Intrinsic value of Yum! Brands - YUM

Previous Close

$89.30

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$89.30

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

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, %
  -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
  5,996
  6,133
  6,291
  6,468
  6,664
  6,879
  7,114
  7,367
  7,640
  7,934
  8,247
  8,582
  8,938
  9,317
  9,719
  10,145
  10,596
  11,073
  11,576
  12,108
  12,670
  13,262
  13,885
  14,543
  15,235
  15,964
  16,731
  17,539
  18,388
  19,281
Variable operating expenses, $m
 
  4,405
  4,505
  4,620
  4,748
  4,890
  5,046
  5,215
  5,399
  5,597
  5,809
  5,975
  6,217
  6,475
  6,750
  7,041
  7,349
  7,676
  8,021
  8,386
  8,772
  9,178
  9,607
  10,059
  10,535
  11,037
  11,565
  12,120
  12,705
  13,321
  13,968
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
  4,405
  4,505
  4,620
  4,748
  4,890
  5,046
  5,215
  5,399
  5,597
  5,809
  5,975
  6,217
  6,475
  6,750
  7,041
  7,349
  7,676
  8,021
  8,386
  8,772
  9,178
  9,607
  10,059
  10,535
  11,037
  11,565
  12,120
  12,705
  13,321
  13,968
Operating income, $m
  1,625
  1,590
  1,628
  1,672
  1,720
  1,774
  1,834
  1,898
  1,968
  2,043
  2,124
  2,273
  2,365
  2,463
  2,568
  2,678
  2,796
  2,920
  3,051
  3,190
  3,337
  3,492
  3,655
  3,827
  4,008
  4,199
  4,399
  4,611
  4,833
  5,067
  5,314
EBITDA, $m
  1,934
  1,878
  1,921
  1,970
  2,026
  2,087
  2,155
  2,228
  2,307
  2,393
  2,485
  2,583
  2,688
  2,800
  2,918
  3,044
  3,177
  3,319
  3,468
  3,626
  3,792
  3,968
  4,154
  4,349
  4,555
  4,772
  5,000
  5,240
  5,493
  5,759
  6,039
Interest expense (income), $m
  297
  529
  165
  171
  177
  184
  192
  201
  211
  221
  232
  244
  257
  270
  285
  300
  317
  334
  352
  372
  392
  414
  437
  461
  486
  513
  541
  571
  602
  635
  670
Earnings before tax, $m
  1,318
  1,061
  1,463
  1,501
  1,543
  1,590
  1,641
  1,697
  1,757
  1,822
  1,892
  2,029
  2,108
  2,193
  2,283
  2,378
  2,479
  2,586
  2,699
  2,818
  2,944
  3,077
  3,218
  3,365
  3,521
  3,685
  3,858
  4,040
  4,231
  4,432
  4,644
Tax expense, $m
  324
  286
  395
  405
  417
  429
  443
  458
  475
  492
  511
  548
  569
  592
  616
  642
  669
  698
  729
  761
  795
  831
  869
  909
  951
  995
  1,042
  1,091
  1,142
  1,197
  1,254
Net income, $m
  1,619
  774
  1,068
  1,096
  1,127
  1,161
  1,198
  1,239
  1,283
  1,330
  1,381
  1,481
  1,539
  1,601
  1,666
  1,736
  1,810
  1,888
  1,970
  2,057
  2,149
  2,247
  2,349
  2,457
  2,570
  2,690
  2,816
  2,949
  3,089
  3,235
  3,390

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
  5,026
  5,141
  5,273
  5,422
  5,586
  5,766
  5,963
  6,175
  6,404
  6,650
  6,913
  7,194
  7,492
  7,810
  8,147
  8,504
  8,882
  9,281
  9,704
  10,150
  10,620
  11,116
  11,639
  12,190
  12,770
  13,381
  14,025
  14,701
  15,413
  16,162
Adjusted assets (=assets-cash), $m
  4,728
  5,026
  5,141
  5,273
  5,422
  5,586
  5,766
  5,963
  6,175
  6,404
  6,650
  6,913
  7,194
  7,492
  7,810
  8,147
  8,504
  8,882
  9,281
  9,704
  10,150
  10,620
  11,116
  11,639
  12,190
  12,770
  13,381
  14,025
  14,701
  15,413
  16,162
Revenue / Adjusted assets
  1.346
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
Average production assets, $m
  2,388
  2,278
  2,331
  2,391
  2,458
  2,532
  2,614
  2,703
  2,800
  2,903
  3,015
  3,134
  3,261
  3,397
  3,541
  3,693
  3,855
  4,026
  4,208
  4,399
  4,601
  4,814
  5,039
  5,276
  5,526
  5,789
  6,066
  6,358
  6,665
  6,987
  7,327
Working capital, $m
  203
  -156
  -159
  -164
  -168
  -173
  -179
  -185
  -192
  -199
  -206
  -214
  -223
  -232
  -242
  -253
  -264
  -275
  -288
  -301
  -315
  -329
  -345
  -361
  -378
  -396
  -415
  -435
  -456
  -478
  -501
Total debt, $m
  9,125
  3,057
  3,161
  3,280
  3,414
  3,561
  3,724
  3,900
  4,092
  4,298
  4,519
  4,756
  5,008
  5,277
  5,563
  5,866
  6,187
  6,528
  6,887
  7,267
  7,669
  8,092
  8,538
  9,009
  9,505
  10,027
  10,577
  11,156
  11,765
  12,406
  13,080
Total liabilities, $m
  11,065
  4,523
  4,627
  4,746
  4,880
  5,027
  5,190
  5,366
  5,558
  5,764
  5,985
  6,222
  6,474
  6,743
  7,029
  7,332
  7,653
  7,994
  8,353
  8,733
  9,135
  9,558
  10,004
  10,475
  10,971
  11,493
  12,043
  12,622
  13,231
  13,872
  14,546
Total equity, $m
  -5,612
  503
  514
  527
  542
  559
  577
  596
  618
  640
  665
  691
  719
  749
  781
  815
  850
  888
  928
  970
  1,015
  1,062
  1,112
  1,164
  1,219
  1,277
  1,338
  1,402
  1,470
  1,541
  1,616
Total liabilities and equity, $m
  5,453
  5,026
  5,141
  5,273
  5,422
  5,586
  5,767
  5,962
  6,176
  6,404
  6,650
  6,913
  7,193
  7,492
  7,810
  8,147
  8,503
  8,882
  9,281
  9,703
  10,150
  10,620
  11,116
  11,639
  12,190
  12,770
  13,381
  14,024
  14,701
  15,413
  16,162
Debt-to-equity ratio
  -1.626
  6.080
  6.150
  6.220
  6.300
  6.380
  6.460
  6.540
  6.630
  6.710
  6.800
  6.880
  6.960
  7.040
  7.120
  7.200
  7.280
  7.350
  7.420
  7.490
  7.560
  7.620
  7.680
  7.740
  7.800
  7.850
  7.900
  7.950
  8.000
  8.050
  8.090
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
  774
  1,068
  1,096
  1,127
  1,161
  1,198
  1,239
  1,283
  1,330
  1,381
  1,481
  1,539
  1,601
  1,666
  1,736
  1,810
  1,888
  1,970
  2,057
  2,149
  2,247
  2,349
  2,457
  2,570
  2,690
  2,816
  2,949
  3,089
  3,235
  3,390
Depreciation, amort., depletion, $m
  309
  288
  293
  299
  306
  313
  321
  330
  339
  350
  361
  310
  323
  336
  351
  366
  382
  399
  417
  436
  456
  477
  499
  522
  547
  573
  601
  629
  660
  692
  725
Funds from operations, $m
  624
  1,062
  1,361
  1,394
  1,432
  1,474
  1,519
  1,569
  1,622
  1,680
  1,742
  1,791
  1,862
  1,937
  2,017
  2,102
  2,191
  2,286
  2,387
  2,493
  2,605
  2,723
  2,848
  2,979
  3,118
  3,263
  3,417
  3,578
  3,748
  3,927
  4,115
Change in working capital, $m
  -580
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Cash from operations, $m
  1,204
  1,065
  1,365
  1,399
  1,437
  1,479
  1,525
  1,575
  1,629
  1,687
  1,750
  1,799
  1,871
  1,946
  2,027
  2,112
  2,202
  2,298
  2,399
  2,506
  2,619
  2,738
  2,863
  2,995
  3,135
  3,281
  3,436
  3,598
  3,769
  3,949
  4,139
Maintenance CAPEX, $m
  0
  -221
  -226
  -231
  -237
  -243
  -251
  -259
  -268
  -277
  -287
  -298
  -310
  -323
  -336
  -351
  -366
  -382
  -399
  -417
  -436
  -456
  -477
  -499
  -522
  -547
  -573
  -601
  -629
  -660
  -692
New CAPEX, $m
  -422
  -46
  -52
  -60
  -67
  -75
  -82
  -89
  -96
  -104
  -111
  -119
  -127
  -135
  -144
  -153
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -237
  -250
  -263
  -277
  -292
  -307
  -323
  -339
Cash from investing activities, $m
  -24
  -267
  -278
  -291
  -304
  -318
  -333
  -348
  -364
  -381
  -398
  -417
  -437
  -458
  -480
  -504
  -528
  -553
  -580
  -608
  -638
  -669
  -702
  -736
  -772
  -810
  -850
  -893
  -936
  -983
  -1,031
Free cash flow, $m
  1,180
  798
  1,087
  1,108
  1,133
  1,161
  1,192
  1,227
  1,265
  1,306
  1,351
  1,382
  1,433
  1,488
  1,547
  1,609
  1,675
  1,745
  1,819
  1,898
  1,981
  2,069
  2,162
  2,259
  2,363
  2,471
  2,586
  2,706
  2,833
  2,967
  3,107
Issuance/(repayment) of debt, $m
  5,275
  -6,747
  104
  119
  134
  148
  162
  177
  191
  206
  221
  237
  253
  269
  286
  303
  321
  340
  360
  380
  401
  423
  447
  471
  496
  522
  550
  579
  609
  641
  674
Issuance/(repurchase) of shares, $m
  -5,402
  6,072
  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
  -675
  104
  119
  134
  148
  162
  177
  191
  206
  221
  237
  253
  269
  286
  303
  321
  340
  360
  380
  401
  423
  447
  471
  496
  522
  550
  579
  609
  641
  674
Total cash flow (excl. dividends), $m
  1,222
  123
  1,191
  1,227
  1,266
  1,309
  1,355
  1,404
  1,456
  1,512
  1,572
  1,618
  1,686
  1,757
  1,832
  1,912
  1,996
  2,085
  2,179
  2,278
  2,382
  2,492
  2,608
  2,730
  2,858
  2,993
  3,136
  3,285
  3,442
  3,607
  3,781
Retained Cash Flow (-), $m
  6,523
  -6,847
  -12
  -13
  -15
  -16
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
Prev. year cash balance distribution, $m
 
  10
  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
 
  -6,713
  1,179
  1,214
  1,251
  1,292
  1,337
  1,384
  1,435
  1,489
  1,547
  1,592
  1,658
  1,727
  1,801
  1,878
  1,961
  2,047
  2,139
  2,236
  2,338
  2,445
  2,559
  2,678
  2,803
  2,935
  3,074
  3,221
  3,375
  3,536
  3,706
Discount rate, %
 
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
PV of cash for distribution, $m
 
  -5,889
  896
  789
  686
  589
  498
  415
  340
  274
  217
  166
  126
  94
  68
  48
  33
  22
  14
  9
  5
  3
  2
  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. is engaged in restaurant business. As of December 31, 2016, the Company operated or franchised over 43,500 restaurants in more than 135 countries and territories operating under the KFC, Pizza Hut or Taco Bell (collectively the Concepts) brands. The Company operates through three segments: The KFC Division, which includes the operations of the KFC concept around the world; The Pizza Hut Division, which includes the operations of the Pizza Hut concept around the world, and The Taco Bell Division, which includes the operations of the Taco Bell concept around the world. KFC restaurants across the world offer fried and non-fried chicken products, such as sandwiches, chicken strips, chicken-on-the-bone and other chicken products. Pizza Hut is a restaurant chain specialized in the sale of ready-to-eat pizza products. Taco Bell specializes in Mexican-style food products, including various types of tacos, burritos, quesadillas, salads, nachos and other related items.

FINANCIAL RATIOS  of  Yum! Brands (YUM)

Valuation Ratios
P/E Ratio 19.6
Price to Sales 5
Price to Book -5.6
Price to Tangible Book
Price to Cash Flow 26.3
Price to Free Cash Flow 40.5
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 11
Current Ratio 0.1
LT Debt to Equity -161.4%
Total Debt to Equity -162.6%
Interest Coverage 5
Management Effectiveness
Return On Assets 27.3%
Ret/ On Assets - 3 Yr. Avg. 18.9%
Return On Total Capital 38.8%
Ret/ On T. Cap. - 3 Yr. Avg. 28.8%
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 $5878 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 14%, 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 73.5%.

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 5.4% 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 38%.

Life of production assets of 10.1 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 -2.6%. 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 - $-6334 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 317.356 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 $28.3 billion.

RELATED COMPANIES Price Int.Val. Rating
JACK Jack in the Bo 84.94 8.89  str.sell
MCD McDonald's 163.31 14.99  str.sell
DNKN Dunkin' Br 72.82 26.50  str.sell
PZZA Papa John' 46.32 8.63  str.sell
WEN Wendy's Co 17.32 40.02  str.buy
DPZ Domino's P 288.99 42.30  str.sell
LOCO El Pollo Loco 12.50 15.65  buy
TACO Del Taco Resta 11.25 20.82  str.buy
CMG Chipotle Mexic 465.89 365.66  sell

COMPANY NEWS

▶ Why I Like YUM! Brands Inc (NYSE:YUM)   [Sep-20-18 11:40AM  Simply Wall St.]
▶ Lake Nona appears set to land big biotech facility   [09:25AM  American City Business Journals]
▶ Why restaurants are enhancing maternity benefits   [Sep-19-18 08:22AM  American City Business Journals]
▶ KFC taps new colonel to sell sweet and spicy menu item and hes not quite human   [Sep-17-18 11:53AM  American City Business Journals]
▶ Ugly Yum China Stock Is Likely to Fall Further   [Sep-12-18 05:25PM  InvestorPlace]
▶ Booze-serving Taco Bell Cantina eyes downtown Orlando   [10:35AM  American City Business Journals]
▶ Yum China Stock Sinks on No More Buyout News   [Sep-11-18 12:19PM  InvestorPlace]
▶ Pizza Hut launches NFL campaign with deals, interactive experiences   [Sep-05-18 01:22PM  American City Business Journals]
▶ [$$] A Slice of Snails? Sluggish Demand Mires Pizza Hut, KFC in China   [Sep-03-18 10:11AM  The Wall Street Journal]
▶ [$$] Yum China Bidders May Come Back for Seconds   [Aug-29-18 06:46AM  The Wall Street Journal]
▶ [$$] FirstFT: Todays top stories   [03:19AM  Financial Times]
▶ [$$] Yum China rejects $17bn buyout offer   [04:38AM  Financial Times]
▶ KFC taps 'Game of Thrones' star to promote new sandwich   [06:30AM  American City Business Journals]
▶ KFC taps 'Game of Thrones' star to promote new sandwich   [Aug-21-18 02:15PM  American City Business Journals]
▶ Chipotle Mexican Grill Stock Surges on Upgrade   [Aug-15-18 01:06PM  InvestorPlace]
▶ Papa John's is getting a $50 million makeover   [Aug-08-18 02:21PM  Yahoo Finance]
▶ KFC lines up 'Seinfeld' star as its new colonel   [Aug-06-18 10:56AM  American City Business Journals]
▶ [$$] Auditing in crisis   [12:00AM  Financial Times]
▶ [$$] Hillhouse/Yum China: shellfish motives   [07:32AM  Financial Times]
▶ Kraft Heinz recalls Taco Bell cheese dip   [Jul-26-18 03:44PM  American City Business Journals]
▶ Former Yum Brands executive joins Purdue Pharma, maker of OxyContin   [Jul-24-18 01:56PM  American City Business Journals]
▶ Yahoo Finance Live: Midday Movers - Jul 19th, 2018   [09:40AM  Yahoo Finance Video]
▶ How the NFL protests led to Papa John Schnatter's downfall   [Jul-13-18 04:38PM  Yahoo Finance]
▶ Taco Bell Nacho Fries: Watch the Latest Fake Movie Trailer   [Jul-12-18 02:06PM  InvestorPlace]
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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