Intrinsic value of Sonic - SONC

Previous Close

$36.78

  Intrinsic Value

$1.09

stock screener

  Rating & Target

str. sell

-97%

Previous close

$36.78

 
Intrinsic value

$1.09

 
Up/down potential

-97%

 
Rating

str. sell

We calculate the intrinsic value of SONC 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -21.29
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  477
  487
  498
  511
  525
  541
  558
  577
  598
  620
  644
  669
  696
  725
  756
  789
  823
  860
  899
  939
  983
  1,028
  1,076
  1,127
  1,180
  1,236
  1,295
  1,358
  1,423
  1,492
  1,565
Variable operating expenses, $m
 
  384
  393
  403
  414
  426
  440
  454
  470
  488
  506
  518
  539
  561
  585
  611
  637
  666
  696
  727
  761
  796
  833
  872
  914
  957
  1,003
  1,051
  1,102
  1,155
  1,211
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
  354
  384
  393
  403
  414
  426
  440
  454
  470
  488
  506
  518
  539
  561
  585
  611
  637
  666
  696
  727
  761
  796
  833
  872
  914
  957
  1,003
  1,051
  1,102
  1,155
  1,211
Operating income, $m
  123
  102
  105
  108
  111
  115
  119
  123
  127
  132
  138
  151
  157
  164
  171
  178
  186
  194
  203
  212
  222
  232
  243
  255
  267
  279
  293
  307
  322
  337
  354
EBITDA, $m
  162
  154
  157
  161
  166
  171
  177
  183
  189
  196
  204
  212
  220
  229
  239
  249
  260
  272
  284
  297
  311
  325
  340
  356
  373
  391
  410
  429
  450
  472
  495
Interest expense (income), $m
  27
  35
  22
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  50
  53
  55
  58
  61
  64
  68
  71
  75
  79
Earnings before tax, $m
  95
  67
  83
  86
  88
  91
  94
  97
  101
  105
  109
  121
  125
  130
  136
  141
  147
  153
  160
  167
  175
  182
  191
  199
  208
  218
  228
  239
  250
  262
  274
Tax expense, $m
  31
  18
  22
  23
  24
  25
  25
  26
  27
  28
  29
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  74
Net income, $m
  64
  49
  61
  62
  64
  66
  69
  71
  74
  76
  79
  88
  92
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  145
  152
  159
  167
  174
  183
  191
  200

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  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
  562
  572
  586
  601
  618
  636
  657
  679
  703
  729
  757
  787
  819
  853
  890
  928
  969
  1,012
  1,057
  1,105
  1,156
  1,210
  1,266
  1,326
  1,388
  1,455
  1,524
  1,597
  1,674
  1,756
  1,841
Adjusted assets (=assets-cash), $m
  540
  572
  586
  601
  618
  636
  657
  679
  703
  729
  757
  787
  819
  853
  890
  928
  969
  1,012
  1,057
  1,105
  1,156
  1,210
  1,266
  1,326
  1,388
  1,455
  1,524
  1,597
  1,674
  1,756
  1,841
Revenue / Adjusted assets
  0.883
  0.851
  0.850
  0.850
  0.850
  0.851
  0.849
  0.850
  0.851
  0.850
  0.851
  0.850
  0.850
  0.850
  0.849
  0.850
  0.849
  0.850
  0.851
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.849
  0.850
  0.850
  0.850
  0.850
  0.850
Average production assets, $m
  357
  440
  450
  462
  474
  489
  505
  522
  540
  560
  582
  605
  630
  656
  684
  713
  744
  777
  812
  849
  888
  929
  973
  1,019
  1,067
  1,118
  1,171
  1,227
  1,287
  1,349
  1,414
Working capital, $m
  30
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
Total debt, $m
  648
  399
  411
  425
  440
  457
  475
  495
  517
  540
  566
  593
  621
  652
  685
  719
  756
  794
  835
  879
  924
  973
  1,023
  1,077
  1,134
  1,193
  1,256
  1,322
  1,391
  1,464
  1,541
Total liabilities, $m
  764
  515
  527
  541
  556
  573
  591
  611
  633
  656
  682
  709
  737
  768
  801
  835
  872
  910
  951
  995
  1,040
  1,089
  1,139
  1,193
  1,250
  1,309
  1,372
  1,438
  1,507
  1,580
  1,657
Total equity, $m
  -202
  57
  59
  60
  62
  64
  66
  68
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  139
  145
  152
  160
  167
  176
  184
Total liabilities and equity, $m
  562
  572
  586
  601
  618
  637
  657
  679
  703
  729
  758
  788
  819
  853
  890
  928
  969
  1,011
  1,057
  1,106
  1,156
  1,210
  1,266
  1,326
  1,389
  1,454
  1,524
  1,598
  1,674
  1,756
  1,841
Debt-to-equity ratio
  -3.208
  6.970
  7.020
  7.070
  7.120
  7.180
  7.230
  7.290
  7.350
  7.410
  7.470
  7.530
  7.580
  7.640
  7.700
  7.750
  7.800
  7.850
  7.900
  7.950
  8.000
  8.040
  8.080
  8.120
  8.160
  8.200
  8.240
  8.270
  8.310
  8.340
  8.370
Adjusted equity ratio
  -0.415
  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
  64
  49
  61
  62
  64
  66
  69
  71
  74
  76
  79
  88
  92
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  145
  152
  159
  167
  174
  183
  191
  200
Depreciation, amort., depletion, $m
  39
  52
  53
  54
  55
  56
  58
  60
  62
  64
  66
  61
  63
  66
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  141
Funds from operations, $m
  59
  101
  113
  116
  119
  123
  127
  131
  135
  140
  145
  149
  154
  161
  167
  174
  182
  190
  198
  207
  216
  226
  236
  247
  259
  271
  284
  297
  311
  326
  342
Change in working capital, $m
  -16
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  75
  101
  114
  116
  120
  123
  127
  131
  136
  140
  146
  149
  155
  161
  168
  175
  183
  190
  199
  208
  217
  227
  237
  248
  260
  272
  285
  298
  313
  327
  343
Maintenance CAPEX, $m
  0
  -43
  -44
  -45
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
New CAPEX, $m
  -47
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -66
Cash from investing activities, $m
  60
  -52
  -54
  -57
  -59
  -61
  -65
  -67
  -71
  -74
  -78
  -81
  -86
  -89
  -94
  -97
  -102
  -107
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -158
  -165
  -173
  -182
  -191
  -201
Free cash flow, $m
  135
  49
  60
  60
  60
  61
  62
  63
  65
  66
  68
  68
  70
  72
  75
  77
  80
  83
  86
  90
  93
  97
  101
  105
  110
  115
  120
  125
  131
  137
  143
Issuance/(repayment) of debt, $m
  59
  -249
  12
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  56
  59
  63
  66
  69
  73
  77
Issuance/(repurchase) of shares, $m
  -169
  210
  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  
  -161
  -39
  12
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  56
  59
  63
  66
  69
  73
  77
Total cash flow (excl. dividends), $m
  -26
  11
  71
  73
  76
  78
  81
  84
  87
  90
  93
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  209
  220
Retained Cash Flow (-), $m
  126
  -259
  -1
  -2
  -2
  -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
  -9
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
Cash available for distribution, $m
 
  -249
  70
  72
  74
  76
  79
  81
  84
  87
  90
  92
  95
  99
  104
  108
  113
  117
  123
  128
  134
  140
  146
  153
  160
  167
  175
  184
  192
  201
  211
Discount rate, %
 
  14.10
  14.81
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
  50.13
  52.64
  55.27
  58.04
PV of cash for distribution, $m
 
  -218
  53
  47
  40
  35
  29
  24
  20
  16
  13
  9
  7
  5
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
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Sonic Corp. operates and franchises the chain of drive-thru restaurants (Sonic Drive-Ins) in the United States. As of August 31, 2016, 3,557 Sonic Drive-Ins were in operation from coast to coast in 45 states, consisting of 345 Company drive-thrus and 3,212 franchise drive-thrus. As of August 31, 2016, its restaurant design and construction consisted of a kitchen housed in a one-story building, which was approximately 1,500 square feet, flanked by canopy-covered rows of 16 to 24 parking spaces, with each space having its own payment terminal, intercom speaker system and menu board. At a Sonic Drive-In, a customer drives into one of the parking spaces, orders through the intercom speaker system and has the food delivered by a carhop and Sonic Drive-Ins also include a drive-thru lane and patio seating to provide customers with alternative dining options. Its food items include specialty drinks, such as cherry limeades and slushes, ice cream desserts and chicken sandwiches and hamburgers.

FINANCIAL RATIOS  of  Sonic (SONC)

Valuation Ratios
P/E Ratio 23.1
Price to Sales 3.1
Price to Book -7.3
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow 52.8
Growth Rates
Sales Growth Rate -21.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -9.9%
Financial Strength
Quick Ratio 7
Current Ratio 0.4
LT Debt to Equity -319.3%
Total Debt to Equity -320.8%
Interest Coverage 5
Management Effectiveness
Return On Assets 13.6%
Ret/ On Assets - 3 Yr. Avg. 13%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity -46%
Return On Equity - 3 Yr. Avg. -34.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 47.6%
Gross Margin - 3 Yr. Avg. 42.9%
EBITDA Margin 33.8%
EBITDA Margin - 3 Yr. Avg. 29%
Operating Margin 25.8%
Oper. Margin - 3 Yr. Avg. 21.5%
Pre-Tax Margin 19.9%
Pre-Tax Margin - 3 Yr. Avg. 16.8%
Net Profit Margin 13.4%
Net Profit Margin - 3 Yr. Avg. 11.5%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 31.4%
Payout Ratio 37.5%

SONC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SONC stock intrinsic value calculation we used $477 million for the last fiscal year's total revenue generated by Sonic. The default revenue input number comes from 2017 income statement of Sonic. 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 SONC stock valuation model: a) initial revenue growth rate of 2% 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 14.1%, whose default value for SONC is calculated based on our internal credit rating of Sonic, 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 Sonic.
    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 SONC stock the variable cost ratio is equal to 79%.

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 SONC 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 5.4% for Sonic.

Corporate tax rate of 27% is the nominal tax rate for Sonic. 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 SONC stock is equal to 0.8%.

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 SONC are equal to 90.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Sonic 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 SONC is equal to -1.9%. 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 - $-202 million for Sonic - 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 42 million for Sonic 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 Sonic at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Company News For Jun 28, 2018   [09:52AM  Zacks]
▶ Is the Sonic Selloff a Buying Opportunity?   [Jun-27-18 07:07PM  TheStreet.com]
▶ Trader Blitz: Wrestling and Trade   [01:23PM  CNBC Videos]
▶ Why Sonic Corp (NASDAQ:SONC) Could Be A Buy   [08:54AM  Simply Wall St.]
▶ After-hours buzz: SONC, AVAV, & more   [Jun-26-18 06:11PM  CNBC]
▶ Sonic: Fiscal 3Q Earnings Snapshot   [04:14PM  Associated Press]
▶ Sonic Corp. to Host Earnings Call   [03:00PM  ACCESSWIRE]
▶ Sonic Pickle Juice Slush Is Now a Thing   [Jun-11-18 11:44AM  InvestorPlace]
▶ Stocks mixed ahead of North Korea summit   [11:37AM  Yahoo Finance]
▶ Why Sonic Corporation Stock Spiked Today   [Jun-07-18 04:56PM  Motley Fool]
▶ Tech Stocks Lead Nasdaq Lower, But This Sector Shows No Quit   [03:06PM  Investor's Business Daily]
▶ [$$] Sonic serves up best day in 7 years on sales, buyback   [Jun-06-18 11:26PM  Financial Times]
▶ Sonic to Attend Upcoming Conferences   [May-31-18 08:30AM  Business Wire]
▶ Bear of the Day: Sonic (SONC)   [07:00AM  Zacks]
▶ Down to bees-ness: Delta unveils first-of-its-kind Atlanta honey farm   [Apr-26-18 12:33PM  American City Business Journals]
▶ Can New Ads Help Beaten-Down Chipotle Outperform?   [Apr-25-18 12:26PM  Investopedia]
▶ 4 Restaurant Stocks to Buy This Spring   [Apr-17-18 06:00AM  Investopedia]
▶ Sonic Declares Quarterly Dividend   [Apr-12-18 04:05PM  Business Wire]
▶ Sonic Lowers Its Outlook After a Tough Sales Quarter   [Mar-30-18 03:24PM  Motley Fool]
▶ Sonic Corporation (SONC) Shares Sink on Q2 Revenue Miss   [Mar-27-18 05:16PM  InvestorPlace]
▶ Sonic shares fall after weak guidance   [04:53PM  MarketWatch]
▶ Sonic tops 2Q profit forecasts   [04:45PM  Associated Press]
▶ Sonic Corp. to Host Earnings Call   [01:00PM  ACCESSWIRE]
▶ Top Ranked Income Stocks to Buy for March 1st   [Mar-01-18 09:10AM  Zacks]
▶ Sonic Elevates Claudia San Pedro to President   [Feb-02-18 11:04AM  Business Wire]
▶ Sonic Completes Issuance of Securitized Notes   [Feb-01-18 10:22AM  Business Wire]
▶ Restaurant Stocks Sell Off After McDonald's Earnings   [Jan-30-18 09:36AM  Investopedia]
▶ SONIC Drive-In Launches the Perfect Snack   [Jan-29-18 07:45AM  Business Wire]
▶ Sonic Prices $170 Million Securitized Senior Notes   [Jan-23-18 05:11PM  Business Wire]
▶ Sonic Announces Financing Transaction   [Jan-16-18 08:00AM  Business Wire]
▶ Sonic Declares Quarterly Dividend   [Jan-12-18 05:13PM  Business Wire]
▶ Company News For Jan 8, 2018   [Jan-08-18 10:44AM  Zacks]
▶ Sonic and TiGenix climb; Constellation Brands and Sears fall   [Jan-05-18 04:49PM  Associated Press]
▶ Nasdaq Leads Stocks Up; Market Finds Bullish Angle In Data   [02:25PM  Investor's Business Daily]
▶ Sonic tops 1Q profit forecasts   [Jan-04-18 04:32PM  Associated Press]
▶ Sonic stock jumps after earnings beat   [04:21PM  MarketWatch]
▶ Should You Buy Sonic Corp (NASDAQ:SONC) Now?   [05:20AM  Simply Wall St.]
▶ What's working: Best bets in fast food stocks   [Jan-02-18 07:45AM  CNBC Videos]
▶ Sonic Has a Lot to Prove on Jan. 4   [Dec-31-17 11:26AM  Motley Fool]
▶ Watch Bitcoin, Dividends, Retailers, Restaurants: Investing Action Plan   [Dec-22-17 03:12PM  Investor's Business Daily]
▶ Sonic to Present at the 20th Annual ICR Conference   [Dec-21-17 04:05PM  Business Wire]
Financial statements of SONC
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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