Intrinsic value of Chipotle Mexican Grill Cl - CMG

Previous Close

$493.32

  Intrinsic Value

$699.84

stock screener

  Rating & Target

buy

+42%

Previous close

$493.32

 
Intrinsic value

$699.84

 
Up/down potential

+42%

 
Rating

buy

We calculate the intrinsic value of CMG 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 2017), $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 13.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  5,134
  5,839
  6,590
  7,385
  8,224
  9,107
  10,031
  10,998
  12,007
  13,059
  14,154
  15,292
  16,476
  17,706
  18,984
  20,312
  21,693
  23,129
  24,622
  26,175
  27,793
  29,477
  31,233
  33,063
  34,972
  36,964
  39,044
  41,217
  43,487
  45,860
Variable operating expenses, $m
  3,013
  3,427
  3,867
  4,334
  4,826
  5,343
  5,886
  6,453
  7,045
  7,661
  8,301
  8,969
  9,663
  10,385
  11,134
  11,913
  12,723
  13,565
  14,441
  15,352
  16,301
  17,289
  18,318
  19,392
  20,511
  21,680
  22,900
  24,174
  25,505
  26,897
Fixed operating expenses, $m
  1,648
  1,685
  1,722
  1,760
  1,798
  1,838
  1,878
  1,920
  1,962
  2,005
  2,049
  2,094
  2,140
  2,187
  2,236
  2,285
  2,335
  2,386
  2,439
  2,493
  2,547
  2,603
  2,661
  2,719
  2,779
  2,840
  2,903
  2,967
  3,032
  3,099
Total operating expenses, $m
  4,661
  5,112
  5,589
  6,094
  6,624
  7,181
  7,764
  8,373
  9,007
  9,666
  10,350
  11,063
  11,803
  12,572
  13,370
  14,198
  15,058
  15,951
  16,880
  17,845
  18,848
  19,892
  20,979
  22,111
  23,290
  24,520
  25,803
  27,141
  28,537
  29,996
Operating income, $m
  472
  727
  1,001
  1,292
  1,600
  1,925
  2,267
  2,626
  3,001
  3,392
  3,803
  4,229
  4,672
  5,134
  5,614
  6,114
  6,635
  7,177
  7,742
  8,331
  8,945
  9,585
  10,254
  10,952
  11,682
  12,444
  13,242
  14,076
  14,949
  15,864
EBITDA, $m
  628
  905
  1,201
  1,515
  1,849
  2,201
  2,570
  2,958
  3,363
  3,786
  4,228
  4,688
  5,166
  5,665
  6,184
  6,724
  7,286
  7,871
  8,481
  9,116
  9,778
  10,470
  11,191
  11,944
  12,731
  13,553
  14,413
  15,313
  16,254
  17,240
Interest expense (income), $m
  0
  0
  5
  11
  17
  24
  31
  38
  46
  54
  62
  70
  79
  89
  99
  109
  119
  130
  141
  153
  165
  178
  191
  205
  220
  235
  250
  267
  284
  302
  320
Earnings before tax, $m
  472
  722
  990
  1,274
  1,576
  1,895
  2,229
  2,580
  2,947
  3,331
  3,733
  4,149
  4,583
  5,035
  5,505
  5,995
  6,505
  7,036
  7,589
  8,165
  8,766
  9,394
  10,048
  10,732
  11,447
  12,194
  12,975
  13,792
  14,648
  15,544
Tax expense, $m
  127
  195
  267
  344
  426
  512
  602
  697
  796
  899
  1,008
  1,120
  1,238
  1,359
  1,486
  1,619
  1,756
  1,900
  2,049
  2,205
  2,367
  2,536
  2,713
  2,898
  3,091
  3,292
  3,503
  3,724
  3,955
  4,197
Net income, $m
  345
  527
  722
  930
  1,151
  1,383
  1,627
  1,884
  2,152
  2,431
  2,725
  3,029
  3,346
  3,676
  4,019
  4,376
  4,748
  5,136
  5,540
  5,961
  6,400
  6,857
  7,335
  7,835
  8,356
  8,901
  9,472
  10,068
  10,693
  11,347

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,134
  2,427
  2,739
  3,069
  3,418
  3,785
  4,169
  4,571
  4,991
  5,428
  5,883
  6,356
  6,848
  7,359
  7,890
  8,442
  9,016
  9,613
  10,233
  10,879
  11,551
  12,252
  12,981
  13,742
  14,535
  15,363
  16,228
  17,131
  18,074
  19,061
Adjusted assets (=assets-cash), $m
  2,134
  2,427
  2,739
  3,069
  3,418
  3,785
  4,169
  4,571
  4,991
  5,428
  5,883
  6,356
  6,848
  7,359
  7,890
  8,442
  9,016
  9,613
  10,233
  10,879
  11,551
  12,252
  12,981
  13,742
  14,535
  15,363
  16,228
  17,131
  18,074
  19,061
Revenue / Adjusted assets
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
  2.406
Average production assets, $m
  1,540
  1,752
  1,977
  2,216
  2,467
  2,732
  3,009
  3,299
  3,602
  3,918
  4,246
  4,588
  4,943
  5,312
  5,695
  6,094
  6,508
  6,939
  7,387
  7,853
  8,338
  8,843
  9,370
  9,919
  10,492
  11,089
  11,713
  12,365
  13,046
  13,758
Working capital, $m
  -72
  -82
  -92
  -103
  -115
  -127
  -140
  -154
  -168
  -183
  -198
  -214
  -231
  -248
  -266
  -284
  -304
  -324
  -345
  -366
  -389
  -413
  -437
  -463
  -490
  -517
  -547
  -577
  -609
  -642
Total debt, $m
  99
  207
  321
  442
  569
  704
  844
  991
  1,145
  1,305
  1,471
  1,645
  1,825
  2,012
  2,206
  2,408
  2,618
  2,837
  3,064
  3,300
  3,546
  3,802
  4,069
  4,348
  4,638
  4,941
  5,258
  5,588
  5,933
  6,294
Total liabilities, $m
  781
  888
  1,002
  1,123
  1,251
  1,385
  1,526
  1,673
  1,827
  1,987
  2,153
  2,326
  2,506
  2,693
  2,888
  3,090
  3,300
  3,518
  3,745
  3,982
  4,228
  4,484
  4,751
  5,030
  5,320
  5,623
  5,939
  6,270
  6,615
  6,976
Total equity, $m
  1,353
  1,539
  1,736
  1,946
  2,167
  2,400
  2,643
  2,898
  3,164
  3,441
  3,730
  4,030
  4,341
  4,666
  5,002
  5,352
  5,716
  6,095
  6,488
  6,897
  7,324
  7,768
  8,230
  8,712
  9,215
  9,740
  10,288
  10,861
  11,459
  12,084
Total liabilities and equity, $m
  2,134
  2,427
  2,738
  3,069
  3,418
  3,785
  4,169
  4,571
  4,991
  5,428
  5,883
  6,356
  6,847
  7,359
  7,890
  8,442
  9,016
  9,613
  10,233
  10,879
  11,552
  12,252
  12,981
  13,742
  14,535
  15,363
  16,227
  17,131
  18,074
  19,060
Debt-to-equity ratio
  0.070
  0.130
  0.180
  0.230
  0.260
  0.290
  0.320
  0.340
  0.360
  0.380
  0.390
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.470
  0.480
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.510
  0.510
  0.520
  0.520
Adjusted equity ratio
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  345
  527
  722
  930
  1,151
  1,383
  1,627
  1,884
  2,152
  2,431
  2,725
  3,029
  3,346
  3,676
  4,019
  4,376
  4,748
  5,136
  5,540
  5,961
  6,400
  6,857
  7,335
  7,835
  8,356
  8,901
  9,472
  10,068
  10,693
  11,347
Depreciation, amort., depletion, $m
  156
  177
  200
  224
  249
  275
  303
  332
  362
  394
  425
  459
  494
  531
  570
  609
  651
  694
  739
  785
  834
  884
  937
  992
  1,049
  1,109
  1,171
  1,236
  1,305
  1,376
Funds from operations, $m
  501
  704
  922
  1,154
  1,400
  1,658
  1,930
  2,216
  2,514
  2,825
  3,149
  3,488
  3,840
  4,207
  4,588
  4,986
  5,399
  5,830
  6,278
  6,746
  7,233
  7,742
  8,272
  8,826
  9,405
  10,010
  10,643
  11,305
  11,997
  12,723
Change in working capital, $m
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
Cash from operations, $m
  510
  714
  933
  1,165
  1,411
  1,671
  1,943
  2,229
  2,528
  2,840
  3,165
  3,504
  3,857
  4,224
  4,606
  5,004
  5,419
  5,850
  6,299
  6,768
  7,256
  7,765
  8,297
  8,852
  9,432
  10,038
  10,672
  11,335
  12,029
  12,756
Maintenance CAPEX, $m
  -134
  -154
  -175
  -198
  -222
  -247
  -273
  -301
  -330
  -360
  -392
  -425
  -459
  -494
  -531
  -570
  -609
  -651
  -694
  -739
  -785
  -834
  -884
  -937
  -992
  -1,049
  -1,109
  -1,171
  -1,236
  -1,305
New CAPEX, $m
  -197
  -211
  -225
  -239
  -252
  -265
  -277
  -290
  -303
  -315
  -328
  -342
  -355
  -369
  -383
  -398
  -414
  -431
  -448
  -466
  -485
  -505
  -527
  -549
  -573
  -598
  -624
  -652
  -681
  -712
Cash from investing activities, $m
  -331
  -365
  -400
  -437
  -474
  -512
  -550
  -591
  -633
  -675
  -720
  -767
  -814
  -863
  -914
  -968
  -1,023
  -1,082
  -1,142
  -1,205
  -1,270
  -1,339
  -1,411
  -1,486
  -1,565
  -1,647
  -1,733
  -1,823
  -1,917
  -2,017
Free cash flow, $m
  179
  349
  532
  729
  938
  1,159
  1,393
  1,638
  1,895
  2,164
  2,445
  2,738
  3,043
  3,361
  3,692
  4,036
  4,395
  4,769
  5,158
  5,563
  5,985
  6,426
  6,886
  7,366
  7,867
  8,391
  8,939
  9,512
  10,112
  10,739
Issuance/(repayment) of debt, $m
  99
  107
  114
  121
  128
  134
  141
  147
  154
  160
  167
  173
  180
  187
  194
  202
  210
  218
  227
  236
  246
  256
  267
  278
  290
  303
  316
  330
  345
  361
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  99
  107
  114
  121
  128
  134
  141
  147
  154
  160
  167
  173
  180
  187
  194
  202
  210
  218
  227
  236
  246
  256
  267
  278
  290
  303
  316
  330
  345
  361
Total cash flow (excl. dividends), $m
  278
  456
  647
  850
  1,066
  1,294
  1,533
  1,785
  2,049
  2,324
  2,611
  2,911
  3,223
  3,548
  3,886
  4,238
  4,605
  4,987
  5,385
  5,799
  6,232
  6,682
  7,153
  7,644
  8,158
  8,694
  9,256
  9,843
  10,457
  11,100
Retained Cash Flow (-), $m
  -174
  -186
  -198
  -210
  -221
  -232
  -244
  -255
  -266
  -277
  -288
  -300
  -312
  -324
  -337
  -350
  -364
  -378
  -393
  -409
  -426
  -444
  -463
  -482
  -503
  -525
  -548
  -572
  -598
  -625
Prev. year cash balance distribution, $m
  185
  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
  67
  77
  88
  99
  111
  123
  137
  150
  165
  180
  196
  212
  229
  247
  266
  285
  305
  325
  347
  369
  393
  417
  442
  468
  496
  525
  554
  586
  618
  652
Cash available for distribution, $m
  289
  270
  449
  640
  844
  1,061
  1,290
  1,530
  1,783
  2,047
  2,323
  2,611
  2,911
  3,224
  3,549
  3,888
  4,241
  4,609
  4,991
  5,390
  5,805
  6,239
  6,690
  7,162
  7,655
  8,169
  8,708
  9,270
  9,859
  10,475
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
  277
  247
  391
  527
  655
  770
  871
  957
  1,024
  1,073
  1,103
  1,114
  1,107
  1,082
  1,042
  988
  923
  849
  769
  685
  600
  518
  438
  365
  298
  238
  187
  143
  108
  79
Current shareholders' claim on cash, %
  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

Chipotle Mexican Grill, Inc. (Chipotle), together with its subsidiaries, operates Chipotle Mexican Grill restaurants. The Company's Chipotle Mexican Grill restaurants serve a menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads. As of December 31, 2016, the Company managed its operations and restaurants based on 11 regions. As of December 31, 2016, the Company operated 2,198 Chipotle restaurants throughout the United States, as well as 29 international Chipotle restaurants, and it also had 23 restaurants in operation in other non-Chipotle concepts. As of December 31, 2016, 29 of its restaurants were located outside of the United States, with 17 in Canada, six in the United Kingdom, five in France and one in Frankfurt, Germany. The Company sells gift cards, which do not have an expiration date. The Company categorizes its restaurants as end-caps (at the end of a line of retail outlets), in-lines (in a line of retail outlets), free-standing or other.

FINANCIAL RATIOS  of  Chipotle Mexican Grill Cl (CMG)

Valuation Ratios
P/E Ratio 617.9
Price to Sales 3.6
Price to Book 10.1
Price to Tangible Book
Price to Cash Flow 40.7
Price to Free Cash Flow 157.9
Growth Rates
Sales Growth Rate -13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.8%
Cap. Spend. - 3 Yr. Gr. Rate 5.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 12.9%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 16.5%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. 16.5%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 20.3%
Gross Margin - 3 Yr. Avg. 28.4%
EBITDA Margin 4.7%
EBITDA Margin - 3 Yr. Avg. 14.9%
Operating Margin 0.9%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. 11.8%
Net Profit Margin 0.6%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 41%
Eff/ Tax Rate - 3 Yr. Avg. 39%
Payout Ratio 0%

CMG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMG stock intrinsic value calculation we used $4476 million for the last fiscal year's total revenue generated by Chipotle Mexican Grill Cl. The default revenue input number comes from 2017 income statement of Chipotle Mexican Grill Cl. 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 CMG stock valuation model: a) initial revenue growth rate of 14.7% 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 CMG is calculated based on our internal credit rating of Chipotle Mexican Grill Cl, 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 Chipotle Mexican Grill Cl.
    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 CMG stock the variable cost ratio is equal to 58.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1613 million in the base year in the intrinsic value calculation for CMG 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 5.4% for Chipotle Mexican Grill Cl.

Corporate tax rate of 27% is the nominal tax rate for Chipotle Mexican Grill Cl. 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 CMG stock is equal to 1.5%.

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 CMG are equal to 30%.

Life of production assets of 10 years is the average useful life of capital assets used in Chipotle Mexican Grill Cl 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 CMG is equal to -1.4%. 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 - $1364 million for Chipotle Mexican Grill Cl - 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 28 million for Chipotle Mexican Grill Cl 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 Chipotle Mexican Grill Cl at the current share price and the inputted number of shares is $13.8 billion.

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COMPANY NEWS

▶ Pepper Shot   [Aug-16-18 05:20PM  The Wall Street Journal]
▶ Chipotle to retrain workers after Ohio illnesses   [12:48PM  Associated Press]
▶ Stocks Slide As Turkey Imposes Tariffs; Chipotle Gets Upgrade   [09:38AM  Investor's Business Daily]
▶ Bill Ackman's Pershing Square cuts stake in ADP   [Aug-14-18 05:16PM  MarketWatch]
▶ Longbow: The worst is over for Papa John's   [Aug-13-18 01:29PM  CNBC Videos]
▶ Investors Finally Cut Chipotle Mexican Grill Some Slack   [Aug-12-18 09:15AM  Motley Fool]
▶ 3 Things Chipotle's CEO Wants Investors to Know   [Aug-11-18 11:19AM  Motley Fool]
▶ Can bacon save Chipotle's bacon?   [Aug-10-18 01:58PM  Yahoo Finance Video]
▶ Easy Money Out of Chipotle: Miller Tabak   [11:42AM  Investopedia]
▶ [$$] Ackman has best first half in four years   [05:42AM  Financial Times]
▶ Chipotle Outbreak: Whats Behind the Food Borne Illness   [Aug-08-18 02:24PM  Meredith Videos]
▶ Three Colorado restaurant chains ranked among America's 50 largest   [02:28PM  American City Business Journals]
▶ Stock Indexes Build Cushion Over 50-Day Line; Nasdaq Win Streak At 5   [Aug-06-18 04:21PM  Investor's Business Daily]
▶ 3 Hot Turnaround Stocks Ready to Rally   [09:47AM  TheStreet.com]
▶ KLA-Tencor and Pfizer jump; IPG and Chipotle slide   [Jul-31-18 04:41PM  Associated Press]
▶ Here We Go Again, Chipotle   [12:28PM  Motley Fool]
▶ The Late Morning Rundown: July 31st, 2018   [11:34AM  CNBC Videos]
▶ Chipotle closes Ohio restaurant after reports of customer illnesses   [09:09AM  American City Business Journals]
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