Intrinsic value of Yum! Brands - YUM

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$70.92

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$70.92

 
Intrinsic value

$7.37

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence* premium content

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*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 25.0

 

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
  6,909
  7,189
  7,488
  7,805
  8,142
  8,499
  8,876
  9,276
  9,698
  10,143
  10,614
  11,109
  11,632
  12,183
  12,763
  13,373
  14,016
  14,692
  15,404
  16,152
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
  6,909
  7,189
  7,488
  7,805
  8,142
  8,499
  8,876
  9,276
  9,698
  10,143
  10,614
  11,109
  11,632
  12,183
  12,763
  13,373
  14,016
  14,692
  15,404
  16,152
Operating income, $m
  1,625
  1,417
  1,450
  1,489
  1,533
  1,581
  1,633
  1,691
  1,753
  1,820
  1,892
  2,023
  2,105
  2,193
  2,286
  2,384
  2,489
  2,599
  2,716
  2,840
  2,970
  3,108
  3,253
  3,406
  3,567
  3,737
  3,916
  4,104
  4,302
  4,511
  4,730
EBITDA, $m
  1,934
  1,727
  1,767
  1,812
  1,863
  1,920
  1,982
  2,049
  2,122
  2,201
  2,285
  2,376
  2,472
  2,575
  2,684
  2,800
  2,922
  3,052
  3,190
  3,335
  3,488
  3,650
  3,820
  4,000
  4,189
  4,389
  4,599
  4,820
  5,052
  5,297
  5,554
Interest expense (income), $m
  297
  408
  107
  112
  117
  123
  129
  136
  144
  152
  161
  171
  181
  192
  204
  216
  229
  244
  258
  274
  291
  308
  327
  346
  367
  388
  411
  435
  460
  487
  515
Earnings before tax, $m
  1,318
  1,009
  1,343
  1,378
  1,416
  1,458
  1,504
  1,555
  1,609
  1,668
  1,731
  1,852
  1,924
  2,001
  2,082
  2,168
  2,259
  2,356
  2,458
  2,566
  2,680
  2,800
  2,927
  3,060
  3,201
  3,349
  3,505
  3,669
  3,842
  4,024
  4,215
Tax expense, $m
  324
  272
  363
  372
  382
  394
  406
  420
  435
  450
  467
  500
  520
  540
  562
  585
  610
  636
  664
  693
  723
  756
  790
  826
  864
  904
  946
  991
  1,037
  1,086
  1,138
Net income, $m
  1,619
  736
  981
  1,006
  1,034
  1,064
  1,098
  1,135
  1,175
  1,218
  1,264
  1,352
  1,405
  1,460
  1,520
  1,583
  1,649
  1,720
  1,794
  1,873
  1,956
  2,044
  2,136
  2,234
  2,337
  2,445
  2,559
  2,679
  2,805
  2,937
  3,077

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  704
  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
  5,478
  4,871
  4,983
  5,111
  5,255
  5,414
  5,589
  5,780
  5,986
  6,208
  6,446
  6,701
  6,973
  7,262
  7,570
  7,896
  8,243
  8,609
  8,996
  9,406
  9,838
  10,294
  10,775
  11,281
  11,816
  12,378
  12,970
  13,594
  14,250
  14,940
  15,666
Adjusted assets (=assets-cash), $m
  4,774
  4,871
  4,983
  5,111
  5,255
  5,414
  5,589
  5,780
  5,986
  6,208
  6,446
  6,701
  6,973
  7,262
  7,570
  7,896
  8,243
  8,609
  8,996
  9,406
  9,838
  10,294
  10,775
  11,281
  11,816
  12,378
  12,970
  13,594
  14,250
  14,940
  15,666
Revenue / Adjusted assets
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
Average production assets, $m
  2,411
  2,461
  2,518
  2,582
  2,655
  2,735
  2,824
  2,920
  3,024
  3,136
  3,256
  3,385
  3,523
  3,669
  3,824
  3,989
  4,164
  4,349
  4,545
  4,752
  4,970
  5,200
  5,443
  5,699
  5,969
  6,253
  6,553
  6,868
  7,199
  7,548
  7,914
Working capital, $m
  113
  -532
  -545
  -559
  -574
  -592
  -611
  -632
  -654
  -679
  -705
  -732
  -762
  -794
  -827
  -863
  -901
  -941
  -983
  -1,028
  -1,075
  -1,125
  -1,178
  -1,233
  -1,292
  -1,353
  -1,418
  -1,486
  -1,558
  -1,633
  -1,712
Total debt, $m
  9,127
  2,377
  2,478
  2,593
  2,723
  2,866
  3,023
  3,195
  3,380
  3,580
  3,794
  4,024
  4,268
  4,529
  4,806
  5,100
  5,411
  5,741
  6,090
  6,458
  6,847
  7,257
  7,690
  8,146
  8,627
  9,133
  9,666
  10,227
  10,818
  11,439
  12,092
Total liabilities, $m
  11,134
  4,384
  4,485
  4,600
  4,730
  4,873
  5,030
  5,202
  5,387
  5,587
  5,801
  6,031
  6,275
  6,536
  6,813
  7,107
  7,418
  7,748
  8,097
  8,465
  8,854
  9,264
  9,697
  10,153
  10,634
  11,140
  11,673
  12,234
  12,825
  13,446
  14,099
Total equity, $m
  -5,656
  487
  498
  511
  526
  541
  559
  578
  599
  621
  645
  670
  697
  726
  757
  790
  824
  861
  900
  941
  984
  1,029
  1,077
  1,128
  1,182
  1,238
  1,297
  1,359
  1,425
  1,494
  1,567
Total liabilities and equity, $m
  5,478
  4,871
  4,983
  5,111
  5,256
  5,414
  5,589
  5,780
  5,986
  6,208
  6,446
  6,701
  6,972
  7,262
  7,570
  7,897
  8,242
  8,609
  8,997
  9,406
  9,838
  10,293
  10,774
  11,281
  11,816
  12,378
  12,970
  13,593
  14,250
  14,940
  15,666
Debt-to-equity ratio
  -1.614
  4.880
  4.970
  5.070
  5.180
  5.290
  5.410
  5.530
  5.650
  5.770
  5.890
  6.000
  6.120
  6.240
  6.350
  6.460
  6.570
  6.670
  6.770
  6.870
  6.960
  7.050
  7.140
  7.220
  7.300
  7.380
  7.450
  7.520
  7.590
  7.660
  7.720
Adjusted equity ratio
  -1.332
  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
  736
  981
  1,006
  1,034
  1,064
  1,098
  1,135
  1,175
  1,218
  1,264
  1,352
  1,405
  1,460
  1,520
  1,583
  1,649
  1,720
  1,794
  1,873
  1,956
  2,044
  2,136
  2,234
  2,337
  2,445
  2,559
  2,679
  2,805
  2,937
  3,077
Depreciation, amort., depletion, $m
  309
  310
  316
  323
  331
  339
  348
  358
  369
  381
  393
  353
  367
  382
  398
  416
  434
  453
  473
  495
  518
  542
  567
  594
  622
  651
  683
  715
  750
  786
  824
Funds from operations, $m
  624
  1,047
  1,297
  1,329
  1,364
  1,403
  1,446
  1,493
  1,544
  1,598
  1,657
  1,705
  1,772
  1,843
  1,918
  1,998
  2,083
  2,173
  2,268
  2,368
  2,474
  2,586
  2,703
  2,828
  2,958
  3,096
  3,241
  3,394
  3,555
  3,724
  3,901
Change in working capital, $m
  -580
  -10
  -12
  -14
  -16
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -65
  -68
  -72
  -75
  -79
Cash from operations, $m
  1,204
  957
  1,309
  1,343
  1,380
  1,421
  1,466
  1,514
  1,566
  1,623
  1,683
  1,733
  1,801
  1,874
  1,952
  2,034
  2,121
  2,213
  2,310
  2,413
  2,521
  2,635
  2,756
  2,883
  3,017
  3,158
  3,306
  3,462
  3,626
  3,799
  3,981
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
  -683
  -715
  -750
  -786
New CAPEX, $m
  -422
  -50
  -57
  -65
  -73
  -80
  -88
  -96
  -104
  -112
  -120
  -129
  -137
  -146
  -155
  -165
  -175
  -185
  -196
  -207
  -218
  -230
  -243
  -256
  -270
  -284
  -299
  -315
  -331
  -349
  -367
Cash from investing activities, $m
  -24
  -301
  -313
  -327
  -342
  -357
  -373
  -390
  -408
  -427
  -447
  -468
  -490
  -513
  -537
  -563
  -591
  -619
  -649
  -680
  -713
  -748
  -785
  -823
  -864
  -906
  -950
  -998
  -1,046
  -1,099
  -1,153
Free cash flow, $m
  1,180
  656
  996
  1,016
  1,038
  1,064
  1,092
  1,124
  1,158
  1,196
  1,236
  1,265
  1,311
  1,361
  1,414
  1,470
  1,530
  1,594
  1,661
  1,732
  1,808
  1,887
  1,971
  2,060
  2,153
  2,252
  2,355
  2,465
  2,580
  2,701
  2,828
Issuance/(repayment) of debt, $m
  5,275
  -6,684
  101
  115
  129
  143
  157
  171
  185
  200
  214
  229
  245
  261
  277
  294
  311
  330
  349
  368
  389
  410
  433
  456
  481
  506
  533
  561
  590
  621
  653
Issuance/(repurchase) of shares, $m
  -5,402
  12,171
  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
  5,487
  101
  115
  129
  143
  157
  171
  185
  200
  214
  229
  245
  261
  277
  294
  311
  330
  349
  368
  389
  410
  433
  456
  481
  506
  533
  561
  590
  621
  653
Total cash flow (excl. dividends), $m
  1,222
  -6,028
  1,097
  1,131
  1,168
  1,207
  1,250
  1,295
  1,344
  1,395
  1,450
  1,494
  1,556
  1,622
  1,691
  1,764
  1,842
  1,924
  2,010
  2,101
  2,197
  2,298
  2,404
  2,516
  2,634
  2,758
  2,888
  3,026
  3,170
  3,322
  3,481
Retained Cash Flow (-), $m
  6,567
  -6,781
  -11
  -13
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
Prev. year cash balance distribution, $m
 
  638
  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
 
  0
  1,086
  1,118
  1,153
  1,191
  1,232
  1,276
  1,323
  1,373
  1,426
  1,469
  1,529
  1,593
  1,660
  1,732
  1,807
  1,887
  1,971
  2,060
  2,153
  2,252
  2,356
  2,465
  2,581
  2,702
  2,829
  2,963
  3,104
  3,253
  3,409
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
 
  0
  839
  746
  656
  569
  487
  411
  342
  279
  224
  175
  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 15.6
Price to Sales 4
Price to Book -4.5
Price to Tangible Book
Price to Cash Flow 20.9
Price to Free Cash Flow 32.2
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 -160.2%
Total Debt to Equity -161.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 27.2%
Ret/ On Assets - 3 Yr. Avg. 18.9%
Return On Total Capital 39%
Ret/ On T. Cap. - 3 Yr. Avg. 28.8%
Return On Equity -68.2%
Return On Equity - 3 Yr. Avg. 31.2%
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 37.9%.

Life of production assets of 9.6 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 -8.2%. 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 - $-5656 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 353.208 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 $25.0 billion.


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COMPANY NEWS

▶ Analyst: Pizza Hut is No. 1 in market share but that's about to change   [May-18-17 02:38PM  American City Business Journals]
▶ 'Big Chicken' KFC restaurant gets a $2 million upgrade (PHOTOS)   [03:51PM  American City Business Journals]
▶ Yum Brands, Intuitive Surgical Called Buys; Pfizer Cut To Sell   [04:04PM  Investor's Business Daily]
▶ Housing, food, energy & more in the blitz   [01:31PM  CNBC Videos]
▶ Yahoo Finance Live: Market Movers - May 11th, 2017   [07:20AM  Yahoo Finance Video]
▶ Yum: Taco Bell's doing great; Pizza Hut isn't   [11:16AM  American City Business Journals]
▶ Yum Brands Headed for Breakout After Earnings   [May-05-17 11:52AM  Investopedia]
▶ Final Trade: YUM, MCD & more   [May-04-17 05:59PM  CNBC Videos]
▶ Retail And E-Commerce News And Stocks To Watch   [01:42PM  Investor's Business Daily]
▶ Don't Fall Into Taco Bell's Food Coma   [10:48AM  Bloomberg]
▶ Runaway Chicken Wing Prices Hurting Food Chains   [May-02-17 03:05PM  Investopedia]
▶ I TRIED IT: McDonald's new 'signature crafted' sandwiches   [Apr-28-17 02:56PM  American City Business Journals]
▶ Domino's sales growth streak continues   [Apr-27-17 11:40AM  Associated Press]
▶ What McDonald's 1Q Earnings Reveal About China   [Apr-26-17 12:10PM  Barrons.com]
▶ Bullish and Bearish Reversals for This Week   [01:00PM  TheStreet.com]
▶ Rob Lowe Is KFC's New Colonel Sanders   [Apr-21-17 02:47PM  Investopedia]
▶ Pizza Hut fancies up its online game   [Apr-19-17 01:35PM  American City Business Journals]
▶ KFC Changing How It Preps Chicken Sandwich to Improve Taste   [Apr-18-17 03:28PM  TheStreet.com]
▶ Consumption Trends Power Yum China   [07:00AM  Morningstar]
▶ Pay for CEO of leaner Yum Brands more than doubled last year   [Apr-10-17 03:05PM  American City Business Journals]
▶ [$$] KFC to Stop Using Chicken Raised With Human Antibiotics   [Apr-07-17 10:55PM  The Wall Street Journal]
Stock chart of YUM Financial statements of YUM Annual reports 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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