Intrinsic value of Del Taco Restaurants - TACO

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$14.10

  Intrinsic Value

$15.14

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  Rating & Target

hold

+7%

Previous close

$14.10

 
Intrinsic value

$15.14

 
Up/down potential

+7%

 
Rating

hold

We calculate the intrinsic value of TACO 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, %
  6.60
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  452
  491
  513
  535
  559
  585
  612
  640
  670
  701
  735
  769
  806
  845
  886
  929
  974
  1,021
  1,071
  1,123
  1,178
  1,236
  1,297
  1,361
  1,428
  1,499
  1,573
  1,651
  1,733
  1,819
  1,910
Variable operating expenses, $m
 
  442
  459
  476
  495
  515
  536
  558
  582
  607
  633
  604
  633
  663
  695
  729
  764
  801
  840
  881
  925
  970
  1,018
  1,068
  1,121
  1,176
  1,235
  1,296
  1,360
  1,427
  1,498
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
  409
  442
  459
  476
  495
  515
  536
  558
  582
  607
  633
  604
  633
  663
  695
  729
  764
  801
  840
  881
  925
  970
  1,018
  1,068
  1,121
  1,176
  1,235
  1,296
  1,360
  1,427
  1,498
Operating income, $m
  43
  50
  54
  59
  64
  70
  76
  82
  88
  95
  102
  166
  174
  182
  191
  200
  210
  220
  231
  242
  254
  266
  279
  293
  308
  323
  339
  356
  373
  392
  411
EBITDA, $m
  66
  180
  188
  196
  205
  214
  224
  234
  245
  257
  269
  282
  295
  309
  324
  340
  356
  374
  392
  411
  431
  453
  475
  498
  523
  549
  576
  605
  635
  666
  699
Interest expense (income), $m
  6
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  48
  50
  53
  56
  60
Earnings before tax, $m
  36
  40
  44
  48
  53
  57
  62
  67
  72
  78
  84
  147
  153
  160
  167
  175
  183
  192
  201
  210
  220
  231
  242
  253
  265
  278
  291
  305
  320
  335
  352
Tax expense, $m
  15
  11
  12
  13
  14
  15
  17
  18
  20
  21
  23
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
  86
  91
  95
Net income, $m
  21
  29
  32
  35
  38
  42
  45
  49
  53
  57
  61
  107
  112
  117
  122
  128
  134
  140
  147
  153
  161
  168
  176
  185
  194
  203
  213
  223
  234
  245
  257

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  9
  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
  727
  774
  807
  843
  881
  921
  963
  1,008
  1,055
  1,105
  1,157
  1,212
  1,270
  1,331
  1,395
  1,462
  1,533
  1,608
  1,687
  1,769
  1,856
  1,947
  2,043
  2,144
  2,250
  2,361
  2,478
  2,600
  2,729
  2,865
  3,007
Adjusted assets (=assets-cash), $m
  718
  774
  807
  843
  881
  921
  963
  1,008
  1,055
  1,105
  1,157
  1,212
  1,270
  1,331
  1,395
  1,462
  1,533
  1,608
  1,687
  1,769
  1,856
  1,947
  2,043
  2,144
  2,250
  2,361
  2,478
  2,600
  2,729
  2,865
  3,007
Revenue / Adjusted assets
  0.630
  0.634
  0.636
  0.635
  0.635
  0.635
  0.636
  0.635
  0.635
  0.634
  0.635
  0.634
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
Average production assets, $m
  373
  741
  773
  807
  844
  882
  922
  965
  1,010
  1,058
  1,108
  1,160
  1,216
  1,274
  1,336
  1,400
  1,468
  1,540
  1,615
  1,694
  1,777
  1,864
  1,956
  2,053
  2,154
  2,261
  2,373
  2,490
  2,614
  2,743
  2,880
Working capital, $m
  -35
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
Total debt, $m
  175
  185
  200
  216
  233
  250
  269
  288
  309
  331
  354
  378
  403
  430
  458
  488
  519
  552
  586
  622
  660
  701
  743
  787
  833
  882
  933
  987
  1,044
  1,103
  1,166
Total liabilities, $m
  350
  340
  354
  370
  387
  404
  423
  442
  463
  485
  508
  532
  557
  584
  612
  642
  673
  706
  740
  777
  815
  855
  897
  941
  988
  1,036
  1,088
  1,142
  1,198
  1,258
  1,320
Total equity, $m
  377
  434
  453
  473
  494
  517
  540
  565
  592
  620
  649
  680
  712
  746
  782
  820
  860
  902
  946
  992
  1,041
  1,092
  1,146
  1,203
  1,262
  1,324
  1,390
  1,459
  1,531
  1,607
  1,687
Total liabilities and equity, $m
  727
  774
  807
  843
  881
  921
  963
  1,007
  1,055
  1,105
  1,157
  1,212
  1,269
  1,330
  1,394
  1,462
  1,533
  1,608
  1,686
  1,769
  1,856
  1,947
  2,043
  2,144
  2,250
  2,360
  2,478
  2,601
  2,729
  2,865
  3,007
Debt-to-equity ratio
  0.464
  0.430
  0.440
  0.460
  0.470
  0.480
  0.500
  0.510
  0.520
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.650
  0.650
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
Adjusted equity ratio
  0.513
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  29
  32
  35
  38
  42
  45
  49
  53
  57
  61
  107
  112
  117
  122
  128
  134
  140
  147
  153
  161
  168
  176
  185
  194
  203
  213
  223
  234
  245
  257
Depreciation, amort., depletion, $m
  23
  130
  134
  137
  141
  144
  148
  153
  157
  162
  167
  116
  122
  127
  134
  140
  147
  154
  162
  169
  178
  186
  196
  205
  215
  226
  237
  249
  261
  274
  288
Funds from operations, $m
  56
  160
  166
  172
  179
  186
  194
  202
  210
  219
  228
  223
  233
  244
  256
  268
  281
  294
  308
  323
  338
  355
  372
  390
  409
  429
  450
  472
  495
  519
  545
Change in working capital, $m
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  58
  160
  167
  173
  180
  187
  195
  203
  211
  220
  229
  224
  235
  246
  257
  269
  282
  296
  310
  325
  340
  357
  374
  392
  411
  431
  452
  474
  498
  522
  548
Maintenance CAPEX, $m
  0
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -127
  -134
  -140
  -147
  -154
  -162
  -169
  -178
  -186
  -196
  -205
  -215
  -226
  -237
  -249
  -261
  -274
New CAPEX, $m
  -47
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -107
  -112
  -118
  -123
  -130
  -136
Cash from investing activities, $m
  -48
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -142
  -148
  -156
  -164
  -171
  -180
  -188
  -199
  -208
  -219
  -229
  -241
  -252
  -265
  -278
  -292
  -306
  -322
  -338
  -355
  -372
  -391
  -410
Free cash flow, $m
  10
  59
  60
  61
  63
  64
  66
  68
  70
  72
  74
  61
  63
  66
  68
  71
  74
  77
  81
  84
  88
  92
  96
  100
  105
  109
  114
  120
  125
  131
  137
Issuance/(repayment) of debt, $m
  5
  13
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  59
  62
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -11
  13
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  59
  62
Total cash flow (excl. dividends), $m
  -1
  73
  75
  77
  79
  82
  85
  87
  90
  93
  97
  85
  89
  92
  97
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
  173
  182
  190
  200
Retained Cash Flow (-), $m
  -9
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -59
  -62
  -66
  -69
  -72
  -76
  -80
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
 
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
Cash available for distribution, $m
 
  55
  56
  57
  58
  59
  61
  62
  64
  66
  67
  54
  56
  58
  61
  63
  65
  68
  71
  74
  77
  81
  84
  88
  92
  96
  100
  105
  109
  114
  120
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  52
  50
  48
  46
  44
  42
  39
  37
  34
  31
  22
  21
  19
  17
  15
  13
  11
  10
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  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

Del Taco Restaurants, Inc. is an operator and franchisor of restaurants featuring made-to-order cuisine, including both Mexican inspired and American classic dishes. As of January 3, 2017, the Company operated 551 Del Taco restaurants. The Company's menu offers a combination of Mexican-inspired food, such as tacos and burritos, and American classics, such as Double Del cheeseburgers, crinkle-cut fries and milkshakes. The Company's menu features items, such as its Platos plated meals, Epic Burritos, Handcrafted Ensaladas and Fresca Bowls, as well as items on its Buck & Under Menu. As of January 3, 2017, the Company had 310 Company-operated and 241 franchise-operated restaurants. The Platos menu offering consists of individually plated meals complete with an entree, two sides, and chips and salsa. The Company's menu also includes quesadillas, bowls and handcrafted ensaladas, as well as burgers and fries.

FINANCIAL RATIOS  of  Del Taco Restaurants (TACO)

Valuation Ratios
P/E Ratio 26.3
Price to Sales 1.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 50.2
Growth Rates
Sales Growth Rate 6.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34.3%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 45.9%
Total Debt to Equity 46.4%
Interest Coverage 7
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 5.6%
Return On Equity - 3 Yr. Avg. 2.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 73.5%
Gross Margin - 3 Yr. Avg. 48.6%
EBITDA Margin 14.4%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 3.1%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 41.7%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 0%

TACO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TACO stock intrinsic value calculation we used $471 million for the last fiscal year's total revenue generated by Del Taco Restaurants. The default revenue input number comes from 2017 income statement of Del Taco Restaurants. 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 TACO stock valuation model: a) initial revenue growth rate of 4.3% 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 5.1%, whose default value for TACO is calculated based on our internal credit rating of Del Taco Restaurants, 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 Del Taco Restaurants.
    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 TACO stock the variable cost ratio is equal to 90.4%.

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 TACO 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 Del Taco Restaurants.

Corporate tax rate of 27% is the nominal tax rate for Del Taco Restaurants. 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 TACO stock is equal to 1%.

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 TACO are equal to 150.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Del Taco Restaurants 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 TACO is equal to -3.4%. 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 - $416 million for Del Taco Restaurants - 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 39 million for Del Taco Restaurants 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 Del Taco Restaurants at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
CMG Chipotle Mexic 451.19 699.84  str.buy
JACK Jack in the Bo 85.19 4.61  str.sell
MCD McDonald's 157.97 11.40  str.sell
DNKN Dunkin' Br 73.00 17.43  str.sell
LOCO El Pollo Loco 11.90 11.21  hold
NATH Nathan's F 98.75 2.30  str.sell
HABT Habit Restaura 10.30 7.37  hold
PZZA Papa John' 51.59 8.37  str.sell

COMPANY NEWS

▶ Final Trade: WFC, TACO & more   [May-31-18 05:30PM  CNBC Videos]
▶ Del Taco Plans Strategic Expansion Across Orlando   [May-30-18 07:00AM  GlobeNewswire]
▶ Del Taco Introduces Dessert With a Churro Spoon   [May-24-18 04:30PM  GlobeNewswire]
▶ Authentically Cooked Carnitas Return for the Summer   [Apr-19-18 06:11PM  GlobeNewswire]
▶ Del Taco Continues Southeast Expansion   [Apr-18-18 05:08PM  GlobeNewswire]
▶ Celebrate National Burrito Day With Free Fries at Del Taco   [Apr-03-18 05:53PM  GlobeNewswire]
▶ Why Del Taco Stock Plunged Today   [Mar-15-18 02:16PM  Motley Fool]
▶ Del Taco posts 4Q profit   [Mar-14-18 04:13PM  Associated Press]
▶ Keeley Funds Comments on Del Taco Restaurants   [Feb-07-18 06:22PM  GuruFocus.com]
▶ Seafood Season Is Back at Del Taco, and Fans Are Hooked   [Feb-01-18 08:00AM  GlobeNewswire]
▶ McDonald's to open about 1,000 new stores   [Jan-31-18 01:40PM  Yahoo Finance Video]
▶ A Shopping List for 2018: Consumer & Retail Favorites   [Jan-10-18 08:35AM  Investopedia]
▶ Del Taco meets 3Q profit forecasts   [Oct-19-17 04:21PM  Associated Press]
▶ Del Taco Now Open in Norman, Oklahoma   [08:00AM  Marketwired]
▶ "Fast Money" final trades: DAL, NKE and more   [Sep-28-17 05:59PM  CNBC Videos]
▶ Forget Chipotle, Buy Del Taco Stock: BTIG   [Sep-26-17 08:14PM  Investopedia]
▶ Seven Restaurants To Buy As The Industry Struggles   [Sep-13-17 09:40AM  Barrons.com]
▶ Del Taco CEO: Rising avocado costs & more   [Aug-29-17 08:23PM  CNBC Videos]
▶ Sick of Chipotle? Analyst Suggests a Different Chain   [Jul-20-17 04:56PM  Barrons.com]
Financial statements of TACO
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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