Intrinsic value of Shake Shack Cl A - SHAK

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$37.86

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$37.86

 
Intrinsic value

$272.96

 
Up/down potential

+621%

 
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 1.4

 

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
  42.60
  38.84
  35.46
  32.41
  29.67
  27.20
  24.98
  22.98
  21.19
  19.57
  18.11
  16.80
  15.62
  14.56
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
Revenue, $m
  268
  382
  531
  719
  952
  1,234
  1,570
  1,962
  2,413
  2,924
  3,496
  4,129
  4,823
  5,576
  6,388
  7,257
  8,181
  9,161
  10,193
  11,278
  12,415
  13,603
  14,843
  16,134
  17,479
  18,877
  20,330
  21,841
  23,410
  25,042
  26,737
Variable operating expenses, $m
 
  282
  392
  531
  703
  912
  1,160
  1,450
  1,783
  2,161
  2,584
  3,051
  3,564
  4,121
  4,721
  5,363
  6,046
  6,770
  7,533
  8,334
  9,174
  10,053
  10,969
  11,923
  12,917
  13,950
  15,024
  16,140
  17,300
  18,506
  19,759
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
  327
  438
  578
  752
  962
  1,211
  1,502
  1,837
  2,216
  2,640
  3,109
  3,623
  4,182
  4,783
  5,427
  6,111
  6,837
  7,602
  8,404
  9,246
  10,127
  11,045
  12,001
  12,997
  14,032
  15,108
  16,226
  17,388
  18,596
  19,851
Operating income, $m
  28
  55
  92
  140
  200
  272
  359
  460
  576
  708
  856
  1,020
  1,200
  1,395
  1,605
  1,830
  2,070
  2,324
  2,592
  2,873
  3,168
  3,476
  3,798
  4,133
  4,482
  4,845
  5,223
  5,615
  6,022
  6,446
  6,886
EBITDA, $m
  43
  76
  122
  181
  253
  342
  447
  570
  712
  872
  1,053
  1,252
  1,471
  1,708
  1,964
  2,238
  2,530
  2,839
  3,164
  3,507
  3,866
  4,241
  4,632
  5,040
  5,464
  5,906
  6,365
  6,842
  7,338
  7,853
  8,388
Interest expense (income), $m
  0
  0
  6
  13
  23
  34
  49
  66
  85
  108
  134
  163
  195
  229
  267
  308
  352
  399
  448
  500
  555
  612
  672
  734
  799
  867
  938
  1,011
  1,087
  1,166
  1,248
Earnings before tax, $m
  29
  55
  87
  127
  177
  238
  310
  394
  491
  600
  722
  857
  1,005
  1,165
  1,338
  1,522
  1,718
  1,925
  2,144
  2,373
  2,613
  2,865
  3,126
  3,399
  3,683
  3,978
  4,285
  4,604
  4,935
  5,280
  5,638
Tax expense, $m
  7
  15
  23
  34
  48
  64
  84
  106
  133
  162
  195
  231
  271
  315
  361
  411
  464
  520
  579
  641
  706
  773
  844
  918
  994
  1,074
  1,157
  1,243
  1,333
  1,426
  1,522
Net income, $m
  12
  40
  63
  93
  129
  174
  226
  288
  358
  438
  527
  626
  734
  851
  976
  1,111
  1,254
  1,405
  1,565
  1,732
  1,908
  2,091
  2,282
  2,481
  2,689
  2,904
  3,128
  3,361
  3,603
  3,854
  4,116

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
  661
  918
  1,243
  1,646
  2,135
  2,716
  3,394
  4,174
  5,059
  6,049
  7,144
  8,344
  9,647
  11,052
  12,555
  14,155
  15,849
  17,635
  19,512
  21,479
  23,534
  25,679
  27,914
  30,240
  32,659
  35,174
  37,787
  40,502
  43,324
  46,258
Adjusted assets (=assets-cash), $m
  464
  661
  918
  1,243
  1,646
  2,135
  2,716
  3,394
  4,174
  5,059
  6,049
  7,144
  8,344
  9,647
  11,052
  12,555
  14,155
  15,849
  17,635
  19,512
  21,479
  23,534
  25,679
  27,914
  30,240
  32,659
  35,174
  37,787
  40,502
  43,324
  46,258
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
  163
  227
  307
  406
  527
  670
  838
  1,030
  1,249
  1,493
  1,763
  2,059
  2,381
  2,728
  3,099
  3,493
  3,912
  4,352
  4,816
  5,301
  5,808
  6,338
  6,889
  7,463
  8,060
  8,681
  9,326
  9,996
  10,693
  11,417
Working capital, $m
  52
  -31
  -44
  -59
  -78
  -101
  -129
  -161
  -198
  -240
  -287
  -339
  -395
  -457
  -524
  -595
  -671
  -751
  -836
  -925
  -1,018
  -1,115
  -1,217
  -1,323
  -1,433
  -1,548
  -1,667
  -1,791
  -1,920
  -2,053
  -2,192
Total debt, $m
  0
  164
  378
  649
  984
  1,390
  1,874
  2,438
  3,087
  3,823
  4,646
  5,558
  6,556
  7,641
  8,809
  10,060
  11,391
  12,800
  14,286
  15,848
  17,484
  19,195
  20,979
  22,839
  24,774
  26,786
  28,878
  31,053
  33,312
  35,660
  38,101
Total liabilities, $m
  386
  550
  764
  1,035
  1,370
  1,776
  2,260
  2,824
  3,473
  4,209
  5,032
  5,944
  6,942
  8,027
  9,195
  10,446
  11,777
  13,186
  14,672
  16,234
  17,870
  19,581
  21,365
  23,225
  25,160
  27,172
  29,264
  31,439
  33,698
  36,046
  38,487
Total equity, $m
  152
  111
  154
  209
  277
  359
  456
  570
  701
  850
  1,016
  1,200
  1,402
  1,621
  1,857
  2,109
  2,378
  2,663
  2,963
  3,278
  3,608
  3,954
  4,314
  4,690
  5,080
  5,487
  5,909
  6,348
  6,804
  7,279
  7,771
Total liabilities and equity, $m
  538
  661
  918
  1,244
  1,647
  2,135
  2,716
  3,394
  4,174
  5,059
  6,048
  7,144
  8,344
  9,648
  11,052
  12,555
  14,155
  15,849
  17,635
  19,512
  21,478
  23,535
  25,679
  27,915
  30,240
  32,659
  35,173
  37,787
  40,502
  43,325
  46,258
Debt-to-equity ratio
  0.000
  1.480
  2.450
  3.100
  3.560
  3.880
  4.110
  4.280
  4.400
  4.500
  4.570
  4.630
  4.680
  4.710
  4.740
  4.770
  4.790
  4.810
  4.820
  4.830
  4.850
  4.850
  4.860
  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
  63
  93
  129
  174
  226
  288
  358
  438
  527
  626
  734
  851
  976
  1,111
  1,254
  1,405
  1,565
  1,732
  1,908
  2,091
  2,282
  2,481
  2,689
  2,904
  3,128
  3,361
  3,603
  3,854
  4,116
Depreciation, amort., depletion, $m
  15
  21
  30
  40
  53
  69
  88
  110
  136
  164
  196
  232
  271
  313
  359
  408
  460
  515
  573
  634
  698
  764
  834
  906
  982
  1,061
  1,142
  1,227
  1,315
  1,407
  1,502
Funds from operations, $m
  67
  61
  93
  133
  183
  243
  314
  398
  494
  602
  724
  858
  1,005
  1,164
  1,335
  1,519
  1,714
  1,920
  2,138
  2,366
  2,605
  2,855
  3,116
  3,388
  3,671
  3,965
  4,270
  4,588
  4,918
  5,261
  5,618
Change in working capital, $m
  13
  -9
  -12
  -15
  -19
  -23
  -28
  -32
  -37
  -42
  -47
  -52
  -57
  -62
  -67
  -71
  -76
  -80
  -85
  -89
  -93
  -97
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
Cash from operations, $m
  54
  92
  105
  149
  202
  266
  342
  430
  531
  644
  771
  910
  1,062
  1,226
  1,402
  1,590
  1,790
  2,000
  2,222
  2,455
  2,699
  2,953
  3,218
  3,494
  3,781
  4,079
  4,390
  4,712
  5,047
  5,395
  5,757
Maintenance CAPEX, $m
  0
  -15
  -21
  -30
  -40
  -53
  -69
  -88
  -110
  -136
  -164
  -196
  -232
  -271
  -313
  -359
  -408
  -460
  -515
  -573
  -634
  -698
  -764
  -834
  -906
  -982
  -1,061
  -1,142
  -1,227
  -1,315
  -1,407
New CAPEX, $m
  -54
  -49
  -63
  -80
  -99
  -121
  -143
  -167
  -193
  -218
  -244
  -270
  -296
  -322
  -347
  -371
  -395
  -418
  -441
  -463
  -485
  -507
  -529
  -552
  -574
  -597
  -621
  -645
  -670
  -697
  -724
Cash from investing activities, $m
  -115
  -64
  -84
  -110
  -139
  -174
  -212
  -255
  -303
  -354
  -408
  -466
  -528
  -593
  -660
  -730
  -803
  -878
  -956
  -1,036
  -1,119
  -1,205
  -1,293
  -1,386
  -1,480
  -1,579
  -1,682
  -1,787
  -1,897
  -2,012
  -2,131
Free cash flow, $m
  -61
  28
  20
  38
  62
  92
  129
  174
  228
  290
  362
  443
  533
  633
  742
  860
  987
  1,123
  1,267
  1,419
  1,580
  1,748
  1,924
  2,108
  2,300
  2,500
  2,708
  2,925
  3,150
  3,383
  3,626
Issuance/(repayment) of debt, $m
  0
  164
  214
  271
  335
  406
  483
  564
  649
  736
  824
  911
  999
  1,084
  1,168
  1,251
  1,331
  1,409
  1,486
  1,562
  1,636
  1,710
  1,785
  1,859
  1,935
  2,013
  2,092
  2,174
  2,259
  2,348
  2,441
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
  164
  214
  271
  335
  406
  483
  564
  649
  736
  824
  911
  999
  1,084
  1,168
  1,251
  1,331
  1,409
  1,486
  1,562
  1,636
  1,710
  1,785
  1,859
  1,935
  2,013
  2,092
  2,174
  2,259
  2,348
  2,441
Total cash flow (excl. dividends), $m
  -59
  193
  234
  309
  397
  499
  613
  739
  877
  1,026
  1,186
  1,354
  1,532
  1,717
  1,911
  2,111
  2,318
  2,532
  2,753
  2,981
  3,216
  3,458
  3,709
  3,968
  4,236
  4,513
  4,800
  5,099
  5,409
  5,731
  6,067
Retained Cash Flow (-), $m
  -51
  -33
  -43
  -55
  -68
  -82
  -98
  -114
  -131
  -149
  -166
  -184
  -202
  -219
  -236
  -253
  -269
  -285
  -300
  -315
  -330
  -345
  -360
  -375
  -391
  -406
  -422
  -439
  -456
  -474
  -493
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
 
  234
  191
  254
  330
  416
  515
  625
  746
  878
  1,019
  1,170
  1,330
  1,498
  1,675
  1,858
  2,049
  2,247
  2,453
  2,665
  2,885
  3,113
  3,348
  3,592
  3,845
  4,106
  4,378
  4,660
  4,953
  5,257
  5,574
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
 
  224
  175
  221
  271
  323
  374
  422
  466
  504
  534
  556
  568
  570
  562
  546
  521
  489
  452
  410
  367
  322
  278
  235
  196
  160
  128
  100
  77
  57
  42
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 114.8
Price to Sales 5.1
Price to Book 9.1
Price to Tangible Book
Price to Cash Flow 25.5
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 42.6% 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 37.507 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 $1.4 billion.


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COMPANY NEWS

▶ 5 Hot Restaurant Stocks Still Within Reach: Investing Action Plan   [May-25-17 03:26PM  Investor's Business Daily]
▶ Shake Shack secures East Village spot near super computer Watson   [12:15PM  American City Business Journals]
▶ U.S. Steel, Nucor Upgraded; Shake Shack Started At Buy; Ciena Downgraded   [May-24-17 04:09PM  Investor's Business Daily]
▶ What to expect at new Florida Mall Shake Shack   [May-22-17 04:55PM  American City Business Journals]
▶ Exclusive: Construction tees up for $25M Lake Nona golf attraction   [12:51PM  American City Business Journals]
▶ Shake Shack CEO: It's the anti-chain chain   [10:13AM  Fox Business Videos]
▶ [$$] Manhattan Tallies Vacant Storefronts   [May-21-17 11:54PM  The Wall Street Journal]
▶ [$$] Manhattan Tallies Vacant Storefronts   [02:58PM  The Wall Street Journal]
▶ [$$] Shake Shack Upgrade Flips the Script   [May-19-17 06:08AM  Barrons.com]
▶ 2017 AZ Top Tech Exec Awards Technology Advocate finalist: Samir Shah   [07:20AM  American City Business Journals]
▶ Shake Shack Earnings: Should Investors Look Past Comps?   [May-10-17 08:39PM  Motley Fool]
▶ How Is Shake Shack Expanding Its Business?   [07:36AM  Market Realist]
▶ Here's Why The Best Is Yet to Come for Shake Shack Inc.   [May-09-17 08:46PM  Motley Fool]
▶ This Led to Shake Shacks SSSG Fall in 1Q17   [10:36AM  Market Realist]
▶ What Drove Shake Shacks Revenue in 1Q17?   [09:08AM  Market Realist]
▶ Company News for May 08, 2017   [May-08-17 09:51AM  Zacks]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [05:10PM  Investor's Business Daily]
▶ Trader Blitz: Burgers, Baseball and Cars   [01:27PM  CNBC Videos]
▶ Shake Shack upgraded on growth prospects   [10:18AM  MarketWatch]
▶ [$$] Shake Shack's Same-Store Sales Fall   [May-04-17 06:30PM  The Wall Street Journal]
▶ Shake Shack gets sacked   [05:23PM  CNBC Videos]
▶ Shake Shack says a key sales figure declined   [04:48PM  Associated Press]
▶ Shake Shack sinks after same-store sales whiff   [04:38PM  Business Insider]
▶ Retail And E-Commerce News And Stocks To Watch   [03:19PM  Investor's Business Daily]
▶ [$$] Shake Shacks Fat Valuation Isnt Healthy   [12:21AM  The Wall Street Journal]
▶ [$$] Shake Shack's Fat Valuation Isn't Healthy   [May-03-17 05:22PM  The Wall Street Journal]
▶ Shake Shack Ready to Shake Out Some Shorts   [Apr-26-17 06:58AM  TheStreet.com]
▶ 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]
Stock chart of SHAK Financial statements of SHAK Annual reports 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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