Intrinsic value of Wendy's Co - WEN

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$15.54

  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 WEN 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 2017), $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 4.0

 

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, %
  -23.26
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,435
  1,464
  1,497
  1,536
  1,579
  1,627
  1,679
  1,737
  1,799
  1,865
  1,937
  2,013
  2,095
  2,182
  2,275
  2,373
  2,477
  2,587
  2,703
  2,826
  2,956
  3,093
  3,238
  3,390
  3,550
  3,719
  3,897
  4,085
  4,282
  4,489
  4,707
Variable operating expenses, $m
 
  1,253
  1,280
  1,311
  1,346
  1,384
  1,426
  1,472
  1,522
  1,575
  1,633
  1,617
  1,683
  1,753
  1,827
  1,906
  1,989
  2,078
  2,171
  2,270
  2,374
  2,485
  2,601
  2,723
  2,852
  2,988
  3,131
  3,281
  3,439
  3,606
  3,781
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
  1,121
  1,253
  1,280
  1,311
  1,346
  1,384
  1,426
  1,472
  1,522
  1,575
  1,633
  1,617
  1,683
  1,753
  1,827
  1,906
  1,989
  2,078
  2,171
  2,270
  2,374
  2,485
  2,601
  2,723
  2,852
  2,988
  3,131
  3,281
  3,439
  3,606
  3,781
Operating income, $m
  315
  211
  217
  225
  234
  243
  253
  265
  277
  290
  304
  396
  412
  429
  447
  467
  487
  509
  532
  556
  582
  608
  637
  667
  698
  732
  767
  804
  842
  883
  926
EBITDA, $m
  439
  408
  418
  428
  440
  454
  468
  484
  501
  520
  540
  561
  584
  608
  634
  662
  691
  721
  754
  788
  824
  862
  903
  945
  990
  1,037
  1,087
  1,139
  1,194
  1,252
  1,313
Interest expense (income), $m
  118
  103
  106
  110
  114
  118
  123
  128
  134
  140
  146
  154
  161
  169
  178
  187
  197
  208
  219
  230
  242
  255
  269
  284
  299
  315
  332
  350
  368
  388
  409
Earnings before tax, $m
  202
  108
  111
  115
  120
  125
  131
  137
  143
  150
  157
  242
  251
  260
  269
  279
  290
  301
  313
  326
  339
  353
  368
  383
  400
  417
  435
  454
  474
  495
  517
Tax expense, $m
  72
  29
  30
  31
  32
  34
  35
  37
  39
  41
  43
  65
  68
  70
  73
  75
  78
  81
  85
  88
  92
  95
  99
  103
  108
  113
  117
  123
  128
  134
  140
Net income, $m
  130
  78
  81
  84
  88
  91
  95
  100
  104
  110
  115
  177
  183
  190
  197
  204
  212
  220
  229
  238
  247
  258
  268
  280
  292
  304
  318
  331
  346
  361
  378

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  198
  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
  3,939
  3,862
  3,951
  4,052
  4,166
  4,293
  4,431
  4,582
  4,746
  4,922
  5,110
  5,312
  5,528
  5,758
  6,002
  6,261
  6,535
  6,825
  7,132
  7,457
  7,800
  8,161
  8,542
  8,944
  9,368
  9,814
  10,283
  10,777
  11,297
  11,845
  12,420
Adjusted assets (=assets-cash), $m
  3,741
  3,862
  3,951
  4,052
  4,166
  4,293
  4,431
  4,582
  4,746
  4,922
  5,110
  5,312
  5,528
  5,758
  6,002
  6,261
  6,535
  6,825
  7,132
  7,457
  7,800
  8,161
  8,542
  8,944
  9,368
  9,814
  10,283
  10,777
  11,297
  11,845
  12,420
Revenue / Adjusted assets
  0.384
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
Average production assets, $m
  2,542
  2,632
  2,692
  2,761
  2,839
  2,925
  3,020
  3,122
  3,234
  3,354
  3,482
  3,620
  3,767
  3,924
  4,090
  4,266
  4,453
  4,651
  4,860
  5,081
  5,315
  5,561
  5,821
  6,095
  6,383
  6,687
  7,007
  7,344
  7,699
  8,071
  8,464
Working capital, $m
  223
  45
  46
  48
  49
  50
  52
  54
  56
  58
  60
  62
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  100
  105
  110
  115
  121
  127
  133
  139
  146
Total debt, $m
  2,512
  2,472
  2,551
  2,640
  2,741
  2,852
  2,974
  3,107
  3,251
  3,406
  3,572
  3,750
  3,940
  4,142
  4,357
  4,586
  4,827
  5,083
  5,354
  5,640
  5,941
  6,260
  6,596
  6,950
  7,323
  7,716
  8,129
  8,565
  9,023
  9,505
  10,012
Total liabilities, $m
  3,412
  3,402
  3,481
  3,570
  3,671
  3,782
  3,904
  4,037
  4,181
  4,336
  4,502
  4,680
  4,870
  5,072
  5,287
  5,516
  5,757
  6,013
  6,284
  6,570
  6,871
  7,190
  7,526
  7,880
  8,253
  8,646
  9,059
  9,495
  9,953
  10,435
  10,942
Total equity, $m
  528
  460
  470
  482
  496
  511
  527
  545
  565
  586
  608
  632
  658
  685
  714
  745
  778
  812
  849
  887
  928
  971
  1,017
  1,064
  1,115
  1,168
  1,224
  1,283
  1,344
  1,410
  1,478
Total liabilities and equity, $m
  3,940
  3,862
  3,951
  4,052
  4,167
  4,293
  4,431
  4,582
  4,746
  4,922
  5,110
  5,312
  5,528
  5,757
  6,001
  6,261
  6,535
  6,825
  7,133
  7,457
  7,799
  8,161
  8,543
  8,944
  9,368
  9,814
  10,283
  10,778
  11,297
  11,845
  12,420
Debt-to-equity ratio
  4.758
  5.380
  5.430
  5.470
  5.530
  5.580
  5.640
  5.700
  5.760
  5.820
  5.870
  5.930
  5.990
  6.050
  6.100
  6.160
  6.210
  6.260
  6.310
  6.360
  6.400
  6.450
  6.490
  6.530
  6.570
  6.610
  6.640
  6.680
  6.710
  6.740
  6.770
Adjusted equity ratio
  0.088
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  130
  78
  81
  84
  88
  91
  95
  100
  104
  110
  115
  177
  183
  190
  197
  204
  212
  220
  229
  238
  247
  258
  268
  280
  292
  304
  318
  331
  346
  361
  378
Depreciation, amort., depletion, $m
  124
  197
  200
  203
  207
  211
  215
  220
  225
  230
  236
  165
  172
  179
  187
  195
  203
  212
  222
  232
  243
  254
  266
  278
  291
  305
  320
  335
  352
  369
  386
Funds from operations, $m
  151
  276
  281
  287
  294
  302
  310
  319
  329
  340
  351
  342
  355
  369
  383
  399
  415
  432
  451
  470
  490
  512
  534
  558
  583
  610
  637
  667
  698
  730
  764
Change in working capital, $m
  -30
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
Cash from operations, $m
  181
  263
  280
  286
  293
  301
  309
  318
  327
  338
  349
  340
  353
  366
  381
  396
  412
  429
  447
  466
  486
  507
  530
  553
  578
  604
  632
  661
  691
  724
  757
Maintenance CAPEX, $m
  0
  -118
  -120
  -123
  -126
  -130
  -134
  -138
  -143
  -148
  -153
  -159
  -165
  -172
  -179
  -187
  -195
  -203
  -212
  -222
  -232
  -243
  -254
  -266
  -278
  -291
  -305
  -320
  -335
  -352
  -369
New CAPEX, $m
  -150
  -52
  -61
  -69
  -78
  -86
  -94
  -103
  -111
  -120
  -129
  -138
  -147
  -156
  -166
  -176
  -187
  -198
  -209
  -221
  -233
  -246
  -260
  -274
  -289
  -304
  -320
  -337
  -354
  -373
  -392
Cash from investing activities, $m
  92
  -170
  -181
  -192
  -204
  -216
  -228
  -241
  -254
  -268
  -282
  -297
  -312
  -328
  -345
  -363
  -382
  -401
  -421
  -443
  -465
  -489
  -514
  -540
  -567
  -595
  -625
  -657
  -689
  -725
  -761
Free cash flow, $m
  273
  93
  99
  94
  89
  85
  81
  77
  73
  70
  67
  43
  40
  38
  35
  33
  30
  28
  25
  23
  21
  18
  16
  14
  11
  9
  7
  4
  2
  -1
  -3
Issuance/(repayment) of debt, $m
  -25
  69
  78
  89
  100
  111
  122
  133
  144
  155
  166
  178
  190
  202
  215
  228
  242
  256
  271
  286
  302
  319
  336
  354
  373
  393
  414
  435
  458
  482
  507
Issuance/(repurchase) of shares, $m
  -317
  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  
  -341
  69
  78
  89
  100
  111
  122
  133
  144
  155
  166
  178
  190
  202
  215
  228
  242
  256
  271
  286
  302
  319
  336
  354
  373
  393
  414
  435
  458
  482
  507
Total cash flow (excl. dividends), $m
  -65
  163
  178
  184
  190
  196
  203
  210
  217
  225
  233
  221
  230
  240
  250
  261
  272
  284
  296
  309
  323
  337
  352
  368
  384
  402
  420
  440
  460
  481
  504
Retained Cash Flow (-), $m
  225
  -11
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
Prev. year cash balance distribution, $m
 
  304
  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
 
  456
  167
  171
  176
  181
  186
  192
  198
  204
  211
  197
  205
  213
  221
  230
  239
  249
  259
  270
  282
  294
  307
  320
  334
  349
  364
  381
  398
  416
  435
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  414
  137
  125
  113
  101
  90
  79
  68
  58
  49
  37
  30
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  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

The Wendy's Company, through its subsidiaries, operates as a quick-service restaurant company in the hamburger sandwich segment worldwide. It is involved in operating, developing, and franchising a system of quick-service restaurants. The company’s restaurants offer a range of chicken breast sandwiches, chicken nuggets, chili, French fries, baked potatoes, salads, soft drinks, Frosty desserts, and kids’ meals. As of November 9, 2016, its restaurant system included approximately 6,500 franchise and company-operated restaurants. The company was formerly known as Wendy's/Arby's Group, Inc. and changed its name to The Wendy’s Company in July 2011. The Wendy's Company was founded in 1969 and is headquartered in Dublin, Ohio.

FINANCIAL RATIOS  of  Wendy's Co (WEN)

Valuation Ratios
P/E Ratio 29.5
Price to Sales 2.7
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 21.2
Price to Free Cash Flow 123.6
Growth Rates
Sales Growth Rate -23.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40.5%
Cap. Spend. - 3 Yr. Gr. Rate -7.7%
Financial Strength
Quick Ratio 8
Current Ratio 0.6
LT Debt to Equity 471%
Total Debt to Equity 475.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 20.3%
Return On Equity - 3 Yr. Avg. 13.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 39.6%
Gross Margin - 3 Yr. Avg. 31%
EBITDA Margin 30.9%
EBITDA Margin - 3 Yr. Avg. 25.5%
Operating Margin 21.9%
Oper. Margin - 3 Yr. Avg. 16.1%
Pre-Tax Margin 14.1%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 9.1%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 35.6%
Eff/ Tax Rate - 3 Yr. Avg. 38.6%
Payout Ratio 49.2%

WEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WEN stock intrinsic value calculation we used $1435 million for the last fiscal year's total revenue generated by Wendy's Co. The default revenue input number comes from 2017 income statement of Wendy's Co. 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 WEN stock valuation model: a) initial revenue growth rate of 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 10.1%, whose default value for WEN is calculated based on our internal credit rating of Wendy's Co, 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 Wendy's Co.
    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 WEN stock the variable cost ratio is equal to 85.7%.

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 WEN 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 4.3% for Wendy's Co.

Corporate tax rate of 27% is the nominal tax rate for Wendy's Co. 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 WEN 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 WEN are equal to 179.8%.

Life of production assets of 21.9 years is the average useful life of capital assets used in Wendy's Co 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 WEN is equal to 3.1%. 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 - $753 million for Wendy's Co - 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 258.807 million for Wendy's Co 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 Wendy's Co at the current share price and the inputted number of shares is $4.0 billion.


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COMPANY NEWS

▶ Wendy's dethroned by Burger King in annual customer satisfaction survey   [Jun-20-17 11:20AM  American City Business Journals]
▶ How Mark Wahlberg is now serving burgers in a big way   [Jun-14-17 02:08PM  Yahoo Finance]
▶ Nelson Peltz's Trian Trims Stake in Wendy's   [10:12AM  TheStreet.com]
▶ World's largest Pizza Hut franchisee becomes Wendy's largest, too   [09:00AM  American City Business Journals]
▶ Wendy's, franchisee lawsuit resolved with 140-restaurant sale   [Jun-01-17 11:50AM  American City Business Journals]
▶ The exec behind #NuggsforCarter is now leading marketing at Papa John's   [09:58AM  American City Business Journals]
▶ ETFs with exposure to The Wendys Co. : May 26, 2017   [May-26-17 01:30PM  Capital Cube]
▶ McDonalds Revenue Expectations in the Next 4 Quarters   [May-24-17 01:07PM  Market Realist]
▶ Whats Driving McDonalds Stock Price?   [01:07PM  Market Realist]
▶ Quick Service Restaurants Are Winning This Quarter   [May-23-17 09:21AM  Benzinga]
▶ So Far, So Good for My Buyback/Dividend Growth Portfolio   [May-17-17 12:00PM  TheStreet.com]
▶ ETFs with exposure to The Wendys Co. : May 16, 2017   [May-16-17 01:03PM  Capital Cube]
▶ Wendy's Impresses With Beefy Top-Line In Q1   [May-11-17 11:17AM  Benzinga]
▶ Company News for May 11, 2017   [10:10AM  Zacks]
▶ Wendy's Rally Is Still Fresh   [08:55AM  TheStreet.com]
▶ Wendy's $35M cost cutting: 'A number of positions will be affected in Dublin'   [May-10-17 05:30PM  American City Business Journals]
▶ Nuggets Kid uses viral fame for a good cause   [02:13PM  Yahoo Finance Video]
▶ Why Wendy's Co. Stock Popped Today   [12:35PM  Motley Fool]
▶ Story Stocks from Briefing.com   [10:24AM  Briefing.com]
▶ What Analysts Recommend for McDonalds Now   [May-01-17 10:36AM  Market Realist]
▶ Is It Safe To Buy Chipotle Again? Analysts Weigh In On Q1 Earnings   [Apr-26-17 04:26PM  Investor's Business Daily]
▶ McDonald's Delivers Beefy Earnings; Execs Talk Deliveries, Digital Stores   [Apr-25-17 04:01PM  Investor's Business Daily]
▶ McDonald's, Wendy's Stock Coverage Initiated at BMO Capital   [Apr-21-17 11:06AM  TheStreet.com]
▶ McDonald's Doubled Its CEO's Compensation in 2016   [Apr-14-17 06:09AM  Investopedia]
▶ Wendy's CEO talks beef   [02:17PM  CNBC Videos]
▶ Wendy's vs. McDonald's beef feud   [02:16PM  CNBC Videos]
▶ Can MCD's new 'fresh' plan boost the stock   [Mar-31-17 05:30PM  CNBC Videos]
▶ Stocks set to post best Q1 in 4 years   [11:36AM  Yahoo Finance]
▶ McDonald's to Use Fresh Beef in Quarter Pounders in 2018   [Mar-30-17 02:56PM  at Investopedia]
▶ Wendy's Drive to the Final Four Takes on Indianapolis   [Mar-17-17 08:00AM  PR Newswire]
Stock chart of WEN Financial statements of WEN Annual reports of WEN
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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