Intrinsic value of Carrols Restaurant Group - TAST

Previous Close

$15.05

  Intrinsic Value

$7.26

stock screener

  Rating & Target

str. sell

-52%

Previous close

$15.05

 
Intrinsic value

$7.26

 
Up/down potential

-52%

 
Rating

str. sell

We calculate the intrinsic value of TAST 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, %
  9.90
  15.40
  14.36
  13.42
  12.58
  11.82
  11.14
  10.53
  9.97
  9.48
  9.03
  8.63
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
  5.75
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  944
  1,257
  1,437
  1,630
  1,835
  2,052
  2,281
  2,521
  2,772
  3,035
  3,309
  3,595
  3,892
  4,201
  4,522
  4,855
  5,202
  5,562
  5,937
  6,326
  6,732
  7,153
  7,592
  8,050
  8,526
  9,023
  9,542
  10,083
  10,648
  11,239
  11,856
Variable operating expenses, $m
 
  1,206
  1,376
  1,558
  1,751
  1,955
  2,171
  2,397
  2,634
  2,882
  3,140
  3,388
  3,668
  3,959
  4,262
  4,576
  4,903
  5,243
  5,596
  5,963
  6,345
  6,742
  7,156
  7,587
  8,036
  8,505
  8,994
  9,504
  10,036
  10,593
  11,174
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
  908
  1,206
  1,376
  1,558
  1,751
  1,955
  2,171
  2,397
  2,634
  2,882
  3,140
  3,388
  3,668
  3,959
  4,262
  4,576
  4,903
  5,243
  5,596
  5,963
  6,345
  6,742
  7,156
  7,587
  8,036
  8,505
  8,994
  9,504
  10,036
  10,593
  11,174
Operating income, $m
  36
  51
  61
  72
  84
  97
  110
  124
  138
  153
  169
  207
  224
  241
  260
  279
  299
  320
  341
  364
  387
  411
  436
  463
  490
  519
  548
  579
  612
  646
  681
EBITDA, $m
  83
  125
  143
  162
  182
  204
  226
  250
  275
  301
  328
  357
  386
  417
  449
  482
  516
  552
  589
  628
  668
  710
  754
  799
  846
  896
  947
  1,001
  1,057
  1,116
  1,177
Interest expense (income), $m
  17
  24
  30
  36
  42
  49
  56
  64
  72
  80
  89
  98
  107
  117
  127
  138
  149
  160
  172
  184
  197
  210
  224
  239
  254
  270
  286
  303
  321
  339
  359
Earnings before tax, $m
  17
  27
  31
  37
  42
  48
  54
  60
  66
  73
  80
  109
  117
  125
  133
  141
  150
  160
  169
  179
  190
  201
  212
  224
  236
  249
  262
  276
  291
  306
  322
Tax expense, $m
  -28
  7
  8
  10
  11
  13
  14
  16
  18
  20
  22
  29
  31
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  87
Net income, $m
  45
  19
  23
  27
  31
  35
  39
  44
  49
  53
  59
  80
  85
  91
  97
  103
  110
  117
  124
  131
  139
  146
  155
  163
  172
  182
  192
  202
  212
  224
  235

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  490
  671
  768
  871
  980
  1,096
  1,218
  1,347
  1,481
  1,621
  1,768
  1,920
  2,079
  2,244
  2,415
  2,594
  2,779
  2,971
  3,171
  3,379
  3,596
  3,821
  4,056
  4,300
  4,555
  4,820
  5,097
  5,386
  5,688
  6,004
  6,333
Adjusted assets (=assets-cash), $m
  488
  671
  768
  871
  980
  1,096
  1,218
  1,347
  1,481
  1,621
  1,768
  1,920
  2,079
  2,244
  2,415
  2,594
  2,779
  2,971
  3,171
  3,379
  3,596
  3,821
  4,056
  4,300
  4,555
  4,820
  5,097
  5,386
  5,688
  6,004
  6,333
Revenue / Adjusted assets
  1.934
  1.873
  1.871
  1.871
  1.872
  1.872
  1.873
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
  1.872
Average production assets, $m
  384
  525
  601
  681
  767
  858
  953
  1,054
  1,159
  1,269
  1,383
  1,503
  1,627
  1,756
  1,890
  2,029
  2,174
  2,325
  2,482
  2,644
  2,814
  2,990
  3,174
  3,365
  3,564
  3,772
  3,989
  4,215
  4,451
  4,698
  4,956
Working capital, $m
  -39
  -23
  -26
  -29
  -33
  -37
  -41
  -45
  -50
  -55
  -60
  -65
  -70
  -76
  -81
  -87
  -94
  -100
  -107
  -114
  -121
  -129
  -137
  -145
  -153
  -162
  -172
  -181
  -192
  -202
  -213
Total debt, $m
  220
  345
  413
  486
  564
  646
  733
  824
  919
  1,019
  1,122
  1,230
  1,343
  1,460
  1,582
  1,708
  1,839
  1,976
  2,118
  2,265
  2,419
  2,578
  2,745
  2,918
  3,098
  3,287
  3,483
  3,688
  3,902
  4,126
  4,359
Total liabilities, $m
  336
  476
  544
  617
  695
  777
  864
  955
  1,050
  1,150
  1,253
  1,361
  1,474
  1,591
  1,712
  1,839
  1,970
  2,107
  2,249
  2,396
  2,550
  2,709
  2,876
  3,049
  3,229
  3,418
  3,614
  3,819
  4,033
  4,257
  4,490
Total equity, $m
  155
  195
  223
  253
  285
  319
  355
  392
  431
  472
  514
  559
  605
  653
  703
  755
  809
  865
  923
  983
  1,046
  1,112
  1,180
  1,251
  1,325
  1,403
  1,483
  1,567
  1,655
  1,747
  1,843
Total liabilities and equity, $m
  491
  671
  767
  870
  980
  1,096
  1,219
  1,347
  1,481
  1,622
  1,767
  1,920
  2,079
  2,244
  2,415
  2,594
  2,779
  2,972
  3,172
  3,379
  3,596
  3,821
  4,056
  4,300
  4,554
  4,821
  5,097
  5,386
  5,688
  6,004
  6,333
Debt-to-equity ratio
  1.419
  1.770
  1.850
  1.920
  1.980
  2.030
  2.070
  2.100
  2.130
  2.160
  2.180
  2.200
  2.220
  2.240
  2.250
  2.260
  2.270
  2.280
  2.290
  2.300
  2.310
  2.320
  2.330
  2.330
  2.340
  2.340
  2.350
  2.350
  2.360
  2.360
  2.370
Adjusted equity ratio
  0.314
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  19
  23
  27
  31
  35
  39
  44
  49
  53
  59
  80
  85
  91
  97
  103
  110
  117
  124
  131
  139
  146
  155
  163
  172
  182
  192
  202
  212
  224
  235
Depreciation, amort., depletion, $m
  47
  74
  81
  89
  98
  107
  117
  127
  137
  148
  160
  150
  163
  176
  189
  203
  217
  233
  248
  264
  281
  299
  317
  336
  356
  377
  399
  421
  445
  470
  496
Funds from operations, $m
  57
  93
  104
  116
  129
  142
  156
  170
  186
  202
  218
  230
  248
  267
  286
  306
  327
  349
  372
  395
  420
  445
  472
  500
  529
  559
  590
  623
  658
  693
  731
Change in working capital, $m
  -5
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
Cash from operations, $m
  62
  96
  107
  119
  132
  146
  160
  175
  190
  206
  223
  235
  253
  272
  292
  312
  333
  356
  378
  402
  427
  453
  480
  508
  537
  568
  600
  633
  668
  704
  742
Maintenance CAPEX, $m
  0
  -46
  -53
  -60
  -68
  -77
  -86
  -95
  -105
  -116
  -127
  -138
  -150
  -163
  -176
  -189
  -203
  -217
  -233
  -248
  -264
  -281
  -299
  -317
  -336
  -356
  -377
  -399
  -421
  -445
  -470
New CAPEX, $m
  -94
  -70
  -75
  -81
  -86
  -91
  -96
  -100
  -105
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -163
  -169
  -176
  -184
  -191
  -199
  -208
  -217
  -226
  -236
  -247
  -258
Cash from investing activities, $m
  -96
  -116
  -128
  -141
  -154
  -168
  -182
  -195
  -210
  -226
  -242
  -257
  -274
  -292
  -310
  -328
  -348
  -368
  -390
  -411
  -433
  -457
  -483
  -508
  -535
  -564
  -594
  -625
  -657
  -692
  -728
Free cash flow, $m
  -34
  -19
  -21
  -21
  -22
  -22
  -22
  -21
  -20
  -19
  -18
  -23
  -21
  -20
  -18
  -16
  -14
  -13
  -11
  -9
  -7
  -5
  -3
  0
  2
  4
  6
  8
  10
  12
  14
Issuance/(repayment) of debt, $m
  14
  63
  68
  73
  78
  82
  87
  91
  95
  100
  104
  108
  113
  117
  122
  126
  131
  136
  142
  148
  153
  160
  166
  173
  181
  188
  196
  205
  214
  224
  234
Issuance/(repurchase) of shares, $m
  0
  7
  5
  3
  1
  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  
  14
  70
  73
  76
  79
  82
  87
  91
  95
  100
  104
  108
  113
  117
  122
  126
  131
  136
  142
  148
  153
  160
  166
  173
  181
  188
  196
  205
  214
  224
  234
Total cash flow (excl. dividends), $m
  -20
  51
  53
  55
  57
  60
  65
  70
  75
  80
  85
  85
  91
  97
  104
  110
  117
  124
  131
  139
  147
  155
  164
  173
  182
  192
  202
  213
  224
  236
  248
Retained Cash Flow (-), $m
  -47
  -26
  -28
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
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
 
  3
  4
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
Cash available for distribution, $m
 
  25
  25
  25
  25
  27
  30
  33
  36
  39
  43
  41
  45
  49
  54
  58
  63
  68
  73
  78
  84
  90
  96
  102
  108
  115
  122
  129
  136
  144
  152
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  23
  21
  20
  18
  17
  17
  17
  16
  16
  15
  12
  11
  10
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.7
  97.9
  97.4
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2

Carrols Restaurant Group, Inc. is a holding company and conducts all of its operations through its subsidiary, Carrols Corporation (Carrols) and Carrols' subsidiary, Carrols LLC. The Company is a restaurant company and Burger King franchisee in the United States. As of January 1, 2017, the Company had owned and operated 753 Burger King restaurants under the name Burger King in 16 Northeastern, Midwestern and Southeastern states. Burger King restaurants feature the flame-broiled Whopper sandwich, as well as a range of hamburgers, chicken and other specialty sandwiches, French fries, salads, breakfast items, hot dogs, snacks, smoothies, frappes and other offerings. The Company's Burger King restaurants are located in various states, such as Illinois, Indiana, Kentucky, Maine, Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Vermont, Virginia and West Virginia.

FINANCIAL RATIOS  of  Carrols Restaurant Group (TAST)

Valuation Ratios
P/E Ratio 11.8
Price to Sales 0.6
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow -16.6
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 64.9%
Cap. Spend. - 3 Yr. Gr. Rate 13.5%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 140.6%
Total Debt to Equity 141.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 19.6%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 13.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.7%
Return On Equity 34.2%
Return On Equity - 3 Yr. Avg. -2.4%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 35.1%
Gross Margin - 3 Yr. Avg. 33.4%
EBITDA Margin 8.6%
EBITDA Margin - 3 Yr. Avg. 6.5%
Operating Margin 3.8%
Oper. Margin - 3 Yr. Avg. 1.7%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. -0.7%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. -0.2%
Effective Tax Rate -164.7%
Eff/ Tax Rate - 3 Yr. Avg. -70.3%
Payout Ratio 0%

TAST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TAST stock intrinsic value calculation we used $1089 million for the last fiscal year's total revenue generated by Carrols Restaurant Group. The default revenue input number comes from 2017 income statement of Carrols Restaurant Group. 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 TAST stock valuation model: a) initial revenue growth rate of 15.4% 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 7.3%, whose default value for TAST is calculated based on our internal credit rating of Carrols Restaurant Group, 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 Carrols Restaurant Group.
    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 TAST stock the variable cost ratio is equal to 96.2%.

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 TAST 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 8.7% for Carrols Restaurant Group.

Corporate tax rate of 27% is the nominal tax rate for Carrols Restaurant Group. 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 TAST stock is equal to 0.3%.

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 TAST are equal to 41.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Carrols Restaurant Group 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 TAST is equal to -1.8%. 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 - $169 million for Carrols Restaurant Group - 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 35 million for Carrols Restaurant Group 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 Carrols Restaurant Group at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Carrols Restaurant Group Cooks Up Another Tasty Quarter   [May-08-18 06:49PM  Motley Fool]
▶ Carrols Restaurant: 1Q Earnings Snapshot   [07:50AM  Associated Press]
▶ Top Stock Picks for the Week of March 19th   [Mar-19-18 04:29PM  Zacks]
▶ Carrols Restaurant Group Serves Delicious Growth   [Mar-01-18 09:00AM  Motley Fool]
▶ Carrols Restaurant posts 4Q profit   [Feb-28-18 08:51AM  Associated Press]
▶ 3 Top Growth Stocks to Buy in January   [Jan-12-18 08:01PM  Motley Fool]
▶ Carrols Restaurant Group Delivers an Encouraging Mix   [Nov-09-17 05:46PM  Motley Fool]
▶ Carrols Restaurant posts 3Q profit   [Nov-08-17 07:22AM  Associated Press]
▶ 3 Growth Stocks at Value Stock Prices   [Nov-06-17 04:48PM  Motley Fool]
▶ Bear of the Day: Carrols (TAST)   [06:42AM  Zacks]
▶ New Strong Sell Stocks for October 10th   [Oct-10-17 07:32AM  Zacks]
▶ 2 Stocks You've Been Ignoring   [Sep-30-17 09:00PM  Motley Fool]
▶ Best Low-P/E Stocks to Buy in September   [Sep-20-17 12:48PM  Motley Fool]
▶ 3 Stocks That Are Absurdly Cheap Right Now   [Aug-18-17 07:15AM  Motley Fool]
▶ Carrols Restaurant Group Falls Short on Higher Costs   [Aug-09-17 09:03PM  Motley Fool]
▶ Carrols Restaurant posts 2Q profit   [12:32PM  Associated Press]
▶ The Restaurant Sector Q2 Earnings Cheat Sheet   [Jul-22-17 03:39PM  Benzinga]
▶ 3 Growth Stocks for Astute Investors   [May-10-17 09:31AM  Motley Fool]
▶ Carrols Restaurant reports 1Q loss   [08:33AM  Associated Press]
Financial statements of TAST
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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