
  82
  86
  90
  95
  99
  104
  109
  115
  121
  127
Funds from operations, $m
  123
  158
  180
  202
  226
  251
  278
  306
  337
  370
  404
  439
  479
  520
  565
  612
  663
  716
  773
  833
  896
  964
  1,035
  1,111
  1,191
  1,276
  1,366
  1,460
  1,561
  1,667
  1,779
Change in working capital, $m
  -21
  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
  144
  166
  180
  202
  226
  251
  277
  306
  337
  369
  404
  439
  478
  520
  565
  612
  663
  716
  773
  833
  896
  964
  1,035
  1,111
  1,191
  1,276
  1,365
  1,460
  1,560
  1,666
  1,778
Maintenance CAPEX, $m
  0
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -121
New CAPEX, $m
  -56
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
Cash from investing activities, $m
  -46
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -65
  -68
  -72
  -76
  -79
  -83
  -87
  -92
  -97
  -101
  -107
  -112
  -118
  -123
  -130
  -136
  -142
  -149
  -157
  -165
Free cash flow, $m
  98
  125
  138
  157
  179
  202
  226
  252
  280
  310
  342
  373
  410
  448
  489
  533
  579
  628
  680
  736
  795
  857
  923
  993
  1,068
  1,146
  1,229
  1,317
  1,411
  1,509
  1,613
Issuance/(repayment) of debt, $m
  45
  -49
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  67
  70
  73
  77
  81
  85
  89
Issuance/(repurchase) of shares, $m
  -115
  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  
  -75
  -49
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  67
  70
  73
  77
  81
  85
  89
Total cash flow (excl. dividends), $m
  23
  76
  160
  181
  203
  227
  253
  281
  310
  342
  375
  408
  446
  487
  530
  575
  624
  675
  730
  788
  849
  915
  984
  1,057
  1,134
  1,216
  1,303
  1,395
  1,492
  1,594
  1,703
Retained Cash Flow (-), $m
  33
  -72
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
Prev. year cash balance distribution, $m
 
  16
  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
 
  20
  157
  178
  201
  224
  250
  278
  307
  338
  371
  404
  442
  482
  525
  571
  619
  670
  724
  782
  843
  908
  977
  1,050
  1,127
  1,208
  1,295
  1,386
  1,483
  1,585
  1,693
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  18
  132
  135
  136
  135
  132
  127
  121
  113
  103
  93
  82
  72
  61
  51
  42
  34
  27
  20
  15
  11
  8
  5
  4
  2
  1
  1
  1
  0
  0
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

Papa John’s International, Inc. operates and franchises pizza delivery and carryout restaurants under the Papa John’s trademark in the United States and internationally. It operates through five segments: Domestic Company-Owned Restaurants, North America Commissaries, North America Franchising, International Operations, and All Others. The company also operates dine-in and delivery restaurants. As of December 25, 2016, it operated 5,097 Papa John’s restaurants, including 744 company-owned and 4,353 franchised restaurants. The company was founded in 1985 and is headquartered in Louisville, Kentucky.

FINANCIAL RATIOS  of  Papa John's International (PZZA)

Valuation Ratios
P/E Ratio 28.3
Price to Sales 1.7
Price to Book -729.1
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow 33.1
Growth Rates
Sales Growth Rate 4.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 43.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity -7700%
Total Debt to Equity -7700%
Interest Coverage 24
Management Effectiveness
Return On Assets 21.4%
Ret/ On Assets - 3 Yr. Avg. 17.6%
Return On Total Capital 34.5%
Ret/ On T. Cap. - 3 Yr. Avg. 27.3%
Return On Equity 824%
Return On Equity - 3 Yr. Avg. 340.5%
Asset Turnover 3.4
Profitability Ratios
Gross Margin 20.9%
Gross Margin - 3 Yr. Avg. 29.6%
EBITDA Margin 12.1%
EBITDA Margin - 3 Yr. Avg. 10.7%
Operating Margin 9.7%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 9.3%
Pre-Tax Margin - 3 Yr. Avg. 7.9%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 31.4%
Eff/ Tax Rate - 3 Yr. Avg. 31.4%
Payout Ratio 27.2%

PZZA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PZZA stock intrinsic value calculation we used $1714 million for the last fiscal year's total revenue generated by Papa John's International. The default revenue input number comes from 2016 income statement of Papa John's 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 PZZA stock valuation model: a) initial revenue growth rate of 4.7% 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 8.8%, whose default value for PZZA is calculated based on our internal credit rating of Papa John's 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 Papa John's 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 PZZA stock the variable cost ratio is equal to 45.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $788 million in the base year in the intrinsic value calculation for PZZA 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 Papa John's International.

Corporate tax rate of 27% is the nominal tax rate for Papa John's 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 PZZA 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 PZZA are equal to 13%.

Life of production assets of 7.4 years is the average useful life of capital assets used in Papa John's 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 PZZA is equal to 0.1%. 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 - $-4 million for Papa John's 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 37.368 million for Papa John's 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 Papa John's International at the current share price and the inputted number of shares is $3.0 billion.


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COMPANY NEWS

▶ Why Analysts Favor a Hold for Papa Johns Stock   [May-10-17 09:06AM  Market Realist]
▶ Is Sluggish Papa John's Now a Good Value?   [May-09-17 10:43AM  Investopedia]
▶ Why Papa Johns EBIT Margin Declined in 1Q17   [09:07AM  Market Realist]
▶ How Papa Johns Is Expanding Its Business   [07:37AM  Market Realist]
▶ What Led Papa Johns Revenues to Rise in 1Q17?   [02:05PM  Market Realist]
▶ Cheesecake Factory Misses, Habit Profit Tops After Yum, Papa John's Beat   [May-03-17 05:00PM  Investor's Business Daily]
▶ Retail And E-Commerce News And Stocks To Watch   [12:48PM  Investor's Business Daily]
▶ Papa John's misses 1Q profit forecasts   [05:02AM  Associated Press]
▶ Papa Johns Announces First Quarter 2017 Results   [May-02-17 05:00PM  Business Wire]
▶ Papa Johns Announces Quarterly Dividend   [05:00PM  Business Wire]
▶ The 10 Fast-Food Chains With the Happiest Customers   [Apr-24-17 06:00AM  Motley Fool]
▶ Papa John's is hopping on board a big food trend with this new product   [Apr-18-17 02:00PM  American City Business Journals]
▶ Papa Johns International Opens 100th Restaurant in Mexico   [Apr-10-17 10:00AM  Business Wire]
▶ Papa John's testing new pizza in Lexington   [11:35AM  American City Business Journals]
▶ Papa John's is expanding into a new country   [Mar-27-17 11:55AM  at bizjournals.com]
▶ See how much Papa John's paid its four top executives   [Mar-23-17 02:18PM  at bizjournals.com]
▶ Papa Johns Opens 100th Restaurant in Russia   [Mar-15-17 09:32AM  Business Wire]
▶ Papa John's gets new tech after high-profile hire   [Mar-10-17 02:30PM  at bizjournals.com]
▶ Why Pizza Stocks Are Still Piping Hot   [Mar-09-17 08:55PM  at Motley Fool]
▶ On Wall Street, Papa John's sinks while Domino's soars   [Mar-07-17 04:52PM  at bizjournals.com]
Stock chart of PZZA Financial statements of PZZA Annual reports of PZZA
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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