Intrinsic value of Carrols Restaurant Group - TAST

Previous Close

$12.80

  Intrinsic Value

$33.92

stock screener

  Rating & Target

str. buy

+165%

Previous close

$12.80

 
Intrinsic value

$33.92

 
Up/down potential

+165%

 
Rating

str. buy

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
  19.20
  17.78
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
Revenue, $m
  944
  1,125
  1,325
  1,544
  1,781
  2,036
  2,309
  2,598
  2,905
  3,227
  3,566
  3,921
  4,292
  4,679
  5,081
  5,501
  5,936
  6,390
  6,860
  7,350
  7,858
  8,387
  8,936
  9,508
  10,103
  10,723
  11,368
  12,041
  12,742
  13,474
  14,238
Variable operating expenses, $m
 
  900
  1,059
  1,234
  1,423
  1,626
  1,844
  2,075
  2,319
  2,576
  2,847
  3,127
  3,423
  3,732
  4,053
  4,387
  4,735
  5,096
  5,472
  5,862
  6,267
  6,689
  7,127
  7,583
  8,058
  8,552
  9,067
  9,603
  10,163
  10,746
  11,356
Fixed operating expenses, $m
 
  161
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
Total operating expenses, $m
  908
  1,061
  1,224
  1,403
  1,596
  1,804
  2,026
  2,262
  2,510
  2,772
  3,048
  3,333
  3,634
  3,948
  4,275
  4,614
  4,968
  5,335
  5,717
  6,113
  6,524
  6,953
  7,397
  7,860
  8,342
  8,843
  9,365
  9,909
  10,476
  11,067
  11,685
Operating income, $m
  36
  65
  101
  141
  185
  232
  283
  337
  394
  455
  519
  588
  658
  731
  807
  886
  969
  1,055
  1,144
  1,237
  1,333
  1,434
  1,539
  1,648
  1,761
  1,880
  2,003
  2,132
  2,266
  2,406
  2,553
EBITDA, $m
  83
  120
  166
  216
  271
  331
  394
  462
  534
  610
  689
  773
  860
  952
  1,047
  1,146
  1,249
  1,356
  1,468
  1,584
  1,704
  1,830
  1,961
  2,097
  2,238
  2,386
  2,540
  2,700
  2,868
  3,042
  3,225
Interest expense (income), $m
  17
  17
  23
  28
  34
  41
  48
  56
  64
  73
  82
  91
  101
  112
  123
  134
  146
  158
  171
  184
  198
  212
  227
  243
  259
  276
  293
  312
  330
  350
  371
Earnings before tax, $m
  17
  47
  79
  113
  151
  191
  235
  281
  330
  382
  437
  496
  556
  619
  684
  752
  823
  896
  973
  1,052
  1,135
  1,222
  1,311
  1,405
  1,502
  1,604
  1,710
  1,820
  1,936
  2,056
  2,182
Tax expense, $m
  -28
  13
  21
  31
  41
  52
  63
  76
  89
  103
  118
  134
  150
  167
  185
  203
  222
  242
  263
  284
  307
  330
  354
  379
  406
  433
  462
  491
  523
  555
  589
Net income, $m
  45
  34
  57
  82
  110
  140
  171
  205
  241
  279
  319
  362
  406
  452
  499
  549
  601
  654
  710
  768
  829
  892
  957
  1,026
  1,097
  1,171
  1,248
  1,329
  1,413
  1,501
  1,593

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
  582
  685
  798
  921
  1,053
  1,194
  1,343
  1,502
  1,669
  1,844
  2,027
  2,219
  2,419
  2,627
  2,844
  3,070
  3,304
  3,547
  3,800
  4,063
  4,336
  4,621
  4,916
  5,224
  5,544
  5,878
  6,226
  6,589
  6,967
  7,362
Adjusted assets (=assets-cash), $m
  488
  582
  685
  798
  921
  1,053
  1,194
  1,343
  1,502
  1,669
  1,844
  2,027
  2,219
  2,419
  2,627
  2,844
  3,070
  3,304
  3,547
  3,800
  4,063
  4,336
  4,621
  4,916
  5,224
  5,544
  5,878
  6,226
  6,589
  6,967
  7,362
Revenue / Adjusted assets
  1.934
  1.933
  1.934
  1.935
  1.934
  1.934
  1.934
  1.934
  1.934
  1.933
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
Average production assets, $m
  384
  457
  538
  627
  723
  827
  937
  1,055
  1,179
  1,310
  1,448
  1,592
  1,743
  1,900
  2,063
  2,233
  2,410
  2,594
  2,785
  2,984
  3,190
  3,405
  3,628
  3,860
  4,102
  4,353
  4,615
  4,889
  5,173
  5,470
  5,781
Working capital, $m
  -39
  -46
  -54
  -63
  -73
  -83
  -95
  -107
  -119
  -132
  -146
  -161
  -176
  -192
  -208
  -226
  -243
  -262
  -281
  -301
  -322
  -344
  -366
  -390
  -414
  -440
  -466
  -494
  -522
  -552
  -584
Total debt, $m
  220
  282
  352
  429
  513
  603
  699
  801
  909
  1,023
  1,143
  1,268
  1,399
  1,535
  1,677
  1,825
  1,978
  2,138
  2,304
  2,477
  2,656
  2,842
  3,036
  3,238
  3,448
  3,666
  3,894
  4,131
  4,378
  4,636
  4,906
Total liabilities, $m
  336
  397
  467
  544
  628
  718
  814
  916
  1,024
  1,138
  1,258
  1,383
  1,514
  1,650
  1,792
  1,940
  2,093
  2,253
  2,419
  2,592
  2,771
  2,957
  3,151
  3,353
  3,563
  3,781
  4,009
  4,246
  4,493
  4,751
  5,021
Total equity, $m
  155
  185
  218
  254
  293
  335
  380
  427
  478
  531
  586
  645
  706
  769
  836
  904
  976
  1,051
  1,128
  1,208
  1,292
  1,379
  1,469
  1,563
  1,661
  1,763
  1,869
  1,980
  2,095
  2,215
  2,341
Total liabilities and equity, $m
  491
  582
  685
  798
  921
  1,053
  1,194
  1,343
  1,502
  1,669
  1,844
  2,028
  2,220
  2,419
  2,628
  2,844
  3,069
  3,304
  3,547
  3,800
  4,063
  4,336
  4,620
  4,916
  5,224
  5,544
  5,878
  6,226
  6,588
  6,966
  7,362
Debt-to-equity ratio
  1.419
  1.520
  1.620
  1.690
  1.750
  1.800
  1.840
  1.880
  1.900
  1.930
  1.950
  1.970
  1.980
  2.000
  2.010
  2.020
  2.030
  2.040
  2.040
  2.050
  2.060
  2.060
  2.070
  2.070
  2.080
  2.080
  2.080
  2.090
  2.090
  2.090
  2.100
Adjusted equity ratio
  0.314
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  34
  57
  82
  110
  140
  171
  205
  241
  279
  319
  362
  406
  452
  499
  549
  601
  654
  710
  768
  829
  892
  957
  1,026
  1,097
  1,171
  1,248
  1,329
  1,413
  1,501
  1,593
Depreciation, amort., depletion, $m
  47
  55
  65
  75
  86
  98
  111
  125
  139
  155
  171
  185
  203
  221
  240
  260
  280
  302
  324
  347
  371
  396
  422
  449
  477
  506
  537
  568
  602
  636
  672
Funds from operations, $m
  57
  90
  122
  158
  196
  238
  283
  330
  381
  434
  490
  547
  609
  673
  739
  809
  881
  956
  1,034
  1,115
  1,200
  1,288
  1,379
  1,474
  1,574
  1,677
  1,785
  1,897
  2,015
  2,137
  2,265
Change in working capital, $m
  -5
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
Cash from operations, $m
  62
  97
  130
  167
  206
  248
  294
  342
  393
  447
  503
  562
  624
  688
  756
  826
  899
  975
  1,053
  1,135
  1,221
  1,309
  1,402
  1,498
  1,598
  1,702
  1,811
  1,925
  2,043
  2,167
  2,296
Maintenance CAPEX, $m
  0
  -45
  -53
  -63
  -73
  -84
  -96
  -109
  -123
  -137
  -152
  -168
  -185
  -203
  -221
  -240
  -260
  -280
  -302
  -324
  -347
  -371
  -396
  -422
  -449
  -477
  -506
  -537
  -568
  -602
  -636
New CAPEX, $m
  -94
  -73
  -81
  -89
  -96
  -104
  -111
  -118
  -124
  -131
  -138
  -144
  -151
  -157
  -164
  -170
  -177
  -184
  -191
  -199
  -206
  -215
  -223
  -232
  -242
  -252
  -262
  -273
  -285
  -297
  -310
Cash from investing activities, $m
  -96
  -118
  -134
  -152
  -169
  -188
  -207
  -227
  -247
  -268
  -290
  -312
  -336
  -360
  -385
  -410
  -437
  -464
  -493
  -523
  -553
  -586
  -619
  -654
  -691
  -729
  -768
  -810
  -853
  -899
  -946
Free cash flow, $m
  -34
  -21
  -4
  15
  37
  61
  87
  115
  146
  179
  213
  250
  288
  329
  371
  416
  462
  510
  561
  613
  667
  724
  783
  844
  908
  974
  1,043
  1,115
  1,190
  1,268
  1,350
Issuance/(repayment) of debt, $m
  14
  64
  71
  77
  84
  90
  96
  102
  108
  114
  120
  125
  131
  136
  142
  148
  154
  160
  166
  173
  179
  186
  194
  202
  210
  218
  228
  237
  247
  258
  269
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  14
  64
  71
  77
  84
  90
  96
  102
  108
  114
  120
  125
  131
  136
  142
  148
  154
  160
  166
  173
  179
  186
  194
  202
  210
  218
  228
  237
  247
  258
  269
Total cash flow (excl. dividends), $m
  -20
  43
  67
  92
  120
  151
  183
  218
  254
  293
  333
  375
  419
  465
  513
  564
  616
  670
  727
  785
  847
  910
  976
  1,045
  1,117
  1,192
  1,271
  1,352
  1,437
  1,526
  1,619
Retained Cash Flow (-), $m
  -47
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -126
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
 
  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
 
  13
  34
  56
  82
  109
  138
  170
  204
  239
  277
  316
  358
  402
  447
  495
  544
  596
  649
  705
  763
  823
  886
  951
  1,020
  1,090
  1,164
  1,242
  1,322
  1,406
  1,494
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  12
  29
  44
  58
  69
  78
  85
  89
  90
  88
  85
  80
  73
  65
  57
  49
  41
  34
  27
  21
  16
  12
  8
  6
  4
  3
  2
  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

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 10
Price to Sales 0.5
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow -14.1
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 $944 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 19.2% 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 7.8%, 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 80%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $157 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% 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%.

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 40.6%.

Life of production assets of 8.6 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 -4.1%. 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 - $155 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 36.159 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

▶ 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]
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▶ 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]
▶ Carrols Restaurant posts 4Q profit   [07:19AM  Associated Press]
▶ Buying Value Stocks on the Breakout   [Feb-08-17 07:59PM  Zacks]
▶ Top Restaurant Stocks to Buy in 2017   [Feb-02-17 10:53AM  at Motley Fool]
▶ 1 Great Stock for Retirees   [Jan-05-17 02:40PM  at Motley Fool]
▶ Should You Avoid Carrols Restaurant Group, Inc. (TAST)?   [Dec-02-16 08:24AM  at Insider Monkey]
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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