Intrinsic value of Yum! Brands - YUM

Previous Close

$76.42

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-73%

Previous close

$76.42

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-73%

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

We calculate the intrinsic value of YUM 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 28.0

 

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, %
  -1.15
  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
  6,366
  6,493
  6,643
  6,813
  7,005
  7,217
  7,450
  7,704
  7,979
  8,275
  8,592
  8,932
  9,295
  9,681
  10,091
  10,526
  10,987
  11,476
  11,992
  12,538
  13,114
  13,721
  14,362
  15,038
  15,750
  16,500
  17,289
  18,120
  18,995
  19,915
  20,882
Variable operating expenses, $m
 
  5,077
  5,192
  5,324
  5,473
  5,637
  5,817
  6,013
  6,226
  6,455
  6,700
  6,910
  7,190
  7,489
  7,806
  8,143
  8,500
  8,877
  9,277
  9,699
  10,144
  10,615
  11,111
  11,633
  12,184
  12,764
  13,375
  14,018
  14,694
  15,406
  16,154
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
  4,741
  5,077
  5,192
  5,324
  5,473
  5,637
  5,817
  6,013
  6,226
  6,455
  6,700
  6,910
  7,190
  7,489
  7,806
  8,143
  8,500
  8,877
  9,277
  9,699
  10,144
  10,615
  11,111
  11,633
  12,184
  12,764
  13,375
  14,018
  14,694
  15,406
  16,154
Operating income, $m
  1,625
  1,417
  1,450
  1,489
  1,532
  1,581
  1,633
  1,691
  1,753
  1,820
  1,892
  2,022
  2,104
  2,192
  2,285
  2,383
  2,488
  2,598
  2,715
  2,839
  2,969
  3,107
  3,252
  3,405
  3,566
  3,736
  3,915
  4,103
  4,301
  4,509
  4,728
EBITDA, $m
  1,934
  1,714
  1,753
  1,798
  1,849
  1,905
  1,966
  2,033
  2,106
  2,184
  2,268
  2,357
  2,453
  2,555
  2,663
  2,778
  2,900
  3,029
  3,165
  3,309
  3,461
  3,621
  3,791
  3,969
  4,157
  4,355
  4,563
  4,782
  5,013
  5,256
  5,511
Interest expense (income), $m
  297
  411
  138
  144
  150
  156
  164
  172
  180
  190
  200
  211
  223
  236
  249
  263
  278
  294
  311
  329
  348
  368
  389
  412
  435
  460
  486
  513
  542
  572
  604
Earnings before tax, $m
  1,318
  1,006
  1,312
  1,345
  1,383
  1,424
  1,470
  1,519
  1,573
  1,630
  1,692
  1,811
  1,881
  1,956
  2,036
  2,120
  2,209
  2,304
  2,404
  2,510
  2,621
  2,739
  2,863
  2,993
  3,131
  3,276
  3,429
  3,590
  3,759
  3,937
  4,124
Tax expense, $m
  324
  272
  354
  363
  373
  385
  397
  410
  425
  440
  457
  489
  508
  528
  550
  572
  597
  622
  649
  678
  708
  739
  773
  808
  845
  885
  926
  969
  1,015
  1,063
  1,113
Net income, $m
  1,619
  734
  958
  982
  1,010
  1,040
  1,073
  1,109
  1,148
  1,190
  1,235
  1,322
  1,373
  1,428
  1,486
  1,548
  1,613
  1,682
  1,755
  1,832
  1,913
  1,999
  2,090
  2,185
  2,286
  2,392
  2,503
  2,621
  2,744
  2,874
  3,010

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  725
  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
  5,453
  5,564
  5,692
  5,838
  6,003
  6,185
  6,384
  6,602
  6,837
  7,091
  7,363
  7,654
  7,964
  8,295
  8,647
  9,020
  9,415
  9,833
  10,276
  10,743
  11,237
  11,758
  12,307
  12,886
  13,496
  14,139
  14,815
  15,527
  16,277
  17,065
  17,894
Adjusted assets (=assets-cash), $m
  4,728
  5,564
  5,692
  5,838
  6,003
  6,185
  6,384
  6,602
  6,837
  7,091
  7,363
  7,654
  7,964
  8,295
  8,647
  9,020
  9,415
  9,833
  10,276
  10,743
  11,237
  11,758
  12,307
  12,886
  13,496
  14,139
  14,815
  15,527
  16,277
  17,065
  17,894
Revenue / Adjusted assets
  1.346
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
Average production assets, $m
  2,388
  2,435
  2,491
  2,555
  2,627
  2,707
  2,794
  2,889
  2,992
  3,103
  3,222
  3,350
  3,485
  3,630
  3,784
  3,947
  4,120
  4,303
  4,497
  4,702
  4,918
  5,146
  5,386
  5,639
  5,906
  6,187
  6,484
  6,795
  7,123
  7,468
  7,831
Working capital, $m
  203
  -455
  -465
  -477
  -490
  -505
  -522
  -539
  -559
  -579
  -601
  -625
  -651
  -678
  -706
  -737
  -769
  -803
  -839
  -878
  -918
  -961
  -1,005
  -1,053
  -1,103
  -1,155
  -1,210
  -1,268
  -1,330
  -1,394
  -1,462
Total debt, $m
  9,133
  3,076
  3,191
  3,323
  3,470
  3,634
  3,814
  4,010
  4,221
  4,450
  4,694
  4,956
  5,236
  5,534
  5,850
  6,186
  6,541
  6,918
  7,316
  7,737
  8,181
  8,650
  9,144
  9,666
  10,215
  10,793
  11,402
  12,043
  12,717
  13,426
  14,173
Total liabilities, $m
  11,065
  5,008
  5,123
  5,255
  5,402
  5,566
  5,746
  5,942
  6,153
  6,382
  6,626
  6,888
  7,168
  7,466
  7,782
  8,118
  8,473
  8,850
  9,248
  9,669
  10,113
  10,582
  11,076
  11,598
  12,147
  12,725
  13,334
  13,975
  14,649
  15,358
  16,105
Total equity, $m
  -5,612
  556
  569
  584
  600
  618
  638
  660
  684
  709
  736
  765
  796
  830
  865
  902
  941
  983
  1,028
  1,074
  1,124
  1,176
  1,231
  1,289
  1,350
  1,414
  1,482
  1,553
  1,628
  1,706
  1,789
Total liabilities and equity, $m
  5,453
  5,564
  5,692
  5,839
  6,002
  6,184
  6,384
  6,602
  6,837
  7,091
  7,362
  7,653
  7,964
  8,296
  8,647
  9,020
  9,414
  9,833
  10,276
  10,743
  11,237
  11,758
  12,307
  12,887
  13,497
  14,139
  14,816
  15,528
  16,277
  17,064
  17,894
Debt-to-equity ratio
  -1.627
  5.530
  5.610
  5.690
  5.780
  5.880
  5.970
  6.070
  6.170
  6.280
  6.380
  6.480
  6.570
  6.670
  6.770
  6.860
  6.950
  7.040
  7.120
  7.200
  7.280
  7.360
  7.430
  7.500
  7.570
  7.630
  7.700
  7.760
  7.810
  7.870
  7.920
Adjusted equity ratio
  -1.339
  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
  1,619
  734
  958
  982
  1,010
  1,040
  1,073
  1,109
  1,148
  1,190
  1,235
  1,322
  1,373
  1,428
  1,486
  1,548
  1,613
  1,682
  1,755
  1,832
  1,913
  1,999
  2,090
  2,185
  2,286
  2,392
  2,503
  2,621
  2,744
  2,874
  3,010
Depreciation, amort., depletion, $m
  309
  297
  303
  309
  316
  324
  333
  343
  353
  364
  376
  335
  349
  363
  378
  395
  412
  430
  450
  470
  492
  515
  539
  564
  591
  619
  648
  680
  712
  747
  783
Funds from operations, $m
  624
  1,031
  1,260
  1,291
  1,326
  1,364
  1,406
  1,451
  1,501
  1,554
  1,611
  1,657
  1,722
  1,791
  1,864
  1,942
  2,025
  2,112
  2,205
  2,302
  2,405
  2,514
  2,628
  2,749
  2,876
  3,010
  3,152
  3,300
  3,456
  3,621
  3,794
Change in working capital, $m
  -580
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
Cash from operations, $m
  1,204
  1,040
  1,271
  1,303
  1,339
  1,379
  1,422
  1,469
  1,520
  1,575
  1,633
  1,681
  1,747
  1,818
  1,893
  1,973
  2,057
  2,146
  2,241
  2,340
  2,445
  2,556
  2,673
  2,796
  2,926
  3,063
  3,207
  3,358
  3,517
  3,685
  3,861
Maintenance CAPEX, $m
  0
  -239
  -243
  -249
  -256
  -263
  -271
  -279
  -289
  -299
  -310
  -322
  -335
  -349
  -363
  -378
  -395
  -412
  -430
  -450
  -470
  -492
  -515
  -539
  -564
  -591
  -619
  -648
  -680
  -712
  -747
New CAPEX, $m
  -422
  -47
  -56
  -64
  -72
  -80
  -87
  -95
  -103
  -111
  -119
  -127
  -136
  -145
  -154
  -163
  -173
  -183
  -194
  -205
  -216
  -228
  -240
  -253
  -267
  -281
  -296
  -312
  -328
  -345
  -363
Cash from investing activities, $m
  -24
  -286
  -299
  -313
  -328
  -343
  -358
  -374
  -392
  -410
  -429
  -449
  -471
  -494
  -517
  -541
  -568
  -595
  -624
  -655
  -686
  -720
  -755
  -792
  -831
  -872
  -915
  -960
  -1,008
  -1,057
  -1,110
Free cash flow, $m
  1,180
  754
  971
  990
  1,012
  1,037
  1,064
  1,095
  1,128
  1,164
  1,204
  1,231
  1,276
  1,325
  1,376
  1,431
  1,489
  1,551
  1,617
  1,686
  1,759
  1,837
  1,918
  2,004
  2,095
  2,191
  2,292
  2,398
  2,510
  2,628
  2,752
Issuance/(repayment) of debt, $m
  5,275
  -6,057
  115
  132
  148
  164
  180
  196
  212
  228
  245
  262
  280
  298
  316
  336
  356
  377
  398
  421
  444
  469
  494
  521
  549
  578
  609
  641
  674
  709
  746
Issuance/(repurchase) of shares, $m
  -5,402
  5,434
  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  
  67
  -623
  115
  132
  148
  164
  180
  196
  212
  228
  245
  262
  280
  298
  316
  336
  356
  377
  398
  421
  444
  469
  494
  521
  549
  578
  609
  641
  674
  709
  746
Total cash flow (excl. dividends), $m
  1,222
  131
  1,087
  1,122
  1,160
  1,200
  1,244
  1,290
  1,340
  1,393
  1,448
  1,493
  1,556
  1,622
  1,693
  1,767
  1,845
  1,928
  2,015
  2,107
  2,204
  2,305
  2,413
  2,526
  2,644
  2,769
  2,901
  3,039
  3,184
  3,337
  3,498
Retained Cash Flow (-), $m
  6,523
  -6,168
  -13
  -15
  -16
  -18
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
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
 
  -6,038
  1,074
  1,107
  1,143
  1,182
  1,224
  1,269
  1,316
  1,367
  1,421
  1,464
  1,525
  1,589
  1,658
  1,730
  1,806
  1,886
  1,971
  2,060
  2,154
  2,253
  2,358
  2,468
  2,583
  2,705
  2,833
  2,968
  3,109
  3,258
  3,415
Discount rate, %
 
  13.10
  13.76
  14.44
  15.16
  15.92
  16.72
  17.56
  18.43
  19.35
  20.32
  21.34
  22.41
  23.53
  24.70
  25.94
  27.23
  28.60
  30.03
  31.53
  33.10
  34.76
  36.50
  38.32
  40.24
  42.25
  44.36
  46.58
  48.91
  51.35
  53.92
PV of cash for distribution, $m
 
  -5,338
  830
  739
  650
  565
  484
  409
  340
  278
  223
  174
  135
  102
  75
  54
  38
  26
  17
  11
  7
  4
  3
  1
  1
  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

YUM! Brands, Inc., through its subsidiaries, develops, operates, and franchises quick service restaurants. The company operates in three segments: the KFC Division, the Pizza Hut Division, and the Taco Bell Division. Its restaurants prepare, package, and sell a menu of food items. As of February 21, 2017, it operated approximately 43,500 restaurants in 135 countries and territories primarily under the KFC, Pizza Hut, and Taco Bell brands, which specialize in chicken, pizza, and Mexican-style food categories. The company was formerly known as TRICON Global Restaurants, Inc. and changed its name to YUM! Brands, Inc. in May 2002. YUM! Brands, Inc. was founded in 1997 and is headquartered in Louisville, Kentucky.

FINANCIAL RATIOS  of  Yum! Brands (YUM)

Valuation Ratios
P/E Ratio 16.8
Price to Sales 4.3
Price to Book -4.8
Price to Tangible Book
Price to Cash Flow 22.5
Price to Free Cash Flow 34.7
Growth Rates
Sales Growth Rate -1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.5%
Cap. Spend. - 3 Yr. Gr. Rate -16.6%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity -161.4%
Total Debt to Equity -162.7%
Interest Coverage 5
Management Effectiveness
Return On Assets 27.3%
Ret/ On Assets - 3 Yr. Avg. 18.9%
Return On Total Capital 38.7%
Ret/ On T. Cap. - 3 Yr. Avg. 28.7%
Return On Equity -68.9%
Return On Equity - 3 Yr. Avg. 31%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 62.6%
Gross Margin - 3 Yr. Avg. 61.3%
EBITDA Margin 30.2%
EBITDA Margin - 3 Yr. Avg. 27.6%
Operating Margin 25.5%
Oper. Margin - 3 Yr. Avg. 23.4%
Pre-Tax Margin 20.7%
Pre-Tax Margin - 3 Yr. Avg. 20.4%
Net Profit Margin 25.4%
Net Profit Margin - 3 Yr. Avg. 20.5%
Effective Tax Rate 24.6%
Eff/ Tax Rate - 3 Yr. Avg. 25.7%
Payout Ratio 46%

YUM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the YUM stock intrinsic value calculation we used $6366 million for the last fiscal year's total revenue generated by Yum! Brands. The default revenue input number comes from 2016 income statement of Yum! Brands. 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 YUM 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 13.1%, whose default value for YUM is calculated based on our internal credit rating of Yum! Brands, 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 Yum! Brands.
    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 YUM stock the variable cost ratio is equal to 78.2%.

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 YUM 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 4.5% for Yum! Brands.

Corporate tax rate of 27% is the nominal tax rate for Yum! Brands. 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 YUM 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 YUM are equal to 37.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Yum! Brands 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 YUM is equal to -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 - $-5612 million for Yum! Brands - 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 365.869 million for Yum! Brands 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 Yum! Brands at the current share price and the inputted number of shares is $28.0 billion.

RELATED COMPANIES Price Int.Val. Rating
JACK Jack in the Bo 97.31 11.00  str.sell
MCD McDonald's 158.90 12.13  str.sell
DNKN Dunkin' Br 53.06 5.94  str.sell
PZZA Papa John' 78.27 45.66  sell
WEN Wendy's Co 15.34 3.54  str.sell
DPZ Domino's P 187.67 11.98  str.sell
LOCO El Pollo Loco 11.90 20.26  buy
TACO Del Taco Resta 12.89 13.85  hold
CMG Chipotle Mexic 320.13 722.11  str.buy

COMPANY NEWS

▶ Fast-Food Innovation War Moves to Breakfast   [Aug-17-17 09:11AM  Motley Fool]
▶ Taco Bell Naked Egg Taco Features a Fried Egg Shell   [Aug-16-17 02:37PM  InvestorPlace]
▶ McDonald's Proposed Chinese Expansion   [Aug-15-17 01:43PM  Benzinga]
▶ Taco Bell Tests Burrito With Spicy Pop Rocks??   [Aug-14-17 04:26PM  InvestorPlace]
▶ 5 Stocks Leading the Blue Chip Dividend Surge   [Aug-07-17 08:00AM  Investopedia]
▶ Why Dunkin loses Donuts, wants to be a coffee house   [Aug-04-17 01:26PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers - Aug 4th, 2017   [09:40AM  Yahoo Finance Video]
▶ YUM shares down despite topping estimates on earnings   [Aug-03-17 09:29PM  CNBC Videos]
▶ Yum Brands Earnings, Sales Top Despite Pizza Hut Woes   [04:04PM  Investor's Business Daily]
▶ Trump could send the Dow to 24,000: NYSE trader   [02:30PM  Yahoo Finance Video]
▶ Here's why I like Tesla stock: NYSE trader   [02:30PM  Yahoo Finance Video]
▶ Stocks struggle after Dow 22k , Tesla soars on beat   [01:14PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers - Aug 3rd, 2017   [09:40AM  Yahoo Finance Video]
▶ Jim Cramer -- Yum! Brands Isn't a 'Jumping Up and Down' Buy   [Aug-02-17 03:57PM  TheStreet.com]
▶ Uber & McDonalds Versus Lyft & Taco Bell: Ride or Die   [Jul-26-17 05:51PM  Investopedia]
▶ Taco Mode: Taco Bell, Lyft Team Up on Taco Pit Stops   [Jul-25-17 03:05PM  InvestorPlace]
▶ The pizza-making robots that want to change the world   [Jul-21-17 01:57PM  Yahoo Finance]
▶ The Best Stock in Kentucky: Yum Brands   [Jul-19-17 09:50AM  Kiplinger]
▶ Can Queso Dip Save Chipotle?   [Jul-14-17 02:48PM  Motley Fool]
▶ How do Yum and Yum China compare?   [03:05PM  American City Business Journals]
▶ Get It While It's Hot: KFC Has A Smartphone   [Jul-12-17 09:46AM  Benzinga]
▶ Yahoo Finance Live: Market Movers - Jul 12th, 2017   [07:20AM  Yahoo Finance Video]
▶ Pizza Hut weighs on Yum China growth   [Jul-05-17 10:51PM  Reuters]
▶ Yum China Sinks On Earnings Miss   [05:29PM  Barrons.com]
▶ YUM China misses on top line   [04:25PM  CNBC Videos]
▶ Here comes Yum China's earnings...   [04:00PM  Business Insider]
▶ Yum China 2Q Earnings Preview: After The Fireworks   [Jun-30-17 12:24PM  Barrons.com]
▶ Taco Bell Vegan Rice Is Back   [Jun-29-17 01:04PM  InvestorPlace]
▶ Pandora pops, SeaWorld sinks, Takata files for bankruptcy   [Jun-26-17 10:30AM  Yahoo Finance]
▶ Better Buy: McDonald's Corporation vs. YUM! Brands, Inc.   [Jun-19-17 08:40PM  Motley Fool]
Stock chart of YUM Financial statements of YUM
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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