Intrinsic value of Red Robin Gourmet Burgers - RRGB

Previous Close

$63.10

  Intrinsic Value

$31.93

stock screener

  Rating & Target

sell

-49%

  Value-price divergence*

-78%

Previous close

$63.10

 
Intrinsic value

$31.93

 
Up/down potential

-49%

 
Rating

sell

 
Value-price divergence*

-78%

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

We calculate the intrinsic value of RRGB 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 0.8

 

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, %
  3.02
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  1,296
  1,339
  1,385
  1,435
  1,489
  1,547
  1,609
  1,675
  1,745
  1,820
  1,899
  1,982
  2,071
  2,164
  2,263
  2,368
  2,478
  2,594
  2,716
  2,845
  2,981
  3,124
  3,274
  3,432
  3,599
  3,774
  3,958
  4,151
  4,355
  4,569
  4,793
Variable operating expenses, $m
 
  1,267
  1,311
  1,358
  1,409
  1,463
  1,521
  1,583
  1,649
  1,719
  1,794
  1,863
  1,946
  2,034
  2,127
  2,225
  2,328
  2,437
  2,552
  2,673
  2,801
  2,935
  3,076
  3,225
  3,381
  3,546
  3,719
  3,901
  4,092
  4,293
  4,504
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
  1,285
  1,267
  1,311
  1,358
  1,409
  1,463
  1,521
  1,583
  1,649
  1,719
  1,794
  1,863
  1,946
  2,034
  2,127
  2,225
  2,328
  2,437
  2,552
  2,673
  2,801
  2,935
  3,076
  3,225
  3,381
  3,546
  3,719
  3,901
  4,092
  4,293
  4,504
Operating income, $m
  12
  71
  74
  77
  80
  84
  88
  92
  96
  100
  105
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  207
  217
  228
  239
  251
  263
  276
  290
EBITDA, $m
  99
  161
  166
  172
  179
  186
  193
  201
  209
  218
  228
  238
  248
  260
  271
  284
  297
  311
  326
  341
  358
  375
  393
  412
  432
  453
  475
  498
  522
  548
  575
Interest expense (income), $m
  5
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  63
Earnings before tax, $m
  5
  59
  61
  64
  66
  69
  72
  75
  78
  81
  85
  98
  102
  107
  111
  116
  121
  126
  132
  138
  144
  151
  157
  165
  172
  180
  189
  198
  207
  217
  227
Tax expense, $m
  -7
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  44
  47
  49
  51
  53
  56
  58
  61
Net income, $m
  12
  43
  45
  46
  48
  50
  52
  54
  57
  59
  62
  72
  75
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  12
  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
  919
  937
  969
  1,004
  1,042
  1,083
  1,126
  1,172
  1,221
  1,273
  1,329
  1,387
  1,449
  1,515
  1,584
  1,657
  1,734
  1,815
  1,901
  1,991
  2,086
  2,186
  2,291
  2,402
  2,518
  2,641
  2,770
  2,905
  3,047
  3,197
  3,354
Adjusted assets (=assets-cash), $m
  907
  937
  969
  1,004
  1,042
  1,083
  1,126
  1,172
  1,221
  1,273
  1,329
  1,387
  1,449
  1,515
  1,584
  1,657
  1,734
  1,815
  1,901
  1,991
  2,086
  2,186
  2,291
  2,402
  2,518
  2,641
  2,770
  2,905
  3,047
  3,197
  3,354
Revenue / Adjusted assets
  1.429
  1.429
  1.429
  1.429
  1.429
  1.428
  1.429
  1.429
  1.429
  1.430
  1.429
  1.429
  1.429
  1.428
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
Average production assets, $m
  671
  693
  718
  744
  772
  801
  834
  868
  904
  943
  983
  1,027
  1,073
  1,121
  1,172
  1,226
  1,283
  1,344
  1,407
  1,474
  1,544
  1,618
  1,696
  1,778
  1,864
  1,955
  2,050
  2,150
  2,256
  2,367
  2,483
Working capital, $m
  -48
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -210
  -220
Total debt, $m
  347
  366
  387
  409
  433
  458
  485
  514
  545
  578
  613
  650
  689
  730
  774
  820
  868
  920
  973
  1,030
  1,090
  1,153
  1,219
  1,289
  1,363
  1,440
  1,521
  1,606
  1,696
  1,790
  1,889
Total liabilities, $m
  570
  590
  611
  633
  657
  682
  709
  738
  769
  802
  837
  874
  913
  954
  998
  1,044
  1,092
  1,144
  1,197
  1,254
  1,314
  1,377
  1,443
  1,513
  1,587
  1,664
  1,745
  1,830
  1,920
  2,014
  2,113
Total equity, $m
  348
  347
  359
  372
  386
  401
  417
  434
  452
  471
  492
  513
  536
  560
  586
  613
  642
  672
  703
  737
  772
  809
  848
  889
  932
  977
  1,025
  1,075
  1,128
  1,183
  1,241
Total liabilities and equity, $m
  918
  937
  970
  1,005
  1,043
  1,083
  1,126
  1,172
  1,221
  1,273
  1,329
  1,387
  1,449
  1,514
  1,584
  1,657
  1,734
  1,816
  1,900
  1,991
  2,086
  2,186
  2,291
  2,402
  2,519
  2,641
  2,770
  2,905
  3,048
  3,197
  3,354
Debt-to-equity ratio
  0.997
  1.060
  1.080
  1.100
  1.120
  1.140
  1.170
  1.190
  1.210
  1.230
  1.250
  1.270
  1.280
  1.300
  1.320
  1.340
  1.350
  1.370
  1.380
  1.400
  1.410
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.520
Adjusted equity ratio
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  12
  43
  45
  46
  48
  50
  52
  54
  57
  59
  62
  72
  75
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
Depreciation, amort., depletion, $m
  87
  89
  92
  95
  98
  102
  105
  109
  114
  118
  123
  118
  123
  129
  135
  141
  148
  154
  162
  169
  177
  186
  195
  204
  214
  225
  236
  247
  259
  272
  285
Funds from operations, $m
  78
  132
  137
  141
  147
  152
  158
  164
  170
  177
  185
  190
  198
  207
  216
  226
  236
  247
  258
  270
  283
  296
  310
  325
  340
  356
  373
  391
  410
  430
  451
Change in working capital, $m
  -21
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from operations, $m
  99
  134
  139
  144
  149
  155
  160
  167
  174
  181
  188
  194
  202
  211
  220
  230
  241
  252
  264
  276
  289
  302
  317
  332
  348
  364
  382
  400
  420
  440
  461
Maintenance CAPEX, $m
  0
  -77
  -80
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -154
  -162
  -169
  -177
  -186
  -195
  -204
  -214
  -225
  -236
  -247
  -259
  -272
New CAPEX, $m
  -164
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -111
  -116
Cash from investing activities, $m
  -199
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -136
  -143
  -149
  -156
  -164
  -171
  -180
  -189
  -198
  -208
  -217
  -229
  -239
  -251
  -264
  -277
  -290
  -305
  -320
  -336
  -352
  -370
  -388
Free cash flow, $m
  -100
  35
  35
  35
  36
  36
  36
  37
  37
  38
  39
  37
  38
  39
  40
  42
  43
  44
  46
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
Issuance/(repayment) of debt, $m
  133
  19
  20
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  90
  94
  99
Issuance/(repurchase) of shares, $m
  -43
  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  
  89
  19
  20
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  90
  94
  99
Total cash flow (excl. dividends), $m
  -11
  54
  56
  57
  59
  61
  64
  66
  68
  71
  74
  74
  77
  81
  84
  88
  91
  95
  100
  104
  109
  114
  119
  125
  130
  137
  143
  150
  157
  164
  172
Retained Cash Flow (-), $m
  26
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
Prev. year cash balance distribution, $m
 
  12
  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
 
  55
  44
  44
  45
  46
  48
  49
  50
  52
  53
  52
  54
  56
  58
  61
  63
  65
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  52
  38
  36
  34
  31
  29
  27
  24
  22
  20
  17
  15
  13
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  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

Red Robin Gourmet Burgers, Inc., together with its subsidiaries, primarily develops, operates, and franchises full-service restaurants in North America and focuses on serving selection of gourmet burgers. The Company's menu features a line of gourmet burgers, which it makes from ground beef, as well as its line of Red's Tavern Double Burgers and its Red Robin's line of half-pound Angus beef burgers with various toppings. The Company also offers burgers made from chicken breasts, fish fillets, turkey patties, as well as vegetarian and vegan options. The Company offered a selection of buns, including ciabatta, gluten free, sesame, onion, whole grain, jalapeno and lettuce wraps a range of toppings, including fresh guacamole, house made barbeque sauces, aiolis, grilled pineapple, crispy onion straws, sauteed mushrooms, fried jalapenos, bruschetta salsa, coleslaw, eight different cheese choices and a fried egg, as of December 25, 2016.

FINANCIAL RATIOS  of  Red Robin Gourmet Burgers (RRGB)

Valuation Ratios
P/E Ratio 67.5
Price to Sales 0.6
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow -12.5
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.2%
Cap. Spend. - 3 Yr. Gr. Rate 15.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 99.7%
Total Debt to Equity 99.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.9%
Return On Equity 3.3%
Return On Equity - 3 Yr. Avg. 8.6%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 21.5%
Gross Margin - 3 Yr. Avg. 22.5%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 9.5%
Operating Margin 0.8%
Oper. Margin - 3 Yr. Avg. 3.4%
Pre-Tax Margin 0.4%
Pre-Tax Margin - 3 Yr. Avg. 3%
Net Profit Margin 0.9%
Net Profit Margin - 3 Yr. Avg. 2.5%
Effective Tax Rate -140%
Eff/ Tax Rate - 3 Yr. Avg. -31.6%
Payout Ratio 0%

RRGB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RRGB stock intrinsic value calculation we used $1296 million for the last fiscal year's total revenue generated by Red Robin Gourmet Burgers. The default revenue input number comes from 2016 income statement of Red Robin Gourmet Burgers. 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 RRGB stock valuation model: a) initial revenue growth rate of 3.3% 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 6.7%, whose default value for RRGB is calculated based on our internal credit rating of Red Robin Gourmet Burgers, 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 Red Robin Gourmet Burgers.
    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 RRGB stock the variable cost ratio is equal to 94.7%.

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 RRGB 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 Red Robin Gourmet Burgers.

Corporate tax rate of 27% is the nominal tax rate for Red Robin Gourmet Burgers. 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 RRGB 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 RRGB are equal to 51.8%.

Life of production assets of 8.7 years is the average useful life of capital assets used in Red Robin Gourmet Burgers 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 RRGB is equal to -4.6%. 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 - $348 million for Red Robin Gourmet Burgers - 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 12.95 million for Red Robin Gourmet Burgers 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 Red Robin Gourmet Burgers at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Red Robin Gourmet Burgers Sees Relative Strength Rating Improve To 73   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ Burger beef: In-N-Out sues Smashburger   [Aug-30-17 01:29PM  Yahoo Finance Video]
▶ [$$] A Burger-Chain Stock With 40% Upside   [01:59PM  Barrons.com]
▶ Red Robin Flying Higher   [10:46AM  Benzinga]
▶ Red Robin reverses same-store sales tailspin, but sees less profit   [Aug-08-17 07:35PM  American City Business Journals]
▶ Red Robin beats Street 2Q forecasts   [04:44PM  Associated Press]
▶ The Restaurant Sector Q2 Earnings Cheat Sheet   [Jul-22-17 03:39PM  Benzinga]
▶ 3 Zombie Stocks Coming Back From the Dead   [Jul-06-17 07:11AM  Motley Fool]
▶ Restaurants have to reach the consumer at home: BTIG   [Jun-26-17 03:51PM  CNBC Videos]
▶ Has Red Robin's Valuation Outpaced Fundamentals?   [May-31-17 11:40AM  Investopedia]
▶ The Unusual Way Red Robin Flew Past Its Guidance in Q1   [May-23-17 09:35PM  Motley Fool]
▶ Red Robin to Attend Spring Investor Conferences   [May-18-17 04:05PM  Business Wire]
▶ Company News for May 18, 2017   [09:48AM  Zacks]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [May-17-17 05:22PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [11:43AM  Briefing.com]
▶ After-hours buzz: RRGB, JACK & more   [May-16-17 05:16PM  CNBC]
▶ Red Robin beats the Street   [04:40PM  CNBC Videos]
▶ Red Robin beats Street 1Q forecasts   [04:10PM  Associated Press]
Financial statements of RRGB
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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