Intrinsic value of Arcos Dorados Holdings Cl A - ARCO

Previous Close

$9.70

  Intrinsic Value

$2.89

stock screener

  Rating & Target

str. sell

-70%

Previous close

$9.70

 
Intrinsic value

$2.89

 
Up/down potential

-70%

 
Rating

str. sell

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

We calculate the intrinsic value of ARCO 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Arcos Dorados Holdings Cl A (ARCO) stock.

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, %
  -4.06
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  2,929
  3,178
  3,437
  3,706
  3,986
  4,277
  4,579
  4,893
  5,220
  5,560
  5,913
  6,281
  6,664
  7,063
  7,479
  7,913
  8,365
  8,838
  9,331
  9,847
  10,386
  10,949
  11,539
  12,155
  12,801
  13,477
  14,184
  14,926
  15,702
  16,516
  17,369
Variable operating expenses, $m
 
  3,079
  3,330
  3,591
  3,862
  4,144
  4,437
  4,741
  5,058
  5,387
  5,729
  6,085
  6,456
  6,842
  7,245
  7,665
  8,104
  8,562
  9,040
  9,539
  10,061
  10,607
  11,178
  11,776
  12,401
  13,056
  13,741
  14,459
  15,212
  16,000
  16,827
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
  2,750
  3,079
  3,330
  3,591
  3,862
  4,144
  4,437
  4,741
  5,058
  5,387
  5,729
  6,085
  6,456
  6,842
  7,245
  7,665
  8,104
  8,562
  9,040
  9,539
  10,061
  10,607
  11,178
  11,776
  12,401
  13,056
  13,741
  14,459
  15,212
  16,000
  16,827
Operating income, $m
  179
  99
  107
  115
  124
  133
  142
  152
  162
  173
  184
  196
  208
  221
  234
  247
  261
  276
  291
  308
  324
  342
  360
  380
  400
  421
  443
  466
  491
  516
  543
EBITDA, $m
  272
  200
  216
  233
  250
  269
  288
  307
  328
  349
  371
  395
  419
  444
  470
  497
  525
  555
  586
  619
  652
  688
  725
  764
  804
  847
  891
  938
  986
  1,038
  1,091
Interest expense (income), $m
  77
  69
  81
  93
  106
  120
  134
  148
  164
  179
  196
  213
  230
  249
  268
  288
  309
  330
  353
  377
  402
  428
  455
  483
  513
  544
  576
  610
  646
  683
  722
Earnings before tax, $m
  139
  30
  26
  22
  17
  13
  8
  4
  -1
  -6
  -12
  -16
  -22
  -28
  -34
  -41
  -47
  -54
  -62
  -69
  -77
  -86
  -94
  -103
  -113
  -123
  -133
  -144
  -155
  -167
  -180
Tax expense, $m
  60
  8
  7
  6
  5
  4
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  79
  22
  19
  16
  13
  10
  6
  3
  -1
  -6
  -12
  -16
  -22
  -28
  -34
  -41
  -47
  -54
  -62
  -69
  -77
  -86
  -94
  -103
  -113
  -123
  -133
  -144
  -155
  -167
  -180

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  195
  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
  1,505
  1,421
  1,537
  1,658
  1,783
  1,913
  2,048
  2,188
  2,334
  2,486
  2,644
  2,809
  2,980
  3,159
  3,345
  3,539
  3,741
  3,953
  4,173
  4,404
  4,645
  4,897
  5,160
  5,436
  5,725
  6,027
  6,344
  6,675
  7,022
  7,386
  7,768
Adjusted assets (=assets-cash), $m
  1,310
  1,421
  1,537
  1,658
  1,783
  1,913
  2,048
  2,188
  2,334
  2,486
  2,644
  2,809
  2,980
  3,159
  3,345
  3,539
  3,741
  3,953
  4,173
  4,404
  4,645
  4,897
  5,160
  5,436
  5,725
  6,027
  6,344
  6,675
  7,022
  7,386
  7,768
Revenue / Adjusted assets
  2.236
  2.236
  2.236
  2.235
  2.236
  2.236
  2.236
  2.236
  2.237
  2.237
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
  2.236
Average production assets, $m
  878
  953
  1,031
  1,112
  1,196
  1,283
  1,374
  1,468
  1,566
  1,668
  1,774
  1,884
  1,999
  2,119
  2,244
  2,374
  2,510
  2,651
  2,799
  2,954
  3,116
  3,285
  3,462
  3,647
  3,840
  4,043
  4,255
  4,478
  4,711
  4,955
  5,211
Working capital, $m
  -103
  -292
  -316
  -341
  -367
  -393
  -421
  -450
  -480
  -511
  -544
  -578
  -613
  -650
  -688
  -728
  -770
  -813
  -858
  -906
  -955
  -1,007
  -1,062
  -1,118
  -1,178
  -1,240
  -1,305
  -1,373
  -1,445
  -1,519
  -1,598
Total debt, $m
  580
  648
  748
  851
  959
  1,071
  1,187
  1,308
  1,434
  1,564
  1,700
  1,842
  1,989
  2,142
  2,302
  2,469
  2,643
  2,825
  3,015
  3,213
  3,421
  3,637
  3,864
  4,101
  4,349
  4,609
  4,881
  5,167
  5,465
  5,778
  6,106
Total liabilities, $m
  1,154
  1,222
  1,322
  1,425
  1,533
  1,645
  1,761
  1,882
  2,008
  2,138
  2,274
  2,416
  2,563
  2,716
  2,876
  3,043
  3,217
  3,399
  3,589
  3,787
  3,995
  4,211
  4,438
  4,675
  4,923
  5,183
  5,455
  5,741
  6,039
  6,352
  6,680
Total equity, $m
  351
  199
  215
  232
  250
  268
  287
  306
  327
  348
  370
  393
  417
  442
  468
  495
  524
  553
  584
  617
  650
  686
  722
  761
  801
  844
  888
  935
  983
  1,034
  1,088
Total liabilities and equity, $m
  1,505
  1,421
  1,537
  1,657
  1,783
  1,913
  2,048
  2,188
  2,335
  2,486
  2,644
  2,809
  2,980
  3,158
  3,344
  3,538
  3,741
  3,952
  4,173
  4,404
  4,645
  4,897
  5,160
  5,436
  5,724
  6,027
  6,343
  6,676
  7,022
  7,386
  7,768
Debt-to-equity ratio
  1.652
  3.260
  3.480
  3.670
  3.840
  4.000
  4.140
  4.270
  4.390
  4.490
  4.590
  4.680
  4.770
  4.840
  4.920
  4.980
  5.050
  5.110
  5.160
  5.210
  5.260
  5.310
  5.350
  5.390
  5.430
  5.460
  5.500
  5.530
  5.560
  5.590
  5.620
Adjusted equity ratio
  0.119
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  79
  22
  19
  16
  13
  10
  6
  3
  -1
  -6
  -12
  -16
  -22
  -28
  -34
  -41
  -47
  -54
  -62
  -69
  -77
  -86
  -94
  -103
  -113
  -123
  -133
  -144
  -155
  -167
  -180
Depreciation, amort., depletion, $m
  93
  101
  109
  118
  127
  136
  145
  155
  166
  176
  187
  198
  210
  223
  236
  250
  264
  279
  295
  311
  328
  346
  364
  384
  404
  426
  448
  471
  496
  522
  548
Funds from operations, $m
  232
  123
  128
  134
  139
  145
  151
  158
  164
  170
  176
  182
  188
  195
  202
  209
  217
  225
  233
  242
  251
  260
  270
  281
  291
  303
  315
  327
  341
  354
  369
Change in working capital, $m
  68
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
Cash from operations, $m
  164
  146
  152
  158
  165
  172
  179
  187
  194
  201
  208
  216
  224
  232
  240
  249
  258
  268
  278
  289
  300
  312
  324
  337
  351
  365
  380
  396
  412
  429
  447
Maintenance CAPEX, $m
  0
  -92
  -100
  -109
  -117
  -126
  -135
  -145
  -155
  -165
  -176
  -187
  -198
  -210
  -223
  -236
  -250
  -264
  -279
  -295
  -311
  -328
  -346
  -364
  -384
  -404
  -426
  -448
  -471
  -496
  -522
New CAPEX, $m
  -92
  -76
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -185
  -194
  -203
  -212
  -222
  -233
  -244
  -256
Cash from investing activities, $m
  23
  -168
  -178
  -190
  -201
  -213
  -226
  -239
  -253
  -267
  -282
  -297
  -313
  -330
  -348
  -366
  -386
  -406
  -427
  -450
  -473
  -497
  -523
  -549
  -578
  -607
  -638
  -670
  -704
  -740
  -778
Free cash flow, $m
  187
  -23
  -26
  -31
  -36
  -41
  -46
  -52
  -58
  -65
  -73
  -81
  -90
  -98
  -108
  -117
  -127
  -138
  -149
  -160
  -172
  -185
  -198
  -212
  -227
  -242
  -258
  -275
  -292
  -311
  -330
Issuance/(repayment) of debt, $m
  -264
  96
  100
  104
  108
  112
  116
  121
  126
  131
  136
  141
  147
  153
  160
  167
  174
  182
  190
  198
  207
  217
  227
  237
  248
  260
  272
  285
  299
  313
  328
Issuance/(repurchase) of shares, $m
  0
  0
  0
  1
  5
  9
  13
  17
  22
  27
  34
  39
  46
  53
  60
  68
  76
  84
  93
  102
  111
  121
  131
  142
  153
  165
  177
  190
  204
  218
  233
Cash from financing (excl. dividends), $m  
  -113
  96
  100
  105
  113
  121
  129
  138
  148
  158
  170
  180
  193
  206
  220
  235
  250
  266
  283
  300
  318
  338
  358
  379
  401
  425
  449
  475
  503
  531
  561
Total cash flow (excl. dividends), $m
  82
  74
  73
  74
  76
  79
  83
  86
  89
  93
  96
  100
  104
  108
  113
  117
  123
  128
  134
  140
  146
  153
  160
  167
  175
  183
  192
  201
  210
  220
  231
Retained Cash Flow (-), $m
  -65
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -22
  -27
  -34
  -39
  -46
  -53
  -60
  -68
  -76
  -84
  -93
  -102
  -111
  -121
  -131
  -142
  -153
  -165
  -177
  -190
  -204
  -218
  -233
Prev. year cash balance distribution, $m
 
  167
  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
 
  226
  57
  57
  59
  61
  64
  66
  68
  65
  63
  60
  58
  55
  52
  50
  47
  44
  41
  38
  35
  32
  29
  25
  22
  18
  14
  10
  6
  2
  -2
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  211
  50
  46
  43
  41
  38
  36
  32
  27
  23
  19
  15
  12
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  99.9
  99.6
  99.0
  98.2
  97.2
  96.0
  94.6
  93.1
  91.4
  89.6
  87.7
  85.7
  83.6
  81.5
  79.3
  77.1
  74.9
  72.6
  70.4
  68.1
  65.9
  63.7
  61.5
  59.4
  57.3
  55.2
  53.2
  51.2

Arcos Dorados Holdings Inc. is a McDonald's franchisee. The Company operates or franchises over 2,140 McDonald's-branded restaurants. It divides its operations into four geographical divisions: Brazil; the Caribbean division, consisting of Aruba, Colombia, Curacao, French Guiana, Guadeloupe, Martinique, Puerto Rico, Trinidad and Tobago, the United States Virgin Islands of Saint Croix and Saint Thomas, and Venezuela; the North Latin America division (NOLAD), consisting of Costa Rica, Mexico and Panama, and the South Latin America division (SLAD), consisting of Argentina, Chile, Ecuador, Peru and Uruguay. Its menus feature over three tiers of products: entry-level options, such as its Big Pleasures, Small Prices offerings and Almuerzos Colombianos (Colombian Lunches) in Colombia; core menu options, such as the Big Mac, Happy Meal and Quarter Pounder, and premium options, such as Big Tasty or Angus premium hamburgers and chicken sandwiches and low-calorie or low-sodium products.

FINANCIAL RATIOS  of  Arcos Dorados Holdings Cl A (ARCO)

Valuation Ratios
P/E Ratio 25.9
Price to Sales 0.7
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 28.4
Growth Rates
Sales Growth Rate -4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.1%
Cap. Spend. - 3 Yr. Gr. Rate -21.7%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 157.3%
Total Debt to Equity 165.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. -1.4%
Return On Equity 24.8%
Return On Equity - 3 Yr. Avg. -2.7%
Asset Turnover 2
Profitability Ratios
Gross Margin 12.2%
Gross Margin - 3 Yr. Avg. 12%
EBITDA Margin 10.5%
EBITDA Margin - 3 Yr. Avg. 6.1%
Operating Margin 6.1%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 4.7%
Pre-Tax Margin - 3 Yr. Avg. 0.6%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. -0.7%
Effective Tax Rate 43.2%
Eff/ Tax Rate - 3 Yr. Avg. -24.8%
Payout Ratio 0%

ARCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARCO stock intrinsic value calculation we used $2929 million for the last fiscal year's total revenue generated by Arcos Dorados Holdings Cl A. The default revenue input number comes from 2016 income statement of Arcos Dorados Holdings Cl A. 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 ARCO stock valuation model: a) initial revenue growth rate of 8.5% 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 6.9%, whose default value for ARCO is calculated based on our internal credit rating of Arcos Dorados Holdings Cl A, 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 Arcos Dorados Holdings Cl A.
    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 ARCO stock the variable cost ratio is equal to 96.9%.

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 ARCO 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 12.5% for Arcos Dorados Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for Arcos Dorados Holdings Cl A. 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 ARCO 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 ARCO are equal to 30%.

Life of production assets of 9.5 years is the average useful life of capital assets used in Arcos Dorados Holdings Cl A 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 ARCO is equal to -9.2%. 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 - $351 million for Arcos Dorados Holdings Cl A - 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 210.628 million for Arcos Dorados Holdings Cl A 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 Arcos Dorados Holdings Cl A at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ 9 Stocks Ken Fisher Continues to Buy   [Jan-31-18 03:34PM  GuruFocus.com]
▶ Arcos Dorados Signs Neymar Jr. in Brazil   [08:01AM  Business Wire]
▶ 10 Best Stocks I Wish I Bought in 2017   [Nov-30-17 03:20PM  InvestorPlace]
▶ Arcos Dorados posts 3Q profit   [08:13AM  Associated Press]
▶ Arcos Dorados reports 2Q loss   [Aug-09-17 10:22PM  Associated Press]
▶ The 3 Stocks on the MFM Team's Radar This Week   [Aug-06-17 10:02PM  Motley Fool]
▶ Arcos Dorados Holdings Addresses Its Biggest Threat   [Aug-03-17 06:11PM  Motley Fool]
▶ Arcos Dorados to Participate in Upcoming Equity Conferences   [Jul-07-17 08:05AM  Business Wire]
▶ Brazil Shockwaves Send These 5 Stocks Plunging   [May-18-17 05:43PM  Motley Fool]
▶ Why Arcos Dorados Holding Inc. Stock Popped Today   [May-03-17 04:58PM  Motley Fool]
▶ Arcos Dorados posts 1Q profit   [08:04AM  Associated Press]
▶ 3 Top Stocks Under $10   [Mar-16-17 07:15PM  Motley Fool]
▶ What Happened in the Stock Market Today   [04:58PM  at Motley Fool]
Financial statements of ARCO
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