Intrinsic value of Buffalo Wild Wings - BWLD

Previous Close

$102.35

  Intrinsic Value

$93.83

stock screener

  Rating & Target

hold

-8%

  Value-price divergence*

+27%

Previous close

$102.35

 
Intrinsic value

$93.83

 
Up/down potential

-8%

 
Rating

hold

 
Value-price divergence*

+27%

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

We calculate the intrinsic value of BWLD 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 1.6

 

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, %
  9.60
  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
  1,987
  2,027
  2,073
  2,127
  2,186
  2,253
  2,325
  2,405
  2,490
  2,583
  2,682
  2,788
  2,901
  3,022
  3,150
  3,285
  3,429
  3,582
  3,743
  3,913
  4,093
  4,283
  4,483
  4,694
  4,916
  5,150
  5,396
  5,656
  5,929
  6,216
  6,518
Variable operating expenses, $m
 
  1,872
  1,915
  1,964
  2,019
  2,080
  2,147
  2,220
  2,298
  2,383
  2,474
  2,561
  2,665
  2,776
  2,893
  3,018
  3,150
  3,290
  3,438
  3,595
  3,760
  3,934
  4,118
  4,312
  4,516
  4,731
  4,957
  5,196
  5,446
  5,710
  5,987
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
  1,850
  1,872
  1,915
  1,964
  2,019
  2,080
  2,147
  2,220
  2,298
  2,383
  2,474
  2,561
  2,665
  2,776
  2,893
  3,018
  3,150
  3,290
  3,438
  3,595
  3,760
  3,934
  4,118
  4,312
  4,516
  4,731
  4,957
  5,196
  5,446
  5,710
  5,987
Operating income, $m
  137
  154
  158
  162
  167
  173
  179
  185
  192
  199
  208
  227
  236
  246
  256
  267
  279
  292
  305
  318
  333
  349
  365
  382
  400
  419
  439
  460
  483
  506
  530
EBITDA, $m
  289
  301
  307
  315
  324
  334
  345
  357
  369
  383
  398
  413
  430
  448
  467
  487
  509
  531
  555
  580
  607
  635
  665
  696
  729
  764
  800
  839
  879
  922
  967
Interest expense (income), $m
  4
  7
  8
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  27
  28
  30
  32
  34
  36
  39
  41
  44
  46
Earnings before tax, $m
  134
  147
  150
  154
  159
  164
  169
  175
  181
  188
  195
  213
  222
  230
  240
  249
  260
  271
  283
  295
  308
  322
  336
  352
  368
  385
  403
  422
  441
  462
  484
Tax expense, $m
  40
  40
  41
  42
  43
  44
  46
  47
  49
  51
  53
  58
  60
  62
  65
  67
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
Net income, $m
  95
  107
  110
  113
  116
  119
  123
  128
  132
  137
  142
  156
  162
  168
  175
  182
  190
  198
  206
  215
  225
  235
  246
  257
  269
  281
  294
  308
  322
  337
  353

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  49
  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
  1,047
  1,018
  1,041
  1,068
  1,098
  1,131
  1,168
  1,208
  1,251
  1,297
  1,347
  1,400
  1,457
  1,518
  1,582
  1,650
  1,722
  1,799
  1,880
  1,965
  2,056
  2,151
  2,252
  2,358
  2,469
  2,587
  2,710
  2,841
  2,978
  3,122
  3,274
Adjusted assets (=assets-cash), $m
  998
  1,018
  1,041
  1,068
  1,098
  1,131
  1,168
  1,208
  1,251
  1,297
  1,347
  1,400
  1,457
  1,518
  1,582
  1,650
  1,722
  1,799
  1,880
  1,965
  2,056
  2,151
  2,252
  2,358
  2,469
  2,587
  2,710
  2,841
  2,978
  3,122
  3,274
Revenue / Adjusted assets
  1.991
  1.991
  1.991
  1.992
  1.991
  1.992
  1.991
  1.991
  1.990
  1.992
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
  1.991
Average production assets, $m
  732
  746
  763
  783
  805
  829
  856
  885
  916
  950
  987
  1,026
  1,068
  1,112
  1,159
  1,209
  1,262
  1,318
  1,377
  1,440
  1,506
  1,576
  1,650
  1,727
  1,809
  1,895
  1,986
  2,081
  2,182
  2,287
  2,399
Working capital, $m
  -65
  -111
  -114
  -117
  -120
  -124
  -128
  -132
  -137
  -142
  -148
  -153
  -160
  -166
  -173
  -181
  -189
  -197
  -206
  -215
  -225
  -236
  -247
  -258
  -270
  -283
  -297
  -311
  -326
  -342
  -358
Total debt, $m
  209
  215
  228
  242
  258
  275
  294
  315
  338
  362
  389
  417
  446
  478
  512
  548
  586
  626
  669
  714
  761
  811
  864
  920
  979
  1,041
  1,106
  1,174
  1,246
  1,322
  1,402
Total liabilities, $m
  529
  535
  548
  562
  578
  595
  614
  635
  658
  682
  709
  737
  766
  798
  832
  868
  906
  946
  989
  1,034
  1,081
  1,131
  1,184
  1,240
  1,299
  1,361
  1,426
  1,494
  1,566
  1,642
  1,722
Total equity, $m
  518
  483
  494
  506
  521
  536
  554
  572
  593
  615
  638
  664
  691
  719
  750
  782
  816
  853
  891
  932
  974
  1,020
  1,067
  1,117
  1,170
  1,226
  1,285
  1,346
  1,411
  1,480
  1,552
Total liabilities and equity, $m
  1,047
  1,018
  1,042
  1,068
  1,099
  1,131
  1,168
  1,207
  1,251
  1,297
  1,347
  1,401
  1,457
  1,517
  1,582
  1,650
  1,722
  1,799
  1,880
  1,966
  2,055
  2,151
  2,251
  2,357
  2,469
  2,587
  2,711
  2,840
  2,977
  3,122
  3,274
Debt-to-equity ratio
  0.403
  0.450
  0.460
  0.480
  0.490
  0.510
  0.530
  0.550
  0.570
  0.590
  0.610
  0.630
  0.650
  0.660
  0.680
  0.700
  0.720
  0.730
  0.750
  0.770
  0.780
  0.800
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
Adjusted equity ratio
  0.470
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  95
  107
  110
  113
  116
  119
  123
  128
  132
  137
  142
  156
  162
  168
  175
  182
  190
  198
  206
  215
  225
  235
  246
  257
  269
  281
  294
  308
  322
  337
  353
Depreciation, amort., depletion, $m
  152
  146
  149
  153
  157
  161
  166
  172
  177
  184
  190
  187
  194
  202
  211
  220
  229
  240
  250
  262
  274
  287
  300
  314
  329
  345
  361
  378
  397
  416
  436
Funds from operations, $m
  309
  254
  259
  266
  273
  281
  290
  299
  309
  321
  332
  342
  356
  370
  386
  402
  419
  437
  457
  477
  499
  522
  546
  571
  597
  626
  655
  686
  719
  753
  790
Change in working capital, $m
  26
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
Cash from operations, $m
  283
  256
  262
  269
  276
  285
  294
  303
  314
  326
  338
  348
  362
  377
  393
  409
  427
  446
  466
  487
  509
  532
  557
  582
  610
  638
  669
  700
  734
  769
  806
Maintenance CAPEX, $m
  0
  -133
  -136
  -139
  -142
  -146
  -151
  -156
  -161
  -167
  -173
  -179
  -187
  -194
  -202
  -211
  -220
  -229
  -240
  -250
  -262
  -274
  -287
  -300
  -314
  -329
  -345
  -361
  -378
  -397
  -416
New CAPEX, $m
  -142
  -14
  -17
  -20
  -22
  -24
  -27
  -29
  -32
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -106
  -111
Cash from investing activities, $m
  -145
  -147
  -153
  -159
  -164
  -170
  -178
  -185
  -193
  -201
  -209
  -218
  -229
  -238
  -249
  -261
  -273
  -285
  -299
  -313
  -328
  -344
  -361
  -378
  -396
  -415
  -436
  -456
  -478
  -503
  -527
Free cash flow, $m
  138
  109
  109
  110
  112
  114
  116
  119
  122
  125
  129
  130
  134
  138
  143
  149
  154
  160
  167
  173
  181
  188
  196
  205
  214
  223
  233
  244
  255
  267
  279
Issuance/(repayment) of debt, $m
  142
  10
  12
  14
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
Issuance/(repurchase) of shares, $m
  -228
  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 from financing (excl. dividends), $m  
  -100
  10
  12
  14
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
Total cash flow (excl. dividends), $m
  38
  119
  121
  124
  128
  131
  135
  140
  144
  149
  155
  158
  164
  170
  177
  185
  192
  201
  209
  218
  228
  238
  249
  261
  273
  285
  298
  312
  327
  343
  359
Retained Cash Flow (-), $m
  137
  -10
  -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
 
  45
  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
 
  154
  110
  112
  113
  116
  118
  121
  124
  127
  131
  132
  137
  142
  147
  152
  158
  164
  171
  178
  185
  193
  202
  210
  220
  229
  240
  251
  262
  274
  287
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
 
  148
  101
  97
  93
  90
  86
  82
  77
  73
  69
  63
  58
  54
  49
  45
  40
  36
  31
  27
  24
  20
  17
  14
  11
  9
  7
  5
  4
  3
  2
Current shareholders' claim on cash, %
  100
  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
  100.0

Buffalo Wild Wings, Inc. is the owner, operator and franchisor of restaurants. As of December 25, 2016, the Company's made-to-order menu items included 16 sauces and five seasonings, ranging from Sweet BBQ to Blazin. The Company's restaurants offer 20 to 40 domestic and imported beers on tap, including craft brews, and a selection of bottled beers, wines and liquor. As of December 25, 2016, the Company had company-owned or franchised restaurants in all 50 states and two Canadian provinces. Its franchised restaurants also operate in Mexico, Saudi Arabia, Philippines, Panama and the United Arab Emirates. The Company operates Buffalo Wild Wings, R Taco and PizzaRev restaurants, as well as sells Buffalo Wild Wings and R Taco restaurant franchises. In addition to traditional and boneless chicken wings, the Company's menu features a range of food items, including sharables, hamburgers, sandwiches, wraps, Buffalito soft tacos, and salads.

FINANCIAL RATIOS  of  Buffalo Wild Wings (BWLD)

Valuation Ratios
P/E Ratio 18.8
Price to Sales 0.9
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 6.3
Price to Free Cash Flow 12.7
Growth Rates
Sales Growth Rate 9.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.9%
Cap. Spend. - 3 Yr. Gr. Rate 0.4%
Financial Strength
Quick Ratio 12
Current Ratio 0.3
LT Debt to Equity 39.6%
Total Debt to Equity 40.3%
Interest Coverage 35
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 10.4%
Return On Total Capital 13.1%
Ret/ On T. Cap. - 3 Yr. Avg. 15.2%
Return On Equity 16.2%
Return On Equity - 3 Yr. Avg. 16.6%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 41.4%
Gross Margin - 3 Yr. Avg. 42.3%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 14.9%
Operating Margin 6.9%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 29.9%
Eff/ Tax Rate - 3 Yr. Avg. 30.1%
Payout Ratio 0%

BWLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BWLD stock intrinsic value calculation we used $1987 million for the last fiscal year's total revenue generated by Buffalo Wild Wings. The default revenue input number comes from 2016 income statement of Buffalo Wild Wings. 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 BWLD 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 4.3%, whose default value for BWLD is calculated based on our internal credit rating of Buffalo Wild Wings, 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 Buffalo Wild Wings.
    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 BWLD stock the variable cost ratio is equal to 92.4%.

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 BWLD 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 3.5% for Buffalo Wild Wings.

Corporate tax rate of 27% is the nominal tax rate for Buffalo Wild Wings. 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 BWLD 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 BWLD are equal to 36.8%.

Life of production assets of 5.5 years is the average useful life of capital assets used in Buffalo Wild Wings 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 BWLD is equal to -5.5%. 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 - $518 million for Buffalo Wild Wings - 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 15.347 million for Buffalo Wild Wings 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 Buffalo Wild Wings at the current share price and the inputted number of shares is $1.6 billion.

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ARKR ARK Restaurant 24.95 28.64  buy
BLMN Bloomin' B 17.51 12.31  sell
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COMPANY NEWS

▶ Stifel initiates coverage on the food stocks   [Oct-03-17 03:05PM  CNBC Videos]
▶ Fast food heats up   [Sep-29-17 02:35PM  CNBC Videos]
▶ Buffalo Wild Wings' Risky New Promo Is Working Perfectly   [Sep-28-17 02:59PM  Motley Fool]
▶ Activist Mick McGuire's best idea   [Sep-27-17 06:00AM  CNBC Videos]
▶ What Trump's Nasty War With Sports Has to Do With Investing   [Sep-25-17 12:45PM  TheStreet.com]
▶ Buffalo Wild Wings Plays a New Game of Chicken   [Sep-19-17 05:01PM  Barrons.com]
▶ Chicken wing shortage threatens restaurants   [Sep-18-17 04:45PM  Yahoo Finance Video]
▶ Football Grub Costs Take Wing   [04:22PM  The Wall Street Journal]
▶ Stocks That Fell to 3-Year Lows   [Sep-01-17 08:17PM  GuruFocus.com]
▶ Minnesota retailers close dozens of stores in Texas after Hurricane Harvey (Video)   [Aug-29-17 09:29AM  American City Business Journals]
▶ Buffalo Wild Wings will air Mayweather-McGregor fight at hundreds of restaurants   [Aug-25-17 04:00PM  American City Business Journals]
▶ 3 Top Stocks Wall Street Insiders Love   [Aug-23-17 09:03PM  Motley Fool]
▶ Is Anything Going Right for Buffalo Wild Wings?   [Aug-01-17 07:40PM  Motley Fool]
▶ 3 Earnings Winners, 1 Unappetizing Loser   [Jul-31-17 10:10PM  Motley Fool]
▶ Why You Should Stay Away From Buffalo Wild Wings   [Jul-28-17 05:46PM  GuruFocus.com]
▶ What Happened in the Stock Market Today   [Jul-27-17 04:53PM  Motley Fool]
▶ 5 Stocks to Avoid at all Costs   [03:30PM  Zacks]
▶ Restaurant chain to pilot beer delivery in Ohio   [02:55PM  American City Business Journals]
▶ Story Stocks from Briefing.com   [02:46PM  Briefing.com]
▶ Buffalo Wild Wings Needs a New Recipe   [09:11AM  Motley Fool]
▶ Buffalo Wild Wings misses Street 2Q forecasts   [Jul-26-17 09:55PM  Associated Press]
▶ The Restaurant Sector Q2 Earnings Cheat Sheet   [Jul-22-17 03:39PM  Benzinga]
▶ Reputed Creator of Buffalo Wings to Open NYC Restaurant   [Jul-21-17 12:47AM  The Wall Street Journal]
▶ Buffalo Wild Wings Refranchising to Drive Value   [Jul-20-17 09:30AM  TheStreet.com]
▶ Corrections & Amplifications for edition of July 17, 2017   [Jul-16-17 09:56PM  The Wall Street Journal]
Financial statements of BWLD
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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