Intrinsic value of Texas Roadhouse - TXRH

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$51.13

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.6

 

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
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  1,991
  2,126
  2,267
  2,414
  2,566
  2,725
  2,890
  3,062
  3,241
  3,428
  3,624
  3,828
  4,041
  4,263
  4,496
  4,739
  4,994
  5,260
  5,539
  5,831
  6,137
  6,457
  6,792
  7,144
  7,513
  7,899
  8,304
  8,729
  9,175
  9,642
  10,132
Variable operating expenses, $m
 
  1,802
  1,921
  2,044
  2,173
  2,306
  2,445
  2,590
  2,741
  2,899
  3,063
  3,223
  3,403
  3,590
  3,786
  3,991
  4,205
  4,430
  4,664
  4,910
  5,168
  5,437
  5,720
  6,016
  6,327
  6,652
  6,993
  7,351
  7,726
  8,120
  8,533
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
  1,939
  2,062
  2,188
  2,321
  2,458
  2,600
  2,749
  2,904
  3,066
  3,235
  3,399
  3,583
  3,775
  3,975
  4,185
  4,404
  4,634
  4,873
  5,124
  5,388
  5,662
  5,951
  6,252
  6,569
  6,900
  7,248
  7,612
  7,994
  8,394
  8,814
Operating income, $m
  172
  187
  205
  225
  245
  267
  289
  312
  337
  362
  389
  428
  458
  488
  520
  554
  589
  627
  665
  706
  749
  794
  842
  891
  944
  999
  1,056
  1,117
  1,181
  1,248
  1,319
EBITDA, $m
  255
  275
  299
  324
  350
  377
  406
  435
  466
  498
  532
  567
  604
  643
  684
  726
  771
  817
  866
  918
  972
  1,029
  1,088
  1,151
  1,216
  1,285
  1,358
  1,434
  1,514
  1,598
  1,686
Interest expense (income), $m
  1
  2
  3
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  17
  19
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  44
  47
  50
  53
  56
  60
Earnings before tax, $m
  172
  185
  203
  221
  240
  261
  282
  304
  327
  351
  376
  414
  442
  471
  501
  533
  567
  602
  639
  678
  718
  761
  806
  853
  903
  955
  1,010
  1,068
  1,128
  1,192
  1,259
Tax expense, $m
  51
  50
  55
  60
  65
  70
  76
  82
  88
  95
  102
  112
  119
  127
  135
  144
  153
  163
  173
  183
  194
  206
  218
  230
  244
  258
  273
  288
  305
  322
  340
Net income, $m
  116
  135
  148
  161
  176
  190
  206
  222
  239
  256
  275
  302
  323
  344
  366
  389
  414
  439
  466
  495
  524
  556
  588
  623
  659
  697
  737
  779
  824
  870
  919

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
  1,140
  1,215
  1,293
  1,375
  1,460
  1,549
  1,641
  1,737
  1,837
  1,942
  2,051
  2,165
  2,285
  2,409
  2,540
  2,676
  2,819
  2,968
  3,125
  3,289
  3,460
  3,640
  3,829
  4,026
  4,233
  4,450
  4,678
  4,917
  5,167
  5,430
Adjusted assets (=assets-cash), $m
  1,067
  1,140
  1,215
  1,293
  1,375
  1,460
  1,549
  1,641
  1,737
  1,837
  1,942
  2,051
  2,165
  2,285
  2,409
  2,540
  2,676
  2,819
  2,968
  3,125
  3,289
  3,460
  3,640
  3,829
  4,026
  4,233
  4,450
  4,678
  4,917
  5,167
  5,430
Revenue / Adjusted assets
  1.866
  1.865
  1.866
  1.867
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.867
  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
  848
  905
  963
  1,024
  1,087
  1,153
  1,222
  1,293
  1,368
  1,446
  1,527
  1,612
  1,701
  1,794
  1,891
  1,993
  2,099
  2,210
  2,327
  2,449
  2,576
  2,710
  2,850
  2,998
  3,152
  3,313
  3,483
  3,661
  3,847
  4,043
Working capital, $m
  -80
  -206
  -220
  -234
  -249
  -264
  -280
  -297
  -314
  -333
  -352
  -371
  -392
  -414
  -436
  -460
  -484
  -510
  -537
  -566
  -595
  -626
  -659
  -693
  -729
  -766
  -806
  -847
  -890
  -935
  -983
Total debt, $m
  53
  82
  113
  144
  177
  211
  247
  284
  323
  363
  406
  450
  496
  544
  594
  647
  702
  759
  819
  882
  948
  1,017
  1,090
  1,166
  1,246
  1,329
  1,416
  1,508
  1,604
  1,705
  1,811
Total liabilities, $m
  430
  459
  490
  521
  554
  588
  624
  661
  700
  740
  783
  827
  873
  921
  971
  1,024
  1,079
  1,136
  1,196
  1,259
  1,325
  1,394
  1,467
  1,543
  1,623
  1,706
  1,793
  1,885
  1,981
  2,082
  2,188
Total equity, $m
  750
  680
  725
  772
  821
  872
  925
  980
  1,037
  1,097
  1,159
  1,225
  1,293
  1,364
  1,438
  1,516
  1,598
  1,683
  1,772
  1,866
  1,963
  2,066
  2,173
  2,286
  2,404
  2,527
  2,657
  2,793
  2,935
  3,085
  3,242
Total liabilities and equity, $m
  1,180
  1,139
  1,215
  1,293
  1,375
  1,460
  1,549
  1,641
  1,737
  1,837
  1,942
  2,052
  2,166
  2,285
  2,409
  2,540
  2,677
  2,819
  2,968
  3,125
  3,288
  3,460
  3,640
  3,829
  4,027
  4,233
  4,450
  4,678
  4,916
  5,167
  5,430
Debt-to-equity ratio
  0.071
  0.120
  0.160
  0.190
  0.220
  0.240
  0.270
  0.290
  0.310
  0.330
  0.350
  0.370
  0.380
  0.400
  0.410
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.530
  0.540
  0.550
  0.550
  0.560
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
  135
  148
  161
  176
  190
  206
  222
  239
  256
  275
  302
  323
  344
  366
  389
  414
  439
  466
  495
  524
  556
  588
  623
  659
  697
  737
  779
  824
  870
  919
Depreciation, amort., depletion, $m
  83
  89
  94
  99
  105
  111
  117
  123
  129
  136
  143
  139
  147
  155
  163
  172
  181
  191
  201
  212
  223
  234
  246
  259
  273
  287
  301
  317
  333
  350
  368
Funds from operations, $m
  276
  224
  242
  261
  280
  301
  322
  345
  368
  392
  418
  441
  469
  498
  529
  561
  595
  630
  667
  706
  747
  790
  835
  882
  932
  984
  1,038
  1,096
  1,156
  1,220
  1,287
Change in working capital, $m
  19
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -48
Cash from operations, $m
  257
  276
  255
  275
  295
  316
  338
  361
  385
  410
  437
  461
  490
  520
  552
  585
  620
  656
  694
  735
  777
  821
  867
  916
  967
  1,021
  1,078
  1,137
  1,200
  1,265
  1,334
Maintenance CAPEX, $m
  0
  -72
  -77
  -82
  -88
  -93
  -99
  -105
  -111
  -118
  -124
  -131
  -139
  -147
  -155
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -234
  -246
  -259
  -273
  -287
  -301
  -317
  -333
  -350
New CAPEX, $m
  -165
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
  -178
  -186
  -196
Cash from investing activities, $m
  -165
  -125
  -133
  -140
  -149
  -156
  -165
  -174
  -183
  -193
  -202
  -212
  -224
  -236
  -248
  -260
  -274
  -287
  -302
  -317
  -334
  -351
  -368
  -386
  -406
  -427
  -449
  -471
  -495
  -519
  -546
Free cash flow, $m
  92
  150
  122
  134
  147
  160
  173
  188
  203
  218
  234
  248
  266
  285
  304
  325
  346
  369
  392
  417
  443
  471
  499
  529
  561
  595
  630
  666
  705
  746
  789
Issuance/(repayment) of debt, $m
  25
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  72
  76
  80
  83
  88
  92
  96
  101
  106
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
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  72
  76
  80
  83
  88
  92
  96
  101
  106
Total cash flow (excl. dividends), $m
  106
  179
  153
  166
  180
  194
  209
  225
  241
  259
  277
  292
  312
  333
  354
  377
  401
  426
  453
  480
  509
  540
  572
  605
  641
  678
  717
  758
  801
  847
  895
Retained Cash Flow (-), $m
  -80
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
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
 
  249
  108
  119
  131
  143
  156
  170
  184
  199
  214
  227
  244
  262
  280
  299
  320
  341
  363
  387
  411
  437
  464
  493
  523
  554
  587
  622
  659
  697
  738
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
 
  239
  98
  104
  108
  111
  113
  115
  115
  114
  112
  108
  104
  99
  94
  88
  81
  74
  67
  60
  52
  45
  39
  32
  27
  22
  17
  13
  10
  8
  6
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., together with its subsidiaries, operates full-service casual dining restaurants in the United States and internationally. The company operates and franchises its restaurants under the Texas Roadhouse name. It also operates sports restaurants under the Bubba’s 33 name. In addition, the company provides supervisory and administrative services for other franchise restaurants. As of February 21, 2017, it owned and operated 520 restaurants in 49 states and 6 countries. The company was founded in 1993 and is based in Louisville, Kentucky.

FINANCIAL RATIOS  of  Texas Roadhouse (TXRH)

Valuation Ratios
P/E Ratio 31.1
Price to Sales 1.8
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 39.2
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 6.8% 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 70.883 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 $3.6 billion.


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COMPANY NEWS

▶ 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]
▶ Story Stocks from Briefing.com   [11:30AM  Briefing.com]
▶ Texas Roadhouse Sizzles With Strong Sales Growth   [May-01-17 06:54PM  Motley Fool]
▶ Texas Roadhouse tops Street 1Q forecasts   [04:18PM  Associated Press]
▶ New Strong Sell Stocks for April 20th   [Apr-20-17 08:10AM  Zacks]
▶ Compensation was down for Texas Roadhouse execs this year here's why   [Apr-10-17 01:40PM  American City Business Journals]
▶ An Appetizing Restaurant Stock For Value Investors   [Mar-24-17 12:09PM  Benzinga]
▶ Texas Roadhouse Suffers an Earnings Setback   [Feb-21-17 06:52PM  at Motley Fool]
▶ Judge declares mistrial in Texas Roadhouse age-discrimination case   [Feb-06-17 08:25AM  at bizjournals.com]
▶ EEOC claims Texas Roadhouse called applicants 'old n' chubby'   [Feb-01-17 08:47AM  at bizjournals.com]
▶ Why Texas Roadhouse Stock Jumped 35% Last Year   [Jan-11-17 03:24PM  at Motley Fool]
▶ In Your 50s? Here's 1 Stock You Might Want to Buy   [Dec-31-16 01:11PM  at Motley Fool]
▶ Restaurant Sales Numbers From the November Trade Report   [Dec-19-16 11:25AM  at Motley Fool]
▶ Why Texas Roadhouse Is a Good Buy for 2017   [09:35AM  at Motley Fool]
▶ Are Hedge Funds On To Something With Texas Roadhouse Inc (TXRH)?   [Nov-29-16 03:29PM  at Insider Monkey]
Stock chart of TXRH Financial statements of TXRH Annual reports 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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