Intrinsic value of Shake Shack Cl A - SHAK

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$34.47

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$34.47

 
Intrinsic value

$291.55

 
Up/down potential

+746%

 
Rating

str. buy

 
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 SHAK 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 1.2

 

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, %
  40.31
  43.10
  39.29
  35.86
  32.77
  30.00
  27.50
  25.25
  23.22
  21.40
  19.76
  18.28
  16.96
  15.76
  14.68
  13.72
  12.84
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
Revenue, $m
  268
  384
  534
  726
  964
  1,253
  1,597
  2,000
  2,465
  2,992
  3,584
  4,239
  4,958
  5,739
  6,582
  7,485
  8,446
  9,465
  10,539
  11,669
  12,853
  14,091
  15,383
  16,729
  18,131
  19,588
  21,104
  22,678
  24,315
  26,015
  27,783
Variable operating expenses, $m
 
  283
  395
  536
  712
  926
  1,180
  1,478
  1,822
  2,211
  2,648
  3,133
  3,664
  4,241
  4,864
  5,531
  6,242
  6,994
  7,789
  8,623
  9,498
  10,413
  11,368
  12,363
  13,399
  14,476
  15,596
  16,759
  17,969
  19,225
  20,532
Fixed operating expenses, $m
 
  45
  46
  47
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  92
Total operating expenses, $m
  241
  328
  441
  583
  761
  976
  1,231
  1,530
  1,876
  2,266
  2,704
  3,191
  3,723
  4,302
  4,926
  5,595
  6,307
  7,061
  7,858
  8,693
  9,570
  10,487
  11,444
  12,441
  13,479
  14,558
  15,680
  16,845
  18,057
  19,315
  20,624
Operating income, $m
  28
  55
  93
  142
  203
  277
  366
  470
  590
  726
  879
  1,049
  1,235
  1,437
  1,656
  1,890
  2,139
  2,403
  2,682
  2,975
  3,283
  3,604
  3,939
  4,289
  4,653
  5,031
  5,424
  5,833
  6,258
  6,700
  7,159
EBITDA, $m
  43
  77
  123
  183
  257
  348
  456
  582
  728
  894
  1,080
  1,287
  1,513
  1,760
  2,026
  2,310
  2,614
  2,935
  3,274
  3,631
  4,005
  4,396
  4,804
  5,229
  5,671
  6,132
  6,610
  7,107
  7,624
  8,162
  8,720
Interest expense (income), $m
  0
  0
  6
  13
  23
  35
  50
  67
  87
  111
  137
  167
  200
  236
  276
  318
  364
  412
  463
  517
  574
  634
  696
  762
  829
  900
  973
  1,050
  1,129
  1,211
  1,297
Earnings before tax, $m
  29
  55
  87
  129
  180
  242
  316
  403
  502
  615
  742
  882
  1,035
  1,201
  1,380
  1,572
  1,776
  1,991
  2,219
  2,458
  2,708
  2,970
  3,243
  3,527
  3,823
  4,131
  4,451
  4,784
  5,129
  5,488
  5,862
Tax expense, $m
  7
  15
  24
  35
  49
  65
  85
  109
  136
  166
  200
  238
  279
  324
  373
  424
  479
  538
  599
  664
  731
  802
  876
  952
  1,032
  1,115
  1,202
  1,292
  1,385
  1,482
  1,583
Net income, $m
  12
  40
  64
  94
  131
  177
  231
  294
  367
  449
  542
  644
  755
  877
  1,007
  1,147
  1,296
  1,454
  1,620
  1,794
  1,977
  2,168
  2,367
  2,575
  2,791
  3,016
  3,249
  3,492
  3,744
  4,007
  4,279

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  74
  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
  538
  664
  924
  1,256
  1,667
  2,167
  2,763
  3,461
  4,265
  5,177
  6,200
  7,334
  8,578
  9,929
  11,388
  12,949
  14,613
  16,375
  18,234
  20,189
  22,237
  24,379
  26,614
  28,944
  31,368
  33,890
  36,511
  39,236
  42,067
  45,009
  48,067
Adjusted assets (=assets-cash), $m
  464
  664
  924
  1,256
  1,667
  2,167
  2,763
  3,461
  4,265
  5,177
  6,200
  7,334
  8,578
  9,929
  11,388
  12,949
  14,613
  16,375
  18,234
  20,189
  22,237
  24,379
  26,614
  28,944
  31,368
  33,890
  36,511
  39,236
  42,067
  45,009
  48,067
Revenue / Adjusted assets
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
Average production assets, $m
  115
  164
  228
  310
  411
  535
  682
  854
  1,053
  1,278
  1,530
  1,810
  2,117
  2,451
  2,811
  3,196
  3,607
  4,041
  4,500
  4,983
  5,488
  6,017
  6,569
  7,143
  7,742
  8,364
  9,011
  9,684
  10,382
  11,108
  11,863
Working capital, $m
  52
  -31
  -44
  -60
  -79
  -103
  -131
  -164
  -202
  -245
  -294
  -348
  -407
  -471
  -540
  -614
  -693
  -776
  -864
  -957
  -1,054
  -1,155
  -1,261
  -1,372
  -1,487
  -1,606
  -1,730
  -1,860
  -1,994
  -2,133
  -2,278
Total debt, $m
  0
  166
  383
  659
  1,001
  1,417
  1,913
  2,493
  3,162
  3,921
  4,773
  5,716
  6,751
  7,875
  9,088
  10,388
  11,772
  13,238
  14,785
  16,411
  18,115
  19,897
  21,757
  23,695
  25,712
  27,810
  29,992
  32,258
  34,614
  37,061
  39,606
Total liabilities, $m
  386
  552
  769
  1,045
  1,387
  1,803
  2,299
  2,879
  3,548
  4,307
  5,159
  6,102
  7,137
  8,261
  9,474
  10,774
  12,158
  13,624
  15,171
  16,797
  18,501
  20,283
  22,143
  24,081
  26,098
  28,196
  30,378
  32,644
  35,000
  37,447
  39,992
Total equity, $m
  152
  111
  155
  211
  280
  364
  464
  581
  716
  870
  1,042
  1,232
  1,441
  1,668
  1,913
  2,176
  2,455
  2,751
  3,063
  3,392
  3,736
  4,096
  4,471
  4,863
  5,270
  5,694
  6,134
  6,592
  7,067
  7,562
  8,075
Total liabilities and equity, $m
  538
  663
  924
  1,256
  1,667
  2,167
  2,763
  3,460
  4,264
  5,177
  6,201
  7,334
  8,578
  9,929
  11,387
  12,950
  14,613
  16,375
  18,234
  20,189
  22,237
  24,379
  26,614
  28,944
  31,368
  33,890
  36,512
  39,236
  42,067
  45,009
  48,067
Debt-to-equity ratio
  0.000
  1.490
  2.470
  3.120
  3.570
  3.890
  4.120
  4.290
  4.410
  4.510
  4.580
  4.640
  4.680
  4.720
  4.750
  4.770
  4.800
  4.810
  4.830
  4.840
  4.850
  4.860
  4.870
  4.870
  4.880
  4.880
  4.890
  4.890
  4.900
  4.900
  4.900
Adjusted equity ratio
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168
  0.168

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  12
  40
  64
  94
  131
  177
  231
  294
  367
  449
  542
  644
  755
  877
  1,007
  1,147
  1,296
  1,454
  1,620
  1,794
  1,977
  2,168
  2,367
  2,575
  2,791
  3,016
  3,249
  3,492
  3,744
  4,007
  4,279
Depreciation, amort., depletion, $m
  15
  22
  30
  41
  54
  70
  90
  112
  138
  168
  201
  238
  279
  322
  370
  421
  475
  532
  592
  656
  722
  792
  864
  940
  1,019
  1,101
  1,186
  1,274
  1,366
  1,462
  1,561
Funds from operations, $m
  67
  62
  94
  135
  185
  247
  321
  406
  505
  617
  743
  882
  1,034
  1,199
  1,377
  1,568
  1,771
  1,985
  2,212
  2,450
  2,699
  2,960
  3,232
  3,515
  3,810
  4,116
  4,435
  4,766
  5,110
  5,468
  5,840
Change in working capital, $m
  13
  -9
  -12
  -16
  -20
  -24
  -28
  -33
  -38
  -43
  -48
  -54
  -59
  -64
  -69
  -74
  -79
  -84
  -88
  -93
  -97
  -102
  -106
  -110
  -115
  -120
  -124
  -129
  -134
  -139
  -145
Cash from operations, $m
  54
  93
  106
  150
  205
  271
  349
  440
  543
  661
  791
  935
  1,093
  1,263
  1,446
  1,642
  1,850
  2,069
  2,300
  2,542
  2,796
  3,061
  3,338
  3,625
  3,925
  4,236
  4,559
  4,895
  5,245
  5,608
  5,985
Maintenance CAPEX, $m
  0
  -15
  -22
  -30
  -41
  -54
  -70
  -90
  -112
  -138
  -168
  -201
  -238
  -279
  -322
  -370
  -421
  -475
  -532
  -592
  -656
  -722
  -792
  -864
  -940
  -1,019
  -1,101
  -1,186
  -1,274
  -1,366
  -1,462
New CAPEX, $m
  -54
  -49
  -64
  -82
  -102
  -123
  -147
  -172
  -198
  -225
  -252
  -280
  -307
  -334
  -360
  -385
  -411
  -435
  -459
  -482
  -506
  -529
  -552
  -575
  -598
  -622
  -647
  -672
  -699
  -726
  -755
Cash from investing activities, $m
  -115
  -64
  -86
  -112
  -143
  -177
  -217
  -262
  -310
  -363
  -420
  -481
  -545
  -613
  -682
  -755
  -832
  -910
  -991
  -1,074
  -1,162
  -1,251
  -1,344
  -1,439
  -1,538
  -1,641
  -1,748
  -1,858
  -1,973
  -2,092
  -2,217
Free cash flow, $m
  -61
  28
  20
  39
  63
  93
  131
  178
  233
  297
  371
  454
  548
  651
  764
  887
  1,018
  1,159
  1,309
  1,468
  1,635
  1,810
  1,994
  2,186
  2,386
  2,595
  2,812
  3,037
  3,272
  3,515
  3,769
Issuance/(repayment) of debt, $m
  0
  166
  217
  276
  342
  416
  496
  580
  669
  759
  851
  943
  1,035
  1,125
  1,213
  1,300
  1,384
  1,466
  1,547
  1,626
  1,704
  1,782
  1,860
  1,938
  2,017
  2,098
  2,181
  2,267
  2,355
  2,448
  2,544
Issuance/(repurchase) of shares, $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 financing (excl. dividends), $m  
  1
  166
  217
  276
  342
  416
  496
  580
  669
  759
  851
  943
  1,035
  1,125
  1,213
  1,300
  1,384
  1,466
  1,547
  1,626
  1,704
  1,782
  1,860
  1,938
  2,017
  2,098
  2,181
  2,267
  2,355
  2,448
  2,544
Total cash flow (excl. dividends), $m
  -59
  194
  237
  314
  405
  509
  627
  758
  901
  1,056
  1,222
  1,398
  1,582
  1,776
  1,977
  2,186
  2,402
  2,626
  2,856
  3,094
  3,339
  3,592
  3,854
  4,124
  4,403
  4,693
  4,993
  5,304
  5,627
  5,963
  6,313
Retained Cash Flow (-), $m
  -51
  -33
  -44
  -56
  -69
  -84
  -100
  -117
  -135
  -153
  -172
  -190
  -209
  -227
  -245
  -262
  -279
  -296
  -312
  -328
  -344
  -360
  -376
  -391
  -407
  -424
  -440
  -458
  -476
  -494
  -514
Prev. year cash balance distribution, $m
 
  74
  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
 
  235
  193
  259
  336
  425
  527
  641
  766
  903
  1,050
  1,207
  1,374
  1,549
  1,732
  1,924
  2,123
  2,330
  2,544
  2,766
  2,995
  3,233
  3,478
  3,733
  3,996
  4,269
  4,552
  4,846
  5,152
  5,469
  5,799
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
 
  225
  177
  225
  277
  330
  383
  433
  479
  519
  550
  573
  586
  589
  582
  565
  539
  507
  468
  426
  381
  334
  289
  245
  204
  166
  133
  104
  80
  60
  44
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

Shake Shack Inc. owns, operates, and licenses Shake Shack restaurants (Shacks). Shacks offers hamburgers, hot dogs, crispy chicken, crinkle-cut fries, shakes, frozen custard, beer, shakes, wine, and other products. As of June 29, 2016, it had 95 Shacks, including 51 domestic company-operated Shacks, 6 domestic licensed Shacks, and 38 international licensed Shacks. The company was founded in 2004 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  Shake Shack Cl A (SHAK)

Valuation Ratios
P/E Ratio 104.6
Price to Sales 4.7
Price to Book 8.3
Price to Tangible Book
Price to Cash Flow 23.2
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate 40.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 68.8%
Cap. Spend. - 3 Yr. Gr. Rate 27.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 0.5%
Return On Total Capital 9.5%
Ret/ On T. Cap. - 3 Yr. Avg. 0.7%
Return On Equity 9.5%
Return On Equity - 3 Yr. Avg. 0.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 30.6%
Gross Margin - 3 Yr. Avg. 30.8%
EBITDA Margin 16.4%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 10.1%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin 10.8%
Pre-Tax Margin - 3 Yr. Avg. 5.5%
Net Profit Margin 4.5%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 24.1%
Eff/ Tax Rate - 3 Yr. Avg. 35.8%
Payout Ratio 0%

SHAK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHAK stock intrinsic value calculation we used $268 million for the last fiscal year's total revenue generated by Shake Shack Cl A. The default revenue input number comes from 2016 income statement of Shake Shack 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 SHAK stock valuation model: a) initial revenue growth rate of 43.1% 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 SHAK is calculated based on our internal credit rating of Shake Shack 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 Shake Shack 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 SHAK stock the variable cost ratio is equal to 73.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $44 million in the base year in the intrinsic value calculation for SHAK 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 Shake Shack Cl A.

Corporate tax rate of 27% is the nominal tax rate for Shake Shack 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 SHAK 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 SHAK are equal to 42.7%.

Life of production assets of 7.6 years is the average useful life of capital assets used in Shake Shack 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 SHAK is equal to -8.2%. 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 - $152 million for Shake Shack 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 36.228 million for Shake Shack 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 Shake Shack Cl A at the current share price and the inputted number of shares is $1.2 billion.


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COMPANY NEWS

▶ What you need to know on Wall Street today   [Apr-17-17 12:59PM  Business Insider]
▶ Will Shake Shack Shake Its Bearish Trend?   [Apr-12-17 04:15PM  Investopedia]
▶ Better Buy: Shake Shack vs. McDonald's   [Apr-10-17 06:16PM  Motley Fool]
▶ How Shake Shacks Valuation Multiple Compares with Its Peers   [Apr-07-17 10:36AM  Market Realist]
▶ Top 3 Cult Stocks for 2017   [06:00AM  Investopedia]
▶ New Signs That Shake Shack Has Lost Its Buzz   [Apr-05-17 12:46PM  Barrons.com]
▶ Shake Shack Stock: Next Stop, $30?   [12:35PM  Motley Fool]
▶ Shake Shack Losing Its Luster: Goldman   [11:49AM  TheStreet.com]
▶ Shake Shack Has a Big, Big Problem   [11:11AM  Barrons.com]
▶ 3 Stocks That Give Us Heartburn   [Apr-04-17 05:32PM  Motley Fool]
▶ McDonald's To Launch Fresh Beef Burger   [Mar-30-17 05:20PM  Investopedia]
▶ Better Buy: Shake Shack Inc. vs. Habit Burger   [Mar-27-17 11:15AM  at Motley Fool]
▶ Why Is Shake Shack Stock So Expensive?   [08:21AM  at Investopedia]
▶ Shake Shack: Not Much of an Upgrade, Is It?   [10:27AM  at Barrons.com]
▶ Why Automation Could Soon Be Coming to a Restaurant Near You   [Mar-19-17 02:50PM  at Motley Fool]
▶ Shake Shack: Not Done Yet?   [11:27AM  at Barrons.com]
▶ Millenia mall to get new Shake Shack, Panera Bread   [Mar-15-17 09:13AM  at bizjournals.com]
▶ Blizzard 2017: Shake Shack in the Eye of the Storm   [Mar-13-17 05:38PM  at Barrons.com]
▶ 3 Takeaways From Shake Shack's Earnings Report   [Mar-10-17 09:22AM  at Motley Fool]
▶ Goldman Sachs: Investors Should Worry About Shacks Traffic   [Mar-09-17 03:51PM  at Investopedia]
▶ Shake Shack: The Risk No One's Talking About   [11:02AM  at Barrons.com]
▶ Shake Shack: Margin Squeeze!   [10:20AM  at Barrons.com]
▶ Why Shake Shack, Fred's, and Seadrill Slumped Today   [Mar-03-17 06:46PM  at Motley Fool]
Stock chart of SHAK Financial statements of SHAK
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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