Intrinsic value of Yum! Brands - YUM

Previous Close

$82.30

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$82.30

 
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

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 28.4

 

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
  1,727
  1,766
  1,812
  1,863
  1,919
  1,981
  2,048
  2,122
  2,200
  2,285
  2,375
  2,471
  2,574
  2,683
  2,799
  2,921
  3,051
  3,189
  3,334
  3,487
  3,648
  3,819
  3,999
  4,188
  4,387
  4,597
  4,818
  5,051
  5,295
  5,552
Interest expense (income), $m
  297
  417
  110
  115
  120
  126
  133
  140
  148
  156
  165
  175
  185
  197
  209
  221
  235
  249
  264
  280
  296
  314
  333
  353
  373
  395
  418
  443
  468
  495
  523
Earnings before tax, $m
  1,318
  1,000
  1,340
  1,374
  1,412
  1,454
  1,501
  1,551
  1,605
  1,664
  1,727
  1,847
  1,919
  1,995
  2,076
  2,162
  2,253
  2,350
  2,451
  2,559
  2,673
  2,793
  2,919
  3,052
  3,193
  3,341
  3,496
  3,660
  3,833
  4,014
  4,205
Tax expense, $m
  324
  270
  362
  371
  381
  393
  405
  419
  433
  449
  466
  499
  518
  539
  561
  584
  608
  634
  662
  691
  722
  754
  788
  824
  862
  902
  944
  988
  1,035
  1,084
  1,135
Net income, $m
  1,619
  730
  978
  1,003
  1,031
  1,062
  1,095
  1,132
  1,172
  1,215
  1,260
  1,349
  1,401
  1,457
  1,516
  1,578
  1,645
  1,715
  1,790
  1,868
  1,951
  2,039
  2,131
  2,228
  2,331
  2,439
  2,552
  2,672
  2,798
  2,930
  3,070

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
  4,824
  4,935
  5,062
  5,204
  5,362
  5,535
  5,724
  5,928
  6,148
  6,384
  6,636
  6,905
  7,192
  7,497
  7,820
  8,163
  8,526
  8,909
  9,315
  9,743
  10,194
  10,671
  11,173
  11,701
  12,258
  12,845
  13,462
  14,112
  14,795
  15,514
Adjusted assets (=assets-cash), $m
  4,728
  4,824
  4,935
  5,062
  5,204
  5,362
  5,535
  5,724
  5,928
  6,148
  6,384
  6,636
  6,905
  7,192
  7,497
  7,820
  8,163
  8,526
  8,909
  9,315
  9,743
  10,194
  10,671
  11,173
  11,701
  12,258
  12,845
  13,462
  14,112
  14,795
  15,514
Revenue / Adjusted assets
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
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
  -468
  -478
  -491
  -504
  -520
  -536
  -555
  -574
  -596
  -619
  -643
  -669
  -697
  -727
  -758
  -791
  -826
  -863
  -903
  -944
  -988
  -1,034
  -1,083
  -1,134
  -1,188
  -1,245
  -1,305
  -1,368
  -1,434
  -1,504
Total debt, $m
  9,125
  2,402
  2,502
  2,616
  2,744
  2,886
  3,042
  3,211
  3,395
  3,593
  3,805
  4,032
  4,275
  4,533
  4,807
  5,098
  5,407
  5,733
  6,078
  6,443
  6,828
  7,235
  7,663
  8,115
  8,591
  9,093
  9,621
  10,176
  10,761
  11,376
  12,023
Total liabilities, $m
  11,065
  4,342
  4,442
  4,556
  4,684
  4,826
  4,982
  5,151
  5,335
  5,533
  5,745
  5,972
  6,215
  6,473
  6,747
  7,038
  7,347
  7,673
  8,018
  8,383
  8,768
  9,175
  9,603
  10,055
  10,531
  11,033
  11,561
  12,116
  12,701
  13,316
  13,963
Total equity, $m
  -5,612
  482
  494
  506
  520
  536
  554
  572
  593
  615
  638
  664
  691
  719
  750
  782
  816
  853
  891
  931
  974
  1,019
  1,067
  1,117
  1,170
  1,226
  1,285
  1,346
  1,411
  1,480
  1,551
Total liabilities and equity, $m
  5,453
  4,824
  4,936
  5,062
  5,204
  5,362
  5,536
  5,723
  5,928
  6,148
  6,383
  6,636
  6,906
  7,192
  7,497
  7,820
  8,163
  8,526
  8,909
  9,314
  9,742
  10,194
  10,670
  11,172
  11,701
  12,259
  12,846
  13,462
  14,112
  14,796
  15,514
Debt-to-equity ratio
  -1.626
  4.980
  5.070
  5.170
  5.270
  5.380
  5.500
  5.610
  5.730
  5.840
  5.960
  6.080
  6.190
  6.300
  6.410
  6.520
  6.620
  6.720
  6.820
  6.920
  7.010
  7.100
  7.180
  7.260
  7.340
  7.420
  7.490
  7.560
  7.630
  7.690
  7.750
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
  730
  978
  1,003
  1,031
  1,062
  1,095
  1,132
  1,172
  1,215
  1,260
  1,349
  1,401
  1,457
  1,516
  1,578
  1,645
  1,715
  1,790
  1,868
  1,951
  2,039
  2,131
  2,228
  2,331
  2,439
  2,552
  2,672
  2,798
  2,930
  3,070
Depreciation, amort., depletion, $m
  309
  310
  316
  323
  330
  338
  348
  358
  369
  380
  393
  353
  367
  382
  398
  416
  434
  453
  473
  495
  518
  542
  567
  594
  622
  651
  682
  715
  750
  786
  824
Funds from operations, $m
  624
  1,040
  1,294
  1,326
  1,361
  1,400
  1,443
  1,490
  1,540
  1,595
  1,653
  1,701
  1,768
  1,839
  1,914
  1,994
  2,079
  2,168
  2,263
  2,363
  2,469
  2,580
  2,698
  2,822
  2,952
  3,090
  3,235
  3,387
  3,548
  3,716
  3,894
Change in working capital, $m
  -580
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
Cash from operations, $m
  1,204
  1,049
  1,305
  1,338
  1,375
  1,415
  1,460
  1,508
  1,560
  1,616
  1,676
  1,726
  1,794
  1,866
  1,943
  2,025
  2,112
  2,203
  2,300
  2,402
  2,510
  2,624
  2,744
  2,871
  3,004
  3,144
  3,292
  3,447
  3,611
  3,783
  3,964
Maintenance CAPEX, $m
  0
  -251
  -256
  -262
  -269
  -277
  -285
  -294
  -304
  -315
  -327
  -339
  -353
  -367
  -382
  -398
  -416
  -434
  -453
  -473
  -495
  -518
  -542
  -567
  -594
  -622
  -651
  -682
  -715
  -750
  -786
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
  -298
  -312
  -326
  -341
  -357
  -372
  -389
  -407
  -426
  -446
  -466
  -489
  -512
  -536
  -561
  -589
  -617
  -647
  -678
  -711
  -746
  -782
  -820
  -861
  -903
  -947
  -994
  -1,043
  -1,095
  -1,149
Free cash flow, $m
  1,180
  750
  992
  1,012
  1,034
  1,059
  1,088
  1,119
  1,153
  1,190
  1,230
  1,259
  1,305
  1,355
  1,408
  1,464
  1,523
  1,587
  1,654
  1,724
  1,799
  1,878
  1,962
  2,050
  2,143
  2,241
  2,344
  2,453
  2,567
  2,688
  2,815
Issuance/(repayment) of debt, $m
  5,275
  -6,657
  100
  114
  128
  142
  156
  170
  184
  198
  212
  227
  242
  258
  274
  291
  308
  326
  345
  365
  385
  406
  429
  452
  476
  501
  528
  556
  585
  615
  647
Issuance/(repurchase) of shares, $m
  -5,402
  6,023
  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
  -634
  100
  114
  128
  142
  156
  170
  184
  198
  212
  227
  242
  258
  274
  291
  308
  326
  345
  365
  385
  406
  429
  452
  476
  501
  528
  556
  585
  615
  647
Total cash flow (excl. dividends), $m
  1,222
  116
  1,092
  1,126
  1,162
  1,201
  1,243
  1,289
  1,337
  1,388
  1,443
  1,486
  1,548
  1,613
  1,682
  1,755
  1,832
  1,913
  1,999
  2,089
  2,185
  2,285
  2,391
  2,502
  2,619
  2,742
  2,872
  3,009
  3,152
  3,303
  3,462
Retained Cash Flow (-), $m
  6,523
  -6,753
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
Prev. year cash balance distribution, $m
 
  659
  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
 
  -5,978
  1,081
  1,113
  1,148
  1,186
  1,226
  1,270
  1,316
  1,366
  1,419
  1,461
  1,521
  1,584
  1,651
  1,722
  1,797
  1,877
  1,960
  2,049
  2,142
  2,240
  2,343
  2,452
  2,566
  2,687
  2,814
  2,947
  3,087
  3,235
  3,390
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
 
  -5,286
  836
  743
  653
  566
  485
  409
  340
  278
  223
  174
  134
  102
  75
  54
  38
  26
  17
  11
  7
  4
  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 18
Price to Sales 4.6
Price to Book -5.2
Price to Tangible Book
Price to Cash Flow 24.3
Price to Free Cash Flow 37.4
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 $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 4.6% 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 9.5 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 -7.2%. 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 344.755 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 $28.4 billion.

RELATED COMPANIES Price Int.Val. Rating
JACK Jack in the Bo 99.21 11.15  str.sell
MCD McDonald's 174.06 12.57  str.sell
DNKN Dunkin' Br 61.37 6.27  str.sell
PZZA Papa John' 56.85 31.81  str.sell
WEN Wendy's Co 15.51 4.36  str.sell
DPZ Domino's P 185.04 10.10  str.sell
LOCO El Pollo Loco 10.20 21.79  str.buy
TACO Del Taco Resta 12.09 13.52  hold
CMG Chipotle Mexic 312.12 433.31  buy

COMPANY NEWS

▶ 11 Biggest Fast Food Franchises In The World In 2017   [Dec-11-17 06:07PM  Insider Monkey]
▶ Taco Bell Founder Glen Bell Popularized Mexican Fast-Food Fare   [08:00AM  Investor's Business Daily]
▶ Tyson the best way to play bull market in protein   [Dec-08-17 07:41PM  CNBC Videos]
▶ Who Are McDonalds Main Competitors?   [01:34PM  Investopedia]
▶ Everyone Needs What Yum! Brands, Inc. Is Selling   [Dec-01-17 12:04PM  InvestorPlace]
▶ How to Invest in KFC Stock   [Nov-27-17 07:15PM  Motley Fool]
▶ Fast-Food Roundup: Dunkin loses a top exec Chick-fil-As 'family style' meals   [Nov-22-17 09:50AM  American City Business Journals]
▶ Yum! Brands Appoints Tanya Domier to Board   [09:00AM  Business Wire]
▶ Why Yum! Brands, Inc. Stock Is Worth Every Penny   [Nov-21-17 11:47AM  InvestorPlace]
▶ 3 of the Best Setups on the Street   [Nov-20-17 09:50AM  InvestorPlace]
▶ Why Papa John's reversal on NFL protests won't fly   [Nov-19-17 11:46AM  Yahoo Finance]
▶ McDonalds, Yum Are the Best Chains: Bernstein   [Nov-17-17 03:56PM  Investopedia]
▶ Who are Chipotle's (CMG) main competitors?   [Nov-10-17 03:49PM  Investopedia]
▶ Why YUM! Brands, Inc. Stock Is More Than a Stock   [Nov-07-17 03:37PM  InvestorPlace]
▶ Top 4 Papa John's Shareholders (PZZA)   [11:02AM  Investopedia]
▶ Yum tops Street 3Q forecasts   [08:21AM  Associated Press]
▶ Yum! Brands, Inc. to Host Earnings Call   [06:10AM  ACCESSWIRE]
▶ 4 Highlights From Yum China's 2017 Investor Day   [Oct-29-17 09:03AM  Motley Fool]
▶ Trade of the Day: Yum! Brands, Inc. (YUM)   [Oct-26-17 09:05AM  InvestorPlace]
▶ The Kit Kat quesadilla has arrived at Taco Bell   [Oct-24-17 09:18AM  MarketWatch]
▶ Better Buy: Yum Brands or Yum China?   [Oct-23-17 07:50PM  Motley Fool]
▶ One Year Later, Yum China Thrives After Its Spin-off   [Oct-18-17 04:42PM  Motley Fool]
▶ Taco Bell Clothing Line Launches at Forever 21   [Oct-12-17 05:10PM  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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