Intrinsic value of Zoe's Kitchen - ZOES

Previous Close

$12.55

  Intrinsic Value

$1.34

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

+44%

Previous close

$12.55

 
Intrinsic value

$1.34

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

+44%

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

We calculate the intrinsic value of ZOES 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 0.2

 

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, %
  21.59
  17.00
  15.80
  14.72
  13.75
  12.87
  12.09
  11.38
  10.74
  10.17
  9.65
  9.18
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
Revenue, $m
  276
  323
  374
  429
  488
  551
  617
  688
  761
  839
  920
  1,004
  1,092
  1,184
  1,279
  1,378
  1,481
  1,588
  1,699
  1,815
  1,935
  2,060
  2,190
  2,326
  2,467
  2,614
  2,767
  2,927
  3,093
  3,267
  3,449
Variable operating expenses, $m
 
  314
  364
  417
  473
  534
  598
  666
  737
  812
  890
  968
  1,053
  1,141
  1,233
  1,329
  1,428
  1,531
  1,638
  1,750
  1,866
  1,986
  2,112
  2,242
  2,378
  2,520
  2,668
  2,822
  2,982
  3,150
  3,326
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
  270
  314
  364
  417
  473
  534
  598
  666
  737
  812
  890
  968
  1,053
  1,141
  1,233
  1,329
  1,428
  1,531
  1,638
  1,750
  1,866
  1,986
  2,112
  2,242
  2,378
  2,520
  2,668
  2,822
  2,982
  3,150
  3,326
Operating income, $m
  6
  9
  10
  12
  15
  17
  19
  22
  24
  27
  30
  36
  39
  42
  46
  49
  53
  57
  61
  65
  69
  74
  79
  83
  88
  94
  99
  105
  111
  117
  124
EBITDA, $m
  22
  27
  32
  36
  41
  47
  52
  58
  64
  71
  78
  85
  92
  100
  108
  117
  125
  134
  144
  154
  164
  174
  185
  197
  209
  221
  234
  248
  262
  276
  292
Interest expense (income), $m
  4
  4
  6
  8
  11
  13
  16
  18
  21
  24
  28
  31
  35
  38
  42
  46
  50
  55
  59
  64
  69
  74
  79
  84
  90
  96
  102
  108
  115
  122
  129
Earnings before tax, $m
  3
  5
  4
  4
  4
  4
  4
  3
  3
  3
  2
  5
  5
  4
  4
  3
  3
  2
  2
  1
  1
  0
  0
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
Tax expense, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  2
  3
  3
  3
  3
  3
  3
  2
  2
  2
  2
  4
  3
  3
  3
  2
  2
  2
  1
  1
  1
  0
  0
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  215
  246
  285
  326
  371
  419
  470
  523
  579
  638
  700
  764
  831
  901
  974
  1,049
  1,127
  1,209
  1,293
  1,381
  1,473
  1,568
  1,667
  1,770
  1,877
  1,989
  2,106
  2,227
  2,354
  2,487
  2,625
Adjusted assets (=assets-cash), $m
  210
  246
  285
  326
  371
  419
  470
  523
  579
  638
  700
  764
  831
  901
  974
  1,049
  1,127
  1,209
  1,293
  1,381
  1,473
  1,568
  1,667
  1,770
  1,877
  1,989
  2,106
  2,227
  2,354
  2,487
  2,625
Revenue / Adjusted assets
  1.314
  1.313
  1.312
  1.316
  1.315
  1.315
  1.313
  1.315
  1.314
  1.315
  1.314
  1.314
  1.314
  1.314
  1.313
  1.314
  1.314
  1.313
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
Average production assets, $m
  156
  182
  211
  242
  276
  311
  349
  388
  430
  474
  520
  567
  617
  669
  723
  779
  837
  897
  960
  1,025
  1,093
  1,164
  1,237
  1,314
  1,394
  1,477
  1,563
  1,654
  1,748
  1,846
  1,949
Working capital, $m
  -6
  -13
  -15
  -17
  -20
  -22
  -25
  -28
  -30
  -34
  -37
  -40
  -44
  -47
  -51
  -55
  -59
  -64
  -68
  -73
  -77
  -82
  -88
  -93
  -99
  -105
  -111
  -117
  -124
  -131
  -138
Total debt, $m
  30
  45
  60
  77
  95
  115
  135
  157
  180
  204
  228
  255
  282
  310
  339
  370
  402
  435
  469
  504
  541
  580
  620
  662
  705
  751
  798
  847
  898
  952
  1,008
Total liabilities, $m
  85
  100
  115
  132
  150
  170
  190
  212
  235
  259
  283
  310
  337
  365
  394
  425
  457
  490
  524
  559
  596
  635
  675
  717
  760
  806
  853
  902
  953
  1,007
  1,063
Total equity, $m
  130
  146
  169
  194
  221
  249
  280
  311
  345
  380
  416
  455
  495
  536
  579
  624
  671
  719
  770
  822
  876
  933
  992
  1,053
  1,117
  1,183
  1,253
  1,325
  1,401
  1,480
  1,562
Total liabilities and equity, $m
  215
  246
  284
  326
  371
  419
  470
  523
  580
  639
  699
  765
  832
  901
  973
  1,049
  1,128
  1,209
  1,294
  1,381
  1,472
  1,568
  1,667
  1,770
  1,877
  1,989
  2,106
  2,227
  2,354
  2,487
  2,625
Debt-to-equity ratio
  0.231
  0.300
  0.360
  0.400
  0.430
  0.460
  0.480
  0.500
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
  0.640
  0.650
Adjusted equity ratio
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2
  3
  3
  3
  3
  3
  3
  2
  2
  2
  2
  4
  3
  3
  3
  2
  2
  2
  1
  1
  1
  0
  0
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
Depreciation, amort., depletion, $m
  16
  19
  21
  24
  27
  30
  33
  36
  40
  44
  48
  49
  53
  58
  62
  67
  72
  77
  83
  88
  94
  100
  107
  113
  120
  127
  135
  143
  151
  159
  168
Funds from operations, $m
  31
  22
  24
  27
  30
  33
  36
  39
  42
  46
  49
  53
  57
  61
  65
  70
  74
  79
  84
  89
  95
  101
  106
  112
  119
  125
  132
  139
  146
  154
  162
Change in working capital, $m
  5
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Cash from operations, $m
  26
  24
  26
  29
  32
  35
  38
  42
  45
  49
  53
  56
  60
  64
  69
  74
  78
  83
  89
  94
  100
  106
  112
  118
  124
  131
  138
  145
  153
  161
  170
Maintenance CAPEX, $m
  0
  -13
  -16
  -18
  -21
  -24
  -27
  -30
  -33
  -37
  -41
  -45
  -49
  -53
  -58
  -62
  -67
  -72
  -77
  -83
  -88
  -94
  -100
  -107
  -113
  -120
  -127
  -135
  -143
  -151
  -159
New CAPEX, $m
  -46
  -26
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -80
  -83
  -87
  -90
  -94
  -98
  -103
Cash from investing activities, $m
  -41
  -39
  -45
  -49
  -54
  -59
  -65
  -70
  -75
  -81
  -87
  -93
  -99
  -105
  -112
  -118
  -125
  -132
  -140
  -148
  -156
  -165
  -173
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -262
Free cash flow, $m
  -15
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -92
Issuance/(repayment) of debt, $m
  0
  15
  16
  17
  18
  19
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  54
  56
Issuance/(repurchase) of shares, $m
  1
  18
  20
  22
  24
  26
  28
  29
  31
  33
  35
  35
  37
  38
  40
  42
  45
  47
  49
  51
  54
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
Cash from financing (excl. dividends), $m  
  1
  33
  36
  39
  42
  45
  49
  51
  54
  57
  60
  61
  64
  66
  69
  73
  77
  80
  83
  87
  91
  95
  99
  104
  108
  114
  119
  125
  131
  138
  144
Total cash flow (excl. dividends), $m
  -14
  16
  18
  19
  20
  21
  22
  23
  24
  25
  26
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  50
  52
Retained Cash Flow (-), $m
  -5
  -21
  -23
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
Prev. year cash balance distribution, $m
 
  5
  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
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  0
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -6
  -6
  -5
  -5
  -4
  -4
  -3
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.6
  86.1
  80.4
  75.3
  70.7
  66.6
  63.0
  59.7
  56.6
  53.9
  51.5
  49.3
  47.3
  45.4
  43.6
  42.0
  40.4
  38.9
  37.5
  36.2
  35.0
  33.8
  32.7
  31.6
  30.5
  29.5
  28.6
  27.7
  26.8
  25.9

Zoe's Kitchen, Inc., through its subsidiaries, develops and operates a chain of fast-casual restaurants. It operates a range of restaurant formats, including in-line, end-cap, and free-standing restaurants. As of February 23, 2017, the company operated 207 owned and franchised restaurants in 20 states of the United States. Zoe's Kitchen, Inc. was founded in 1995 and is based in Plano, Texas.

FINANCIAL RATIOS  of  Zoe's Kitchen (ZOES)

Valuation Ratios
P/E Ratio 122.1
Price to Sales 0.9
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow -12.2
Growth Rates
Sales Growth Rate 21.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.1%
Cap. Spend. - 3 Yr. Gr. Rate 10.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 23.1%
Total Debt to Equity 23.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. -0%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity 1.6%
Return On Equity - 3 Yr. Avg. -3.5%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 69.6%
Gross Margin - 3 Yr. Avg. 68.4%
EBITDA Margin 8.3%
EBITDA Margin - 3 Yr. Avg. 6.6%
Operating Margin 2.2%
Oper. Margin - 3 Yr. Avg. 0.4%
Pre-Tax Margin 1.1%
Pre-Tax Margin - 3 Yr. Avg. -1.1%
Net Profit Margin 0.7%
Net Profit Margin - 3 Yr. Avg. -1.5%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 24.1%
Payout Ratio 0%

ZOES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZOES stock intrinsic value calculation we used $276 million for the last fiscal year's total revenue generated by Zoe's Kitchen. The default revenue input number comes from 2016 income statement of Zoe's Kitchen. 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 ZOES stock valuation model: a) initial revenue growth rate of 17% 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 4.3%, whose default value for ZOES is calculated based on our internal credit rating of Zoe's Kitchen, 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 Zoe's Kitchen.
    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 ZOES stock the variable cost ratio is equal to 97.5%.

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 ZOES 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 13.6% for Zoe's Kitchen.

Corporate tax rate of 27% is the nominal tax rate for Zoe's Kitchen. 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 ZOES 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 ZOES are equal to 56.5%.

Life of production assets of 11.6 years is the average useful life of capital assets used in Zoe's Kitchen 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 ZOES is equal to -4%. 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 - $130 million for Zoe's Kitchen - 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 18.699 million for Zoe's Kitchen 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 Zoe's Kitchen at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Zoe's Kitchen Inc. to Slow Expansion   [Aug-19-17 03:00PM  Motley Fool]
▶ Why Zoe's Kitchen, Inc. Stock Dropped Today   [Aug-18-17 04:39PM  Motley Fool]
▶ Zoe's misses Street 2Q forecasts   [Aug-17-17 09:09PM  Associated Press]
▶ Why Zoe's Kitchen Inc Stock Popped Today   [Aug-16-17 05:34PM  Motley Fool]
▶ See This Week's Hottest Earnings Charts   [Aug-15-17 07:15PM  Zacks]
▶ Zoës Kitchen Unveils New Enhanced Website   [Aug-08-17 09:00AM  Business Wire]
▶ Brentwood Associates Invests in Blaze Fast-Fire'd Pizza   [Jul-13-17 06:43PM  Marketwired]
▶ 3 Stocks That Have Been Cut in Half in 2017   [Jul-07-17 09:09AM  Motley Fool]
▶ ETFs with exposure to Zoes Kitchen, Inc. : July 6, 2017   [Jul-06-17 02:17PM  Capital Cube]
▶ 3 Stocks with National Beverage-like Return Potential   [Jun-21-17 04:13PM  Motley Fool]
▶ ETFs with exposure to Zoes Kitchen, Inc. : June 19, 2017   [Jun-19-17 04:23PM  Capital Cube]
▶ Why Zoe's Kitchen, Inc. Stock Plunged 22.9% in May   [Jun-15-17 08:07AM  Motley Fool]
▶ 3 Stocks Warren Buffett Can't Buy, but You Can   [Jun-12-17 09:40AM  Motley Fool]
▶ Zoe's Kitchen aims to double restaurants in Houston area   [May-31-17 03:50PM  American City Business Journals]
▶ ETFs with exposure to Zoes Kitchen, Inc. : May 30, 2017   [May-30-17 12:53PM  Capital Cube]
▶ Zoe's Kitchen Inc. Cuts Outlook   [10:33AM  Motley Fool]
▶ A Noteworthy Thursday for 4 Value Names   [10:00AM  TheStreet.com]
▶ Zoe's meets 1Q profit forecasts   [May-25-17 04:11PM  Associated Press]
▶ Zoe's Kitchen Stock Has a Lot to Prove on Thursday   [May-23-17 10:09AM  Motley Fool]
▶ ETFs with exposure to Zoes Kitchen, Inc. : April 19, 2017   [Apr-19-17 02:44PM  Capital Cube]
▶ 3 Things That Could Help Fuel Zoe's Kitchen's Turnaround   [Apr-09-17 05:02PM  Motley Fool]
▶ Top Fast-Casual Stocks to Buy in 2017   [Apr-05-17 08:24PM  Motley Fool]
▶ Zoe's Kitchen Isn't Looking Too Fresh   [11:16AM  TheStreet.com]
▶ Zoe's Kitchen Stock: Next Stop, $16?   [Mar-23-17 03:33PM  Motley Fool]
▶ 3 Stocks That Are Overvalued   [03:42PM  Motley Fool]
▶ Zoe's Kitchen's Growth Problems in 3 Charts   [Mar-19-17 12:23PM  Motley Fool]
▶ Why Zoe's Kitchen Inc Stock Plummeted 17.9% in February   [Mar-15-17 02:44PM  Motley Fool]
▶ 4 Stocks to Buy Near 52-Week Lows   [Mar-11-17 11:46AM  Motley Fool]
▶ Forget Whole Foods Market: Here Are 2 Better Stocks   [Mar-08-17 08:07PM  at Motley Fool]
▶ Zoe's Kitchen Stock Has a Lot to Prove on Thursday   [Feb-19-17 09:08AM  at Motley Fool]
▶ Zoës Kitchen Joins the Dinova Marketplace   [Feb-07-17 09:34AM  PR Newswire]
▶ Top Restaurant Stocks to Buy in 2017   [Feb-02-17 10:53AM  at Motley Fool]
▶ Why 2017 Is the Year to Invest in Fast-Casual Stocks   [Jan-21-17 10:04AM  at Motley Fool]
▶ Can Zoe's Kitchen Inc Double Its Store Count by 2020?   [Jan-18-17 08:10PM  at Motley Fool]
▶ Is Zoe's Kitchen Stock a Good Buy for 2017?   [Jan-16-17 12:48PM  at Motley Fool]
▶ Why Zoe's Kitchen and Habit Restaurants Inc Declined in 2016   [Jan-11-17 04:55PM  at Motley Fool]
▶ Zoe's Kitchen Would Love to Forget 2016 Ever Happened   [Dec-30-16 11:21AM  at Motley Fool]
▶ 5 Top Consumer Goods Stocks to Buy in 2017   [Dec-22-16 09:06AM  at Motley Fool]
▶ Is Zoes Kitchen Inc (ZOES) A Good Stock To Buy?   [Dec-20-16 02:00PM  at Insider Monkey]
Stock chart of ZOES Financial statements of ZOES
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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