Intrinsic value of Wendy's Co - WEN

Previous Close

$15.34

  Intrinsic Value

$3.54

stock screener

  Rating & Target

str. sell

-77%

  Value-price divergence*

+104%

Previous close

$15.34

 
Intrinsic value

$3.54

 
Up/down potential

-77%

 
Rating

str. sell

 
Value-price divergence*

+104%

*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
  1,427
  1,473
  1,523
  1,576
  1,634
  1,622
  1,687
  1,757
  1,832
  1,911
  1,995
  2,083
  2,177
  2,276
  2,381
  2,491
  2,607
  2,730
  2,859
  2,995
  3,139
  3,290
  3,448
  3,615
  3,791
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
  1,427
  1,473
  1,523
  1,576
  1,634
  1,622
  1,687
  1,757
  1,832
  1,911
  1,995
  2,083
  2,177
  2,276
  2,381
  2,491
  2,607
  2,730
  2,859
  2,995
  3,139
  3,290
  3,448
  3,615
  3,791
Operating income, $m
  315
  211
  217
  225
  233
  243
  253
  264
  276
  289
  303
  392
  408
  425
  443
  462
  482
  503
  526
  550
  575
  602
  630
  660
  691
  724
  759
  795
  833
  874
  916
EBITDA, $m
  439
  382
  391
  401
  412
  425
  439
  454
  470
  487
  506
  526
  547
  570
  594
  620
  647
  676
  706
  738
  772
  808
  846
  885
  927
  972
  1,018
  1,067
  1,118
  1,173
  1,230
Interest expense (income), $m
  118
  121
  124
  128
  132
  137
  143
  149
  155
  162
  170
  178
  187
  196
  206
  217
  228
  240
  252
  266
  280
  294
  310
  327
  344
  362
  382
  402
  423
  446
  469
Earnings before tax, $m
  202
  90
  93
  97
  101
  105
  110
  115
  121
  127
  133
  214
  221
  229
  237
  245
  254
  264
  274
  285
  296
  308
  320
  333
  347
  362
  377
  393
  410
  428
  447
Tax expense, $m
  72
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  58
  60
  62
  64
  66
  69
  71
  74
  77
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  121
Net income, $m
  130
  66
  68
  71
  74
  77
  80
  84
  88
  92
  97
  156
  161
  167
  173
  179
  186
  193
  200
  208
  216
  225
  234
  243
  253
  264
  275
  287
  299
  312
  326

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
  4,021
  4,114
  4,219
  4,338
  4,470
  4,614
  4,771
  4,941
  5,124
  5,321
  5,531
  5,756
  5,995
  6,249
  6,519
  6,804
  7,107
  7,426
  7,764
  8,121
  8,497
  8,894
  9,313
  9,754
  10,218
  10,707
  11,221
  11,763
  12,333
  12,932
Adjusted assets (=assets-cash), $m
  3,741
  4,021
  4,114
  4,219
  4,338
  4,470
  4,614
  4,771
  4,941
  5,124
  5,321
  5,531
  5,756
  5,995
  6,249
  6,519
  6,804
  7,107
  7,426
  7,764
  8,121
  8,497
  8,894
  9,313
  9,754
  10,218
  10,707
  11,221
  11,763
  12,333
  12,932
Revenue / Adjusted assets
  0.384
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
Average production assets, $m
  2,542
  2,592
  2,652
  2,720
  2,796
  2,881
  2,974
  3,076
  3,185
  3,303
  3,430
  3,566
  3,710
  3,865
  4,028
  4,202
  4,386
  4,581
  4,787
  5,005
  5,235
  5,478
  5,734
  6,003
  6,288
  6,587
  6,902
  7,234
  7,583
  7,950
  8,336
Working capital, $m
  223
  51
  52
  54
  55
  57
  59
  61
  63
  65
  68
  70
  73
  76
  80
  83
  87
  91
  95
  99
  103
  108
  113
  119
  124
  130
  136
  143
  150
  157
  165
Total debt, $m
  2,512
  2,583
  2,663
  2,755
  2,858
  2,972
  3,097
  3,233
  3,380
  3,539
  3,709
  3,891
  4,086
  4,293
  4,513
  4,746
  4,993
  5,255
  5,532
  5,825
  6,134
  6,460
  6,804
  7,166
  7,548
  7,950
  8,373
  8,819
  9,288
  9,781
  10,300
Total liabilities, $m
  3,412
  3,482
  3,562
  3,654
  3,757
  3,871
  3,996
  4,132
  4,279
  4,438
  4,608
  4,790
  4,985
  5,192
  5,412
  5,645
  5,892
  6,154
  6,431
  6,724
  7,033
  7,359
  7,703
  8,065
  8,447
  8,849
  9,272
  9,718
  10,187
  10,680
  11,199
Total equity, $m
  528
  539
  551
  565
  581
  599
  618
  639
  662
  687
  713
  741
  771
  803
  837
  873
  912
  952
  995
  1,040
  1,088
  1,139
  1,192
  1,248
  1,307
  1,369
  1,435
  1,504
  1,576
  1,653
  1,733
Total liabilities and equity, $m
  3,940
  4,021
  4,113
  4,219
  4,338
  4,470
  4,614
  4,771
  4,941
  5,125
  5,321
  5,531
  5,756
  5,995
  6,249
  6,518
  6,804
  7,106
  7,426
  7,764
  8,121
  8,498
  8,895
  9,313
  9,754
  10,218
  10,707
  11,222
  11,763
  12,333
  12,932
Debt-to-equity ratio
  4.758
  4.790
  4.830
  4.870
  4.920
  4.960
  5.010
  5.060
  5.100
  5.150
  5.200
  5.250
  5.300
  5.340
  5.390
  5.430
  5.480
  5.520
  5.560
  5.600
  5.640
  5.670
  5.710
  5.740
  5.770
  5.810
  5.840
  5.860
  5.890
  5.920
  5.940
Adjusted equity ratio
  0.088
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  130
  66
  68
  71
  74
  77
  80
  84
  88
  92
  97
  156
  161
  167
  173
  179
  186
  193
  200
  208
  216
  225
  234
  243
  253
  264
  275
  287
  299
  312
  326
Depreciation, amort., depletion, $m
  124
  172
  174
  176
  179
  182
  186
  190
  194
  198
  203
  134
  139
  145
  151
  158
  165
  172
  180
  188
  197
  206
  216
  226
  236
  248
  259
  272
  285
  299
  313
Funds from operations, $m
  151
  237
  242
  247
  253
  259
  266
  274
  282
  291
  300
  290
  301
  312
  324
  337
  351
  365
  380
  396
  413
  430
  449
  469
  490
  512
  535
  559
  584
  611
  639
Change in working capital, $m
  -30
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Cash from operations, $m
  181
  236
  241
  246
  251
  258
  264
  272
  280
  288
  298
  287
  298
  309
  321
  334
  347
  361
  376
  392
  408
  426
  444
  464
  484
  506
  528
  552
  578
  604
  632
Maintenance CAPEX, $m
  0
  -96
  -97
  -100
  -102
  -105
  -108
  -112
  -116
  -120
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -216
  -226
  -236
  -248
  -259
  -272
  -285
  -299
New CAPEX, $m
  -150
  -50
  -60
  -68
  -77
  -85
  -93
  -101
  -110
  -118
  -127
  -136
  -145
  -154
  -164
  -174
  -184
  -195
  -206
  -218
  -230
  -243
  -256
  -270
  -284
  -299
  -315
  -332
  -349
  -367
  -386
Cash from investing activities, $m
  92
  -146
  -157
  -168
  -179
  -190
  -201
  -213
  -226
  -238
  -251
  -265
  -279
  -293
  -309
  -325
  -342
  -360
  -378
  -398
  -418
  -440
  -462
  -486
  -510
  -535
  -563
  -591
  -621
  -652
  -685
Free cash flow, $m
  273
  91
  84
  78
  73
  68
  63
  59
  55
  51
  47
  23
  19
  16
  12
  8
  5
  1
  -3
  -6
  -10
  -14
  -18
  -22
  -26
  -30
  -34
  -39
  -43
  -48
  -53
Issuance/(repayment) of debt, $m
  -25
  71
  80
  92
  103
  114
  125
  136
  147
  159
  170
  182
  194
  207
  220
  233
  247
  262
  277
  293
  309
  326
  344
  362
  382
  402
  423
  446
  469
  493
  519
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
  71
  80
  92
  103
  114
  125
  136
  147
  159
  170
  182
  194
  207
  220
  233
  247
  262
  277
  293
  309
  326
  344
  362
  382
  402
  423
  446
  469
  493
  519
Total cash flow (excl. dividends), $m
  -65
  162
  164
  170
  175
  182
  188
  195
  202
  209
  217
  205
  214
  223
  232
  242
  252
  263
  274
  286
  299
  312
  326
  341
  356
  372
  389
  407
  425
  445
  466
Retained Cash Flow (-), $m
  225
  -11
  -12
  -14
  -16
  -18
  -19
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -80
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
 
  151
  151
  155
  160
  164
  169
  174
  179
  185
  191
  177
  184
  191
  198
  206
  214
  222
  232
  241
  251
  262
  273
  285
  297
  310
  324
  338
  353
  369
  385
Discount rate, %
 
  11.70
  12.29
  12.90
  13.54
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.04
  32.60
  34.23
  35.94
  37.73
  39.62
  41.60
  43.68
  45.87
  48.16
PV of cash for distribution, $m
 
  135
  120
  108
  96
  84
  73
  63
  53
  44
  36
  26
  21
  16
  12
  9
  7
  5
  3
  2
  1
  1
  1
  0
  0
  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 29.1
Price to Sales 2.6
Price to Book 7.2
Price to Tangible Book
Price to Cash Flow 20.9
Price to Free Cash Flow 122
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 11.7%, 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 4.8% 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 177.1%.

Life of production assets of 26.6 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 3.5%. 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 - $528 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

▶ Wendys on the Street: What the Analysts Are Recommending Now   [Aug-16-17 10:36AM  Market Realist]
▶ Why Wendys EBIT Margin Expanded in 2Q17   [10:36AM  Market Realist]
▶ What Really Drove Wendys Revenues in 2Q17   [05:06PM  Market Realist]
▶ Did Wendys 2Q17 Earnings Impress Investors?   [03:32PM  Market Realist]
▶ Company News For August 10, 2017   [Aug-10-17 10:02AM  Zacks]
▶ Big movers in the blitz   [01:49PM  CNBC Videos]
▶ Wendy's reports 2Q loss   [12:45PM  Associated Press]
▶ Wendys Co (WEN) Stock Pops on Earnings Beat   [11:46AM  InvestorPlace]
▶ Wendy's sales streak reaches 18 quarters, but earnings take a hit in Q2   [09:13AM  American City Business Journals]
▶ Wendy's shares rise after earnings beat   [07:44AM  MarketWatch]
▶ Analysts Expect Wendys EPS to Rise in 2Q17   [08:09AM  Market Realist]
▶ What to Expect from Wendys 2Q17 Revenue   [11:35AM  Market Realist]
▶ What the Clintonville Wendy's says (and doesn't say) about the chain's future   [Jul-26-17 10:22AM  American City Business Journals]
▶ What Analysts Expect from Dunkin Brands 2Q17 Revenue   [Jul-21-17 11:35AM  Market Realist]
▶ ETFs with exposure to The Wendys Co. : July 14, 2017   [Jul-14-17 05:36PM  Capital Cube]
▶ Wendy's Has Found a Cure for Your Queso Obsession   [Jul-11-17 08:00AM  PR Newswire]
▶ 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]
Stock chart of WEN Financial statements 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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