Intrinsic value of Texas Roadhouse - TXRH

Previous Close

$58.24

  Intrinsic Value

$42.32

stock screener

  Rating & Target

sell

-27%

Previous close

$58.24

 
Intrinsic value

$42.32

 
Up/down potential

-27%

 
Rating

sell

We calculate the intrinsic value of TXRH 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
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, %
  10.18
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  1,991
  2,234
  2,490
  2,760
  3,043
  3,339
  3,648
  3,970
  4,305
  4,654
  5,016
  5,393
  5,784
  6,191
  6,614
  7,054
  7,511
  7,987
  8,482
  8,998
  9,535
  10,095
  10,680
  11,289
  11,926
  12,591
  13,285
  14,011
  14,770
  15,565
  16,396
Variable operating expenses, $m
 
  1,893
  2,109
  2,336
  2,574
  2,823
  3,084
  3,355
  3,637
  3,931
  4,236
  4,541
  4,871
  5,214
  5,570
  5,940
  6,325
  6,726
  7,143
  7,577
  8,030
  8,501
  8,994
  9,507
  10,043
  10,603
  11,188
  11,799
  12,439
  13,107
  13,807
Fixed operating expenses, $m
 
  137
  141
  144
  148
  152
  155
  159
  163
  167
  172
  176
  180
  185
  189
  194
  199
  204
  209
  214
  220
  225
  231
  236
  242
  248
  255
  261
  268
  274
  281
Total operating expenses, $m
  1,819
  2,030
  2,250
  2,480
  2,722
  2,975
  3,239
  3,514
  3,800
  4,098
  4,408
  4,717
  5,051
  5,399
  5,759
  6,134
  6,524
  6,930
  7,352
  7,791
  8,250
  8,726
  9,225
  9,743
  10,285
  10,851
  11,443
  12,060
  12,707
  13,381
  14,088
Operating income, $m
  172
  204
  241
  280
  321
  364
  409
  456
  505
  556
  609
  676
  733
  793
  855
  920
  987
  1,057
  1,130
  1,206
  1,286
  1,369
  1,455
  1,546
  1,640
  1,739
  1,843
  1,951
  2,064
  2,183
  2,307
EBITDA, $m
  255
  296
  343
  392
  443
  497
  553
  611
  673
  736
  802
  871
  943
  1,017
  1,095
  1,175
  1,259
  1,347
  1,438
  1,533
  1,632
  1,735
  1,843
  1,955
  2,073
  2,196
  2,325
  2,459
  2,600
  2,748
  2,902
Interest expense (income), $m
  1
  2
  4
  6
  8
  10
  12
  14
  17
  19
  22
  25
  28
  31
  34
  37
  40
  44
  47
  51
  55
  59
  63
  68
  72
  77
  82
  87
  93
  98
  104
Earnings before tax, $m
  172
  202
  237
  274
  313
  354
  397
  441
  488
  536
  587
  651
  705
  762
  821
  883
  947
  1,013
  1,083
  1,155
  1,231
  1,310
  1,392
  1,478
  1,568
  1,662
  1,761
  1,864
  1,972
  2,085
  2,203
Tax expense, $m
  51
  54
  64
  74
  85
  96
  107
  119
  132
  145
  158
  176
  190
  206
  222
  238
  256
  274
  292
  312
  332
  354
  376
  399
  423
  449
  475
  503
  532
  563
  595
Net income, $m
  116
  147
  173
  200
  229
  258
  290
  322
  356
  392
  428
  475
  515
  556
  600
  644
  691
  740
  791
  843
  899
  956
  1,016
  1,079
  1,145
  1,214
  1,285
  1,361
  1,439
  1,522
  1,608

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  113
  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
  1,180
  1,197
  1,335
  1,479
  1,631
  1,789
  1,955
  2,127
  2,307
  2,494
  2,688
  2,890
  3,100
  3,318
  3,545
  3,780
  4,025
  4,280
  4,546
  4,822
  5,110
  5,410
  5,723
  6,050
  6,391
  6,747
  7,120
  7,509
  7,916
  8,341
  8,787
Adjusted assets (=assets-cash), $m
  1,067
  1,197
  1,335
  1,479
  1,631
  1,789
  1,955
  2,127
  2,307
  2,494
  2,688
  2,890
  3,100
  3,318
  3,545
  3,780
  4,025
  4,280
  4,546
  4,822
  5,110
  5,410
  5,723
  6,050
  6,391
  6,747
  7,120
  7,509
  7,916
  8,341
  8,787
Revenue / Adjusted assets
  1.866
  1.866
  1.865
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
Average production assets, $m
  795
  891
  994
  1,101
  1,214
  1,332
  1,455
  1,584
  1,718
  1,857
  2,001
  2,152
  2,308
  2,470
  2,639
  2,814
  2,997
  3,187
  3,384
  3,590
  3,804
  4,028
  4,261
  4,504
  4,758
  5,024
  5,301
  5,590
  5,893
  6,210
  6,542
Working capital, $m
  -80
  -217
  -242
  -268
  -295
  -324
  -354
  -385
  -418
  -451
  -487
  -523
  -561
  -601
  -642
  -684
  -729
  -775
  -823
  -873
  -925
  -979
  -1,036
  -1,095
  -1,157
  -1,221
  -1,289
  -1,359
  -1,433
  -1,510
  -1,590
Total debt, $m
  53
  105
  161
  219
  280
  344
  411
  480
  553
  628
  706
  788
  872
  960
  1,051
  1,146
  1,245
  1,348
  1,455
  1,566
  1,682
  1,803
  1,929
  2,061
  2,199
  2,342
  2,492
  2,649
  2,813
  2,984
  3,164
Total liabilities, $m
  430
  482
  538
  596
  657
  721
  788
  857
  930
  1,005
  1,083
  1,165
  1,249
  1,337
  1,428
  1,523
  1,622
  1,725
  1,832
  1,943
  2,059
  2,180
  2,306
  2,438
  2,576
  2,719
  2,869
  3,026
  3,190
  3,361
  3,541
Total equity, $m
  750
  715
  797
  883
  974
  1,068
  1,167
  1,270
  1,377
  1,489
  1,605
  1,725
  1,851
  1,981
  2,116
  2,257
  2,403
  2,555
  2,714
  2,879
  3,051
  3,230
  3,417
  3,612
  3,815
  4,028
  4,250
  4,483
  4,726
  4,980
  5,246
Total liabilities and equity, $m
  1,180
  1,197
  1,335
  1,479
  1,631
  1,789
  1,955
  2,127
  2,307
  2,494
  2,688
  2,890
  3,100
  3,318
  3,544
  3,780
  4,025
  4,280
  4,546
  4,822
  5,110
  5,410
  5,723
  6,050
  6,391
  6,747
  7,119
  7,509
  7,916
  8,341
  8,787
Debt-to-equity ratio
  0.071
  0.150
  0.200
  0.250
  0.290
  0.320
  0.350
  0.380
  0.400
  0.420
  0.440
  0.460
  0.470
  0.480
  0.500
  0.510
  0.520
  0.530
  0.540
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.600
Adjusted equity ratio
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  116
  147
  173
  200
  229
  258
  290
  322
  356
  392
  428
  475
  515
  556
  600
  644
  691
  740
  791
  843
  899
  956
  1,016
  1,079
  1,145
  1,214
  1,285
  1,361
  1,439
  1,522
  1,608
Depreciation, amort., depletion, $m
  83
  93
  102
  112
  122
  133
  144
  156
  168
  180
  194
  196
  210
  225
  240
  256
  272
  290
  308
  326
  346
  366
  387
  409
  433
  457
  482
  508
  536
  565
  595
Funds from operations, $m
  276
  240
  275
  312
  351
  391
  434
  478
  524
  572
  622
  671
  725
  781
  839
  900
  964
  1,030
  1,098
  1,170
  1,244
  1,322
  1,404
  1,489
  1,577
  1,670
  1,767
  1,869
  1,975
  2,086
  2,203
Change in working capital, $m
  19
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -74
  -77
  -81
Cash from operations, $m
  257
  264
  300
  338
  378
  420
  464
  509
  557
  606
  657
  707
  763
  820
  880
  943
  1,008
  1,076
  1,146
  1,220
  1,297
  1,377
  1,460
  1,548
  1,639
  1,735
  1,835
  1,939
  2,049
  2,163
  2,283
Maintenance CAPEX, $m
  0
  -72
  -81
  -90
  -100
  -110
  -121
  -132
  -144
  -156
  -169
  -182
  -196
  -210
  -225
  -240
  -256
  -272
  -290
  -308
  -326
  -346
  -366
  -387
  -409
  -433
  -457
  -482
  -508
  -536
  -565
New CAPEX, $m
  -165
  -96
  -102
  -108
  -113
  -118
  -123
  -128
  -134
  -139
  -145
  -150
  -156
  -162
  -169
  -175
  -182
  -190
  -198
  -206
  -214
  -224
  -233
  -243
  -254
  -265
  -277
  -290
  -303
  -317
  -332
Cash from investing activities, $m
  -165
  -168
  -183
  -198
  -213
  -228
  -244
  -260
  -278
  -295
  -314
  -332
  -352
  -372
  -394
  -415
  -438
  -462
  -488
  -514
  -540
  -570
  -599
  -630
  -663
  -698
  -734
  -772
  -811
  -853
  -897
Free cash flow, $m
  92
  95
  117
  140
  165
  192
  219
  248
  279
  311
  344
  375
  411
  448
  487
  528
  570
  613
  659
  706
  756
  807
  861
  917
  976
  1,037
  1,101
  1,168
  1,238
  1,311
  1,387
Issuance/(repayment) of debt, $m
  25
  52
  55
  58
  61
  64
  67
  70
  72
  75
  78
  81
  85
  88
  91
  95
  99
  103
  107
  111
  116
  121
  126
  132
  137
  144
  150
  157
  164
  172
  179
Issuance/(repurchase) of shares, $m
  -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
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  13
  52
  55
  58
  61
  64
  67
  70
  72
  75
  78
  81
  85
  88
  91
  95
  99
  103
  107
  111
  116
  121
  126
  132
  137
  144
  150
  157
  164
  172
  179
Total cash flow (excl. dividends), $m
  106
  147
  172
  198
  226
  255
  286
  318
  351
  386
  422
  456
  495
  536
  578
  623
  668
  716
  766
  818
  872
  928
  987
  1,049
  1,113
  1,180
  1,251
  1,324
  1,402
  1,482
  1,567
Retained Cash Flow (-), $m
  -80
  -78
  -82
  -86
  -91
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -130
  -135
  -141
  -146
  -152
  -158
  -165
  -172
  -179
  -187
  -195
  -204
  -213
  -222
  -232
  -243
  -254
  -266
Prev. year cash balance distribution, $m
 
  113
  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
 
  183
  90
  112
  136
  161
  187
  215
  244
  274
  306
  336
  370
  406
  443
  482
  522
  564
  607
  653
  700
  749
  800
  854
  910
  968
  1,029
  1,092
  1,159
  1,228
  1,301
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
 
  175
  82
  98
  112
  125
  136
  145
  152
  158
  160
  159
  158
  154
  149
  141
  133
  123
  112
  101
  89
  77
  66
  56
  46
  38
  30
  23
  18
  13
  10
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

Texas Roadhouse, Inc. is a restaurant company, which operates in the casual dining segment. The Company offers an assortment of seasoned and aged steaks, all cooked over open grills and all but one hand cut daily on the premises. Its restaurants offer a range of menu items at prices that are designed to appeal to a range of consumer tastes. The Company also offers its guests a selection of ribs, fish, seafood, chicken, pork chops, pulled pork and vegetable plates, and an assortment of hamburgers, salads and sandwiches. The Company offers an assortment of wings, sandwiches, pizzas and burgers, including its bacon grind patty. In addition, the Company also offers its guests a selection of chicken, beef, fish and seafood. Other menu items include specialty appetizers, such as the Cactus Blossom and Rattlesnake Bites. As of December 27, 2016, the Company had 23 franchisees that operated 86 Texas Roadhouse restaurants in 23 states and six foreign countries.

FINANCIAL RATIOS  of  Texas Roadhouse (TXRH)

Valuation Ratios
P/E Ratio 35.5
Price to Sales 2.1
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 44.7
Growth Rates
Sales Growth Rate 10.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.6%
Cap. Spend. - 3 Yr. Gr. Rate 8.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 7.1%
Total Debt to Equity 7.1%
Interest Coverage 173
Management Effectiveness
Return On Assets 10.5%
Ret/ On Assets - 3 Yr. Avg. 10.1%
Return On Total Capital 15.5%
Ret/ On T. Cap. - 3 Yr. Avg. 14.4%
Return On Equity 16.3%
Return On Equity - 3 Yr. Avg. 15.4%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 66.4%
Gross Margin - 3 Yr. Avg. 65.3%
EBITDA Margin 12.9%
EBITDA Margin - 3 Yr. Avg. 12.3%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 8.3%
Pre-Tax Margin 8.6%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 5.6%
Effective Tax Rate 29.7%
Eff/ Tax Rate - 3 Yr. Avg. 29.8%
Payout Ratio 44.8%

TXRH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TXRH stock intrinsic value calculation we used $1991 million for the last fiscal year's total revenue generated by Texas Roadhouse. The default revenue input number comes from 2016 income statement of Texas Roadhouse. 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 TXRH stock valuation model: a) initial revenue growth rate of 12.2% 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 4.3%, whose default value for TXRH is calculated based on our internal credit rating of Texas Roadhouse, 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 Texas Roadhouse.
    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 TXRH stock the variable cost ratio is equal to 84.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $134 million in the base year in the intrinsic value calculation for TXRH 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 Texas Roadhouse.

Corporate tax rate of 27% is the nominal tax rate for Texas Roadhouse. 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 TXRH 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 TXRH are equal to 39.9%.

Life of production assets of 11 years is the average useful life of capital assets used in Texas Roadhouse 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 TXRH is equal to -9.7%. 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 - $750 million for Texas Roadhouse - 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 72.323 million for Texas Roadhouse 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 Texas Roadhouse at the current share price and the inputted number of shares is $4.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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DENN Denny's 15.30 1.71  str.sell
BOBE Bob Evans Farm 77.01 44.73  sell
CBRL Cracker Barrel 173.85 113.40  sell
DAVE Famous Dave 6.30 0.67  str.sell
DRI Darden Restaur 99.04 229.79  str.buy
KONA Kona Grill 1.70 0.78  str.sell

COMPANY NEWS

▶ What Do Analysts Recommend for Darden?   [Jan-10-18 04:30PM  Market Realist]
▶ Is It Too Late To Buy Texas Roadhouse Inc (NASDAQ:TXRH)?   [Jan-05-18 08:00AM  Simply Wall St.]
▶ Texas Roadhouse Sees RS Rating Climb To 78   [Jan-04-18 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Texas Roadhouse   [03:00AM  Investor's Business Daily]
▶ Stock Indexes Slip, But This Key Sector Rises   [Dec-19-17 12:07PM  Investor's Business Daily]
▶ Texas Roadhouse, Inc. Announces Quarterly Dividend   [Dec-07-17 08:55AM  GlobeNewswire]
▶ What Analysts Expect for Buffalo Wild Wings   [Nov-15-17 09:55AM  Market Realist]
▶ 3 High Points From Texas Roadhouse's Third Quarter 2017   [Nov-14-17 06:46AM  Motley Fool]
▶ Texas Roadhouse Overcomes Obstacles to Grow   [Oct-31-17 08:18AM  Motley Fool]
▶ Texas Roadhouse meets 3Q profit forecasts   [Oct-30-17 04:33PM  Associated Press]
▶ 3 Dividend Stocks Ideal for Retirees   [Oct-18-17 06:00AM  Motley Fool]
▶ Restaurants: Have & Have-Nots Will Continue To Diverge   [Sep-18-17 11:19AM  Barrons.com]
▶ Denny's refuses to dump new sausage mascot   [Sep-14-17 01:32PM  Yahoo Finance Video]
▶ Texas Roadhouse, Inc. Announces Quarterly Dividend   [Sep-01-17 08:30AM  GlobeNewswire]
▶ Why Texas Roadhouse is moving some employees to Chef Space   [01:20PM  American City Business Journals]
▶ 3 Stable Stocks for Conservative Investors   [Aug-26-17 06:15AM  Motley Fool]
▶ Highlights From Texas Roadhouse's Q2 2017 Results   [Aug-02-17 06:41PM  Motley Fool]
▶ Story Stocks from Briefing.com   [Aug-01-17 09:58AM  Briefing.com]
▶ Texas Roadhouse meets 2Q profit forecasts   [Jul-31-17 09:11PM  Associated Press]
▶ Darden Stock Hits New 52-Week High on Strong 4Q17 Earnings   [Jun-28-17 04:46PM  Market Realist]
▶ 'Road Kill' Helps Power This Restaurant Stock's Breakout   [Jun-27-17 04:09PM  Investor's Business Daily]
▶ Oracle, CarMax Upgraded; 2 Opticals Get Price-Target Hikes   [Jun-22-17 04:02PM  Investor's Business Daily]
▶ Texas Roadhouse, Inc. Announces Quarterly Dividend   [May-19-17 08:33AM  GlobeNewswire]
Financial statements of TXRH
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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