Intrinsic value of Wingstop - WING

Previous Close

$46.78

  Intrinsic Value

$4.80

stock screener

  Rating & Target

str. sell

-90%

Previous close

$46.78

 
Intrinsic value

$4.80

 
Up/down potential

-90%

 
Rating

str. sell

We calculate the intrinsic value of WING 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, %
  16.67
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  91
  108
  126
  145
  167
  189
  214
  239
  266
  295
  325
  356
  389
  422
  458
  494
  533
  572
  613
  656
  701
  747
  795
  845
  898
  952
  1,008
  1,067
  1,129
  1,193
  1,260
Variable operating expenses, $m
 
  32
  37
  42
  48
  53
  60
  66
  73
  81
  88
  92
  100
  109
  118
  128
  138
  148
  159
  170
  181
  193
  206
  219
  232
  246
  261
  276
  292
  309
  326
Fixed operating expenses, $m
 
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  51
  52
  53
  55
  56
  57
  59
  60
  62
  63
  65
  67
  68
  70
  72
  73
Total operating expenses, $m
  62
  68
  74
  80
  87
  93
  101
  108
  116
  125
  133
  138
  147
  157
  167
  179
  190
  201
  214
  226
  238
  252
  266
  281
  295
  311
  328
  344
  362
  381
  399
Operating income, $m
  29
  39
  52
  66
  80
  96
  113
  131
  150
  170
  192
  218
  241
  265
  290
  316
  343
  371
  400
  431
  462
  495
  529
  565
  602
  641
  681
  723
  767
  813
  861
EBITDA, $m
  32
  46
  59
  73
  88
  105
  122
  141
  160
  181
  203
  225
  249
  274
  299
  326
  354
  383
  413
  444
  477
  510
  546
  582
  620
  660
  702
  745
  790
  837
  887
Interest expense (income), $m
  5
  6
  3
  4
  5
  6
  7
  8
  9
  10
  11
  13
  14
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  36
  38
  40
  43
  45
  48
  51
Earnings before tax, $m
  25
  33
  49
  62
  76
  91
  107
  124
  141
  160
  180
  205
  227
  249
  273
  297
  323
  349
  377
  405
  435
  466
  498
  532
  567
  603
  641
  681
  722
  765
  810
Tax expense, $m
  10
  9
  13
  17
  20
  24
  29
  33
  38
  43
  49
  55
  61
  67
  74
  80
  87
  94
  102
  109
  117
  126
  135
  144
  153
  163
  173
  184
  195
  207
  219
Net income, $m
  15
  24
  36
  45
  55
  66
  78
  90
  103
  117
  131
  150
  166
  182
  199
  217
  236
  255
  275
  296
  318
  340
  364
  388
  414
  440
  468
  497
  527
  559
  592

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  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
  112
  128
  149
  173
  198
  225
  254
  284
  316
  350
  385
  422
  461
  501
  543
  587
  632
  679
  728
  779
  831
  886
  943
  1,003
  1,065
  1,129
  1,196
  1,266
  1,339
  1,416
  1,495
Adjusted assets (=assets-cash), $m
  108
  128
  149
  173
  198
  225
  254
  284
  316
  350
  385
  422
  461
  501
  543
  587
  632
  679
  728
  779
  831
  886
  943
  1,003
  1,065
  1,129
  1,196
  1,266
  1,339
  1,416
  1,495
Revenue / Adjusted assets
  0.843
  0.844
  0.846
  0.838
  0.843
  0.840
  0.843
  0.842
  0.842
  0.843
  0.844
  0.844
  0.844
  0.842
  0.843
  0.842
  0.843
  0.842
  0.842
  0.842
  0.844
  0.843
  0.843
  0.842
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
Average production assets, $m
  56
  66
  77
  89
  102
  116
  130
  146
  163
  180
  198
  217
  237
  258
  279
  302
  325
  349
  374
  400
  428
  456
  485
  516
  547
  581
  615
  651
  689
  728
  769
Working capital, $m
  -6
  -7
  -8
  -10
  -11
  -13
  -14
  -16
  -18
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -70
  -75
  -79
  -83
Total debt, $m
  151
  79
  98
  119
  142
  166
  192
  220
  249
  279
  311
  344
  379
  415
  453
  492
  533
  575
  619
  665
  712
  762
  813
  867
  922
  980
  1,041
  1,104
  1,169
  1,238
  1,310
Total liabilities, $m
  186
  115
  134
  155
  178
  202
  228
  256
  285
  315
  347
  380
  415
  451
  489
  528
  569
  611
  655
  701
  748
  798
  849
  903
  958
  1,016
  1,077
  1,140
  1,205
  1,274
  1,346
Total equity, $m
  -75
  13
  15
  17
  20
  22
  25
  28
  32
  35
  39
  42
  46
  50
  54
  59
  63
  68
  73
  78
  83
  89
  94
  100
  106
  113
  120
  127
  134
  142
  150
Total liabilities and equity, $m
  111
  128
  149
  172
  198
  224
  253
  284
  317
  350
  386
  422
  461
  501
  543
  587
  632
  679
  728
  779
  831
  887
  943
  1,003
  1,064
  1,129
  1,197
  1,267
  1,339
  1,416
  1,496
Debt-to-equity ratio
  -2.013
  6.180
  6.590
  6.910
  7.180
  7.400
  7.580
  7.730
  7.860
  7.970
  8.070
  8.150
  8.220
  8.280
  8.340
  8.390
  8.430
  8.470
  8.510
  8.540
  8.570
  8.590
  8.620
  8.640
  8.660
  8.680
  8.700
  8.720
  8.730
  8.750
  8.760
Adjusted equity ratio
  -0.731
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  15
  24
  36
  45
  55
  66
  78
  90
  103
  117
  131
  150
  166
  182
  199
  217
  236
  255
  275
  296
  318
  340
  364
  388
  414
  440
  468
  497
  527
  559
  592
Depreciation, amort., depletion, $m
  3
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
Funds from operations, $m
  26
  31
  43
  52
  63
  74
  87
  100
  113
  128
  143
  157
  174
  191
  209
  227
  246
  267
  287
  309
  332
  355
  380
  405
  432
  460
  488
  519
  550
  583
  617
Change in working capital, $m
  4
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  22
  32
  44
  54
  64
  76
  88
  101
  115
  129
  145
  159
  176
  193
  211
  230
  249
  269
  290
  312
  335
  358
  383
  409
  435
  463
  492
  522
  554
  587
  622
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
New CAPEX, $m
  -2
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
Cash from investing activities, $m
  -2
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -22
  -22
  -24
  -26
  -27
  -29
  -31
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -60
  -62
  -65
Free cash flow, $m
  20
  20
  31
  39
  49
  59
  70
  81
  94
  107
  120
  134
  149
  164
  181
  198
  216
  234
  253
  273
  294
  316
  338
  362
  386
  412
  438
  466
  495
  525
  556
Issuance/(repayment) of debt, $m
  56
  -68
  19
  21
  23
  24
  26
  27
  29
  30
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  49
  51
  53
  56
  58
  60
  63
  66
  69
  72
Issuance/(repurchase) of shares, $m
  0
  63
  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  
  56
  -5
  19
  21
  23
  24
  26
  27
  29
  30
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  49
  51
  53
  56
  58
  60
  63
  66
  69
  72
Total cash flow (excl. dividends), $m
  76
  15
  50
  60
  71
  83
  95
  109
  122
  137
  152
  167
  183
  201
  218
  237
  256
  276
  297
  319
  342
  365
  390
  415
  442
  470
  499
  529
  561
  594
  628
Retained Cash Flow (-), $m
  65
  -88
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
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
 
  -72
  48
  58
  69
  80
  93
  106
  119
  134
  149
  163
  179
  197
  214
  233
  252
  272
  293
  314
  337
  360
  384
  409
  436
  463
  492
  522
  553
  586
  620
Discount rate, %
 
  14.30
  15.02
  15.77
  16.55
  17.38
  18.25
  19.16
  20.12
  21.13
  22.18
  23.29
  24.46
  25.68
  26.96
  28.31
  29.73
  31.22
  32.78
  34.41
  36.14
  37.94
  39.84
  41.83
  43.92
  46.12
  48.42
  50.85
  53.39
  56.06
  58.86
PV of cash for distribution, $m
 
  -63
  36
  37
  37
  36
  34
  31
  28
  24
  20
  16
  13
  10
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Wingstop Inc. is franchisor and operator of restaurants that specializes in cooked-to-order, hand-sauced and tossed chicken wings. The Company operates through two segments: Franchise and Company. As of December 31, 2016, the Company offers its guests 11 flavors on bone-in and boneless chicken wings paired with hand-cut, seasoned fries and sides. It is a casual chicken wings-focused restaurant chain with various concepts, which include wings as add-on menu items or focus on wings in a bar or sports-centric setting. The flavors include Atomic, Mango Habanero, Cajun, Original Hot, Louisiana Rub, Mild, Hickory Smoked BBQ, Lemon Pepper, Garlic Parmesan, Hawaiian and Teriyaki. It offers various order options, including eat-in, to go, individual, combo meals and family packs. The Company maintains Website hosting, and manages the development and maintenance of the mobile Wingstop application. It markets Wingstop products, services and restaurants through the Website, www.wingstop.com.

FINANCIAL RATIOS  of  Wingstop (WING)

Valuation Ratios
P/E Ratio 89.7
Price to Sales 14.8
Price to Book -17.9
Price to Tangible Book
Price to Cash Flow 61.1
Price to Free Cash Flow 67.2
Growth Rates
Sales Growth Rate 16.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity -196%
Total Debt to Equity -201.3%
Interest Coverage 6
Management Effectiveness
Return On Assets 15.5%
Ret/ On Assets - 3 Yr. Avg. 11.6%
Return On Total Capital 18.6%
Ret/ On T. Cap. - 3 Yr. Avg. 13.7%
Return On Equity -35.3%
Return On Equity - 3 Yr. Avg. -67.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 72.5%
Gross Margin - 3 Yr. Avg. 71.5%
EBITDA Margin 36.3%
EBITDA Margin - 3 Yr. Avg. 31.4%
Operating Margin 31.9%
Oper. Margin - 3 Yr. Avg. 28.1%
Pre-Tax Margin 27.5%
Pre-Tax Margin - 3 Yr. Avg. 23%
Net Profit Margin 16.5%
Net Profit Margin - 3 Yr. Avg. 14.2%
Effective Tax Rate 40%
Eff/ Tax Rate - 3 Yr. Avg. 37.7%
Payout Ratio 553.3%

WING stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WING stock intrinsic value calculation we used $91 million for the last fiscal year's total revenue generated by Wingstop. The default revenue input number comes from 2016 income statement of Wingstop. 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 WING stock valuation model: a) initial revenue growth rate of 18.2% 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 14.3%, whose default value for WING is calculated based on our internal credit rating of Wingstop, 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 Wingstop.
    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 WING stock the variable cost ratio is equal to 30.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $35 million in the base year in the intrinsic value calculation for WING 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 4.1% for Wingstop.

Corporate tax rate of 27% is the nominal tax rate for Wingstop. 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 WING 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 WING are equal to 61%.

Life of production assets of 33.5 years is the average useful life of capital assets used in Wingstop 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 WING is equal to -6.6%. 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 - $-75 million for Wingstop - 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 29.502 million for Wingstop 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 Wingstop at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Wingstop beats Street 4Q forecasts   [04:41PM  Associated Press]
▶ Wingstop beats the Street   [04:13PM  CNBC Videos]
▶ Wingstop, Inc. to Host Earnings Call   [01:00PM  ACCESSWIRE]
▶ Wingstop Q4 Earnings Preview   [08:43AM  Benzinga]
▶ 3 Stocks Set to Drop   [Feb-20-18 03:01PM  Motley Fool]
▶ On Valentines Day, Nothing Says Love Like a Plate of Chicken Wings   [Feb-14-18 01:26AM  The Wall Street Journal]
▶ Stock Indexes Reverse To Session Lows, But This Stock Shines   [Feb-09-18 12:17PM  Investor's Business Daily]
▶ The 1-844-WING-LUV Hotline Is Open, Call Now!   [Feb-05-18 08:30AM  PR Newswire]
▶ 'The Big Game' means big sales for Wingstop   [Feb-01-18 05:59PM  Yahoo Finance Video]
▶ Wingstop declares special $3.17 dividend   [Jan-30-18 04:37PM  MarketWatch]
▶ Wingstop Shows Market Leadership With Jump To 93 RS Rating   [03:00AM  Investor's Business Daily]
▶ Wingstop Opens 100th International Location   [Jan-03-18 05:42PM  GlobeNewswire]
▶ Wingstop Inc. to Present at the 20th Annual ICR Conference   [Jan-02-18 08:00AM  GlobeNewswire]
▶ Tyson the best way to play bull market in protein   [Dec-08-17 07:41PM  CNBC Videos]
▶ Dont Hang On to Buffalo Wild Wings Stock   [05:43AM  InvestorPlace]
▶ Wingstop Could Fly Higher   [Nov-28-17 02:29PM  TheStreet.com]
▶ At $39.18, Is Wingstop Inc (WING) A Buy?   [07:30AM  Simply Wall St.]
▶ These 7 Restaurant Chains Serve up Tasty Returns   [Nov-22-17 02:22PM  Investopedia]
▶ Can Roark Capital pull another Wingstop with Buffalo Wild Wings?   [Nov-14-17 01:25PM  American City Business Journals]
▶ Buffalo Wild Wings Gets $2.3 Billion-Plus Buyout Bid From Roark Capital: WSJ   [Nov-13-17 04:55PM  Investor's Business Daily]
▶ Wingstop Scores Relative Strength Rating Upgrade; Hits Key Threshold   [Nov-09-17 03:00AM  Investor's Business Daily]
▶ Wingstop Expands Delivery Test to Chicago with DoorDash   [Nov-06-17 08:15AM  GlobeNewswire]
▶ Wingstop beats Street 3Q forecasts   [Nov-02-17 05:30PM  Associated Press]
▶ Wingstop, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ Analysts break down their best picks in fast-food stocks   [Oct-23-17 02:22PM  CNBC Videos]
▶ Wingstop Shows Improved Relative Strength; Still Shy Of Benchmark   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ Fast food heats up   [Sep-29-17 02:35PM  CNBC Videos]
▶ Wingstop Lands in France   [Sep-28-17 08:15AM  GlobeNewswire]
▶ Denny's refuses to dump new sausage mascot   [Sep-14-17 01:32PM  Yahoo Finance Video]
▶ Wingstop Gets Relative Strength Rating Upgrade   [Sep-13-17 03:00AM  Investor's Business Daily]
▶ IBD Rating Upgrades: Wingstop Shows Improved Price Strength   [Sep-11-17 03:00AM  Investor's Business Daily]
▶ Your first trade for Wednesday, August 30   [Aug-30-17 08:49AM  CNBC]
▶ "Fast Money" final trades: XLE, WMT and more   [Aug-29-17 05:59PM  CNBC Videos]
▶ Wingstop Touches Down in Australia and New Zealand   [Aug-23-17 08:15AM  PR Newswire]
▶ ETFs with exposure to Wingstop, Inc. : August 21, 2017   [Aug-21-17 05:27PM  Capital Cube]
▶ Three Restaurant Picks In A Struggling Sector   [Aug-18-17 09:30AM  Barrons.com]
▶ Nasdaq Frustrates Bears, Erases Thursday's Blowout Loss   [Aug-16-17 12:16PM  Investor's Business Daily]
Financial statements of WING
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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