Intrinsic value of Chipotle Mexican Grill Cl - CMG

Previous Close

$318.38

  Intrinsic Value

$433.31

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  Rating & Target

buy

+36%

Previous close

$318.38

 
Intrinsic value

$433.31

 
Up/down potential

+36%

 
Rating

buy

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

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 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 9.1

 

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, %
  -13.26
  17.10
  15.89
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
Revenue, $m
  3,904
  4,572
  5,298
  6,082
  6,923
  7,819
  8,768
  9,770
  10,824
  11,929
  13,085
  14,291
  15,548
  16,857
  18,219
  19,634
  21,105
  22,633
  24,221
  25,872
  27,589
  29,374
  31,232
  33,166
  35,179
  37,278
  39,466
  41,748
  44,129
  46,615
  49,211
Variable operating expenses, $m
 
  3,794
  4,397
  5,047
  5,744
  6,487
  7,275
  8,106
  8,980
  9,897
  10,855
  11,854
  12,896
  13,982
  15,111
  16,285
  17,505
  18,773
  20,090
  21,459
  22,883
  24,364
  25,905
  27,509
  29,179
  30,920
  32,734
  34,627
  36,602
  38,664
  40,817
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
  3,870
  3,794
  4,397
  5,047
  5,744
  6,487
  7,275
  8,106
  8,980
  9,897
  10,855
  11,854
  12,896
  13,982
  15,111
  16,285
  17,505
  18,773
  20,090
  21,459
  22,883
  24,364
  25,905
  27,509
  29,179
  30,920
  32,734
  34,627
  36,602
  38,664
  40,817
Operating income, $m
  35
  778
  901
  1,035
  1,179
  1,331
  1,493
  1,664
  1,844
  2,032
  2,230
  2,438
  2,652
  2,875
  3,107
  3,349
  3,600
  3,860
  4,131
  4,413
  4,706
  5,010
  5,327
  5,657
  6,000
  6,358
  6,731
  7,121
  7,527
  7,951
  8,394
EBITDA, $m
  181
  948
  1,098
  1,261
  1,435
  1,621
  1,817
  2,025
  2,244
  2,473
  2,712
  2,962
  3,223
  3,494
  3,776
  4,069
  4,374
  4,691
  5,020
  5,363
  5,718
  6,088
  6,473
  6,874
  7,292
  7,727
  8,180
  8,653
  9,146
  9,662
  10,200
Interest expense (income), $m
  0
  0
  4
  8
  12
  17
  22
  27
  33
  39
  45
  51
  58
  65
  72
  80
  88
  96
  105
  114
  123
  132
  142
  153
  164
  175
  187
  199
  212
  225
  239
Earnings before tax, $m
  39
  778
  898
  1,027
  1,166
  1,314
  1,471
  1,637
  1,811
  1,994
  2,185
  2,386
  2,594
  2,810
  3,035
  3,269
  3,512
  3,764
  4,027
  4,299
  4,583
  4,878
  5,185
  5,504
  5,837
  6,183
  6,545
  6,922
  7,315
  7,726
  8,155
Tax expense, $m
  16
  210
  242
  277
  315
  355
  397
  442
  489
  538
  590
  644
  700
  759
  819
  883
  948
  1,016
  1,087
  1,161
  1,237
  1,317
  1,400
  1,486
  1,576
  1,670
  1,767
  1,869
  1,975
  2,086
  2,202
Net income, $m
  23
  568
  655
  750
  851
  960
  1,074
  1,195
  1,322
  1,455
  1,595
  1,742
  1,894
  2,051
  2,216
  2,386
  2,564
  2,748
  2,939
  3,138
  3,345
  3,561
  3,785
  4,018
  4,261
  4,514
  4,778
  5,053
  5,340
  5,640
  5,953

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  418
  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
  2,026
  1,883
  2,182
  2,505
  2,851
  3,220
  3,611
  4,024
  4,458
  4,913
  5,389
  5,886
  6,404
  6,943
  7,504
  8,086
  8,692
  9,322
  9,976
  10,656
  11,363
  12,098
  12,863
  13,660
  14,489
  15,353
  16,254
  17,194
  18,175
  19,199
  20,268
Adjusted assets (=assets-cash), $m
  1,608
  1,883
  2,182
  2,505
  2,851
  3,220
  3,611
  4,024
  4,458
  4,913
  5,389
  5,886
  6,404
  6,943
  7,504
  8,086
  8,692
  9,322
  9,976
  10,656
  11,363
  12,098
  12,863
  13,660
  14,489
  15,353
  16,254
  17,194
  18,175
  19,199
  20,268
Revenue / Adjusted assets
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
  2.428
Average production assets, $m
  1,261
  1,477
  1,711
  1,965
  2,236
  2,525
  2,832
  3,156
  3,496
  3,853
  4,226
  4,616
  5,022
  5,445
  5,885
  6,342
  6,817
  7,310
  7,824
  8,357
  8,911
  9,488
  10,088
  10,712
  11,363
  12,041
  12,747
  13,484
  14,254
  15,056
  15,895
Working capital, $m
  240
  -210
  -244
  -280
  -318
  -360
  -403
  -449
  -498
  -549
  -602
  -657
  -715
  -775
  -838
  -903
  -971
  -1,041
  -1,114
  -1,190
  -1,269
  -1,351
  -1,437
  -1,526
  -1,618
  -1,715
  -1,815
  -1,920
  -2,030
  -2,144
  -2,264
Total debt, $m
  0
  107
  223
  348
  482
  625
  777
  937
  1,106
  1,282
  1,467
  1,660
  1,861
  2,070
  2,287
  2,514
  2,749
  2,993
  3,247
  3,510
  3,785
  4,070
  4,367
  4,676
  4,998
  5,333
  5,683
  6,047
  6,428
  6,825
  7,240
Total liabilities, $m
  624
  731
  847
  972
  1,106
  1,249
  1,401
  1,561
  1,730
  1,906
  2,091
  2,284
  2,485
  2,694
  2,911
  3,138
  3,373
  3,617
  3,871
  4,134
  4,409
  4,694
  4,991
  5,300
  5,622
  5,957
  6,307
  6,671
  7,052
  7,449
  7,864
Total equity, $m
  1,402
  1,152
  1,335
  1,533
  1,745
  1,971
  2,210
  2,463
  2,728
  3,007
  3,298
  3,602
  3,919
  4,249
  4,592
  4,949
  5,320
  5,705
  6,105
  6,521
  6,954
  7,404
  7,872
  8,360
  8,867
  9,396
  9,948
  10,523
  11,123
  11,750
  12,404
Total liabilities and equity, $m
  2,026
  1,883
  2,182
  2,505
  2,851
  3,220
  3,611
  4,024
  4,458
  4,913
  5,389
  5,886
  6,404
  6,943
  7,503
  8,087
  8,693
  9,322
  9,976
  10,655
  11,363
  12,098
  12,863
  13,660
  14,489
  15,353
  16,255
  17,194
  18,175
  19,199
  20,268
Debt-to-equity ratio
  0.000
  0.090
  0.170
  0.230
  0.280
  0.320
  0.350
  0.380
  0.410
  0.430
  0.440
  0.460
  0.470
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.540
  0.540
  0.550
  0.550
  0.560
  0.560
  0.570
  0.570
  0.570
  0.580
  0.580
  0.580
Adjusted equity ratio
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  23
  568
  655
  750
  851
  960
  1,074
  1,195
  1,322
  1,455
  1,595
  1,742
  1,894
  2,051
  2,216
  2,386
  2,564
  2,748
  2,939
  3,138
  3,345
  3,561
  3,785
  4,018
  4,261
  4,514
  4,778
  5,053
  5,340
  5,640
  5,953
Depreciation, amort., depletion, $m
  146
  170
  197
  225
  256
  289
  324
  361
  399
  440
  482
  525
  571
  619
  669
  721
  775
  831
  889
  950
  1,013
  1,078
  1,146
  1,217
  1,291
  1,368
  1,449
  1,532
  1,620
  1,711
  1,806
Funds from operations, $m
  457
  738
  852
  975
  1,108
  1,249
  1,398
  1,556
  1,722
  1,896
  2,077
  2,266
  2,464
  2,670
  2,884
  3,107
  3,338
  3,579
  3,828
  4,088
  4,358
  4,639
  4,931
  5,235
  5,552
  5,882
  6,226
  6,585
  6,960
  7,351
  7,759
Change in working capital, $m
  108
  -31
  -33
  -36
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -93
  -97
  -101
  -105
  -110
  -114
  -119
Cash from operations, $m
  349
  768
  885
  1,012
  1,146
  1,290
  1,442
  1,602
  1,770
  1,946
  2,130
  2,322
  2,522
  2,730
  2,947
  3,172
  3,406
  3,649
  3,901
  4,164
  4,437
  4,721
  5,017
  5,324
  5,645
  5,979
  6,327
  6,690
  7,069
  7,465
  7,879
Maintenance CAPEX, $m
  0
  -143
  -168
  -194
  -223
  -254
  -287
  -322
  -359
  -397
  -438
  -480
  -525
  -571
  -619
  -669
  -721
  -775
  -831
  -889
  -950
  -1,013
  -1,078
  -1,146
  -1,217
  -1,291
  -1,368
  -1,449
  -1,532
  -1,620
  -1,711
New CAPEX, $m
  -259
  -216
  -235
  -253
  -272
  -289
  -307
  -324
  -340
  -357
  -373
  -390
  -406
  -423
  -440
  -457
  -475
  -494
  -513
  -533
  -554
  -577
  -600
  -625
  -651
  -678
  -707
  -737
  -769
  -803
  -839
Cash from investing activities, $m
  327
  -359
  -403
  -447
  -495
  -543
  -594
  -646
  -699
  -754
  -811
  -870
  -931
  -994
  -1,059
  -1,126
  -1,196
  -1,269
  -1,344
  -1,422
  -1,504
  -1,590
  -1,678
  -1,771
  -1,868
  -1,969
  -2,075
  -2,186
  -2,301
  -2,423
  -2,550
Free cash flow, $m
  676
  409
  483
  564
  652
  747
  848
  956
  1,071
  1,192
  1,319
  1,452
  1,591
  1,737
  1,888
  2,046
  2,210
  2,381
  2,558
  2,742
  2,933
  3,132
  3,338
  3,553
  3,777
  4,010
  4,252
  4,505
  4,768
  5,042
  5,329
Issuance/(repayment) of debt, $m
  0
  107
  116
  125
  134
  143
  152
  160
  168
  177
  185
  193
  201
  209
  218
  226
  235
  244
  254
  264
  274
  285
  297
  309
  322
  335
  350
  365
  381
  397
  415
Issuance/(repurchase) of shares, $m
  -838
  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  
  -836
  107
  116
  125
  134
  143
  152
  160
  168
  177
  185
  193
  201
  209
  218
  226
  235
  244
  254
  264
  274
  285
  297
  309
  322
  335
  350
  365
  381
  397
  415
Total cash flow (excl. dividends), $m
  -160
  516
  599
  689
  786
  890
  1,000
  1,117
  1,240
  1,369
  1,504
  1,645
  1,792
  1,946
  2,106
  2,272
  2,445
  2,625
  2,812
  3,006
  3,207
  3,417
  3,635
  3,862
  4,099
  4,345
  4,602
  4,869
  5,148
  5,440
  5,744
Retained Cash Flow (-), $m
  726
  -168
  -183
  -198
  -212
  -226
  -239
  -253
  -266
  -279
  -291
  -304
  -317
  -330
  -343
  -357
  -371
  -385
  -400
  -416
  -433
  -450
  -468
  -487
  -508
  -529
  -551
  -575
  -600
  -627
  -654
Prev. year cash balance distribution, $m
 
  418
  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
 
  765
  416
  491
  574
  664
  761
  864
  974
  1,090
  1,213
  1,341
  1,475
  1,616
  1,763
  1,916
  2,074
  2,240
  2,411
  2,589
  2,775
  2,967
  3,167
  3,375
  3,591
  3,816
  4,050
  4,294
  4,548
  4,813
  5,090
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
 
  734
  381
  428
  473
  515
  552
  584
  609
  626
  636
  637
  630
  614
  592
  562
  527
  487
  444
  399
  353
  307
  263
  221
  183
  148
  118
  92
  70
  53
  38
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

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 398.8
Price to Sales 2.3
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 26.3
Price to Free Cash Flow 101.9
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 $3904 million for the last fiscal year's total revenue generated by Chipotle Mexican Grill Cl. The default revenue input number comes from 2016 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 17.1% 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 83%.

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 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 3.5% 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 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 CMG are equal to 32.3%.

Life of production assets of 8.8 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 -4.6%. 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 - $1402 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 28.513 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 $9.1 billion.

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COMPANY NEWS

▶ Chipotle Could Be Acquired For Way More Than $10 Billion   [Dec-13-17 02:51PM  TheStreet.com]
▶ Chipotle: Time to Move On?   [Dec-11-17 08:18PM  Motley Fool]
▶ Leadership Changes at Chipotle Could Be Beneficial   [Dec-08-17 03:43PM  GuruFocus.com]
▶ McDonalds Dollar Menu makes a McComeback   [09:50AM  American City Business Journals]
▶ Chipotle Hopes You'll Give Queso a Second Chance   [Dec-07-17 03:35PM  Motley Fool]
▶ Chipotle: Why One Big Bear Became a Bull   [10:46AM  Barrons.com]
▶ Could McDonald's or Arby's Buy Bumbling Chipotle?   [Dec-06-17 12:52PM  TheStreet.com]
▶ Who Are McDonalds Main Competitors?   [01:34PM  Investopedia]
▶ Is Chipotle Mexican Grill a Takeout Target?   [Dec-04-17 06:42PM  Motley Fool]
▶ Retail's Holiday Season Is Happy So Far   [Dec-02-17 07:10PM  Motley Fool]
▶ Chipotle Up Big on CEO Departure   [05:11PM  Motley Fool]
▶ A New CEO Is Exactly What Chipotle Needs   [07:48AM  Motley Fool]
▶ Qdoba's Sale Is Bad News For Chipotle   [07:17AM  Motley Fool]
▶ CEO Steps Down at Ackman"s Chipotle   [Nov-30-17 04:40PM  GuruFocus.com]
▶ Why Chipotle CEO Ells Had to Go   [02:47PM  Motley Fool]
▶ Can Chipotle get back on track?   [09:39AM  Fox Business Videos]
▶ What Wall Street Recommends for Chipotle   [07:35AM  Market Realist]
▶ [$$] Chipotle Founder to Step Down as CEO   [12:33AM  The Wall Street Journal]
▶ Chipotle founder, CEO Ells to step down   [04:33PM  American City Business Journals]
▶ [$$] Chipotle Founder to Step Down as CEO   [02:03PM  The Wall Street Journal]
▶ A New CEO Won't Save Chipotle   [12:32PM  Motley Fool]
▶ Has Chipotles Stock Price Bottomed Out?   [11:54AM  Market Realist]
▶ Market Open: November 29, 2017   [10:05AM  CNBC Videos]
▶ Chipotle on the hunt for new CEO   [08:52AM  Fox Business Videos]
▶ Chipotle begins seach for new CEO   [08:04AM  CNBC Videos]
▶ Chipotle Begins Search for New CEO   [08:00AM  Business Wire]
▶ 2 Fast-Casual Restaurant Stocks You Can Invest In   [Nov-25-17 04:03PM  Motley Fool]
▶ These 7 Restaurant Chains Serve up Tasty Returns   [Nov-22-17 02:22PM  Investopedia]
Financial statements of CMG
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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