Intrinsic value of Chipotle Mexican Grill Cl - CMG

Previous Close

$320.96

  Intrinsic Value

$301.00

stock screener

  Rating & Target

hold

-6%

Previous close

$320.96

 
Intrinsic value

$301.00

 
Up/down potential

-6%

 
Rating

hold

*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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Chipotle Mexican Grill Cl (CMG) 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, %
  -13.26
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  3,904
  4,248
  4,605
  4,977
  5,364
  5,766
  6,184
  6,618
  7,069
  7,538
  8,026
  8,533
  9,062
  9,612
  10,186
  10,783
  11,407
  12,058
  12,737
  13,446
  14,188
  14,963
  15,773
  16,621
  17,508
  18,436
  19,408
  20,426
  21,493
  22,610
  23,781
Variable operating expenses, $m
 
  3,525
  3,822
  4,130
  4,451
  4,785
  5,131
  5,491
  5,865
  6,254
  6,659
  7,078
  7,516
  7,973
  8,448
  8,944
  9,461
  10,001
  10,564
  11,153
  11,768
  12,411
  13,083
  13,786
  14,521
  15,292
  16,098
  16,942
  17,827
  18,754
  19,725
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
  3,525
  3,822
  4,130
  4,451
  4,785
  5,131
  5,491
  5,865
  6,254
  6,659
  7,078
  7,516
  7,973
  8,448
  8,944
  9,461
  10,001
  10,564
  11,153
  11,768
  12,411
  13,083
  13,786
  14,521
  15,292
  16,098
  16,942
  17,827
  18,754
  19,725
Operating income, $m
  35
  722
  783
  847
  913
  981
  1,052
  1,127
  1,203
  1,283
  1,367
  1,455
  1,546
  1,639
  1,737
  1,839
  1,946
  2,057
  2,172
  2,293
  2,420
  2,552
  2,690
  2,835
  2,986
  3,145
  3,310
  3,484
  3,666
  3,856
  4,056
EBITDA, $m
  181
  880
  955
  1,032
  1,112
  1,195
  1,282
  1,372
  1,465
  1,562
  1,663
  1,769
  1,878
  1,992
  2,111
  2,235
  2,364
  2,499
  2,640
  2,787
  2,941
  3,101
  3,269
  3,445
  3,629
  3,821
  4,023
  4,234
  4,455
  4,686
  4,929
Interest expense (income), $m
  0
  0
  2
  4
  6
  8
  10
  13
  15
  18
  20
  23
  26
  29
  32
  35
  38
  42
  46
  49
  53
  58
  62
  66
  71
  76
  81
  87
  92
  98
  105
Earnings before tax, $m
  39
  722
  781
  843
  907
  973
  1,042
  1,114
  1,188
  1,266
  1,346
  1,432
  1,520
  1,611
  1,705
  1,804
  1,907
  2,015
  2,127
  2,244
  2,367
  2,495
  2,628
  2,768
  2,915
  3,068
  3,229
  3,397
  3,573
  3,758
  3,952
Tax expense, $m
  16
  195
  211
  228
  245
  263
  281
  301
  321
  342
  364
  387
  410
  435
  460
  487
  515
  544
  574
  606
  639
  674
  710
  747
  787
  828
  872
  917
  965
  1,015
  1,067
Net income, $m
  23
  527
  570
  615
  662
  710
  761
  813
  867
  924
  983
  1,046
  1,109
  1,176
  1,245
  1,317
  1,392
  1,471
  1,553
  1,638
  1,728
  1,821
  1,919
  2,021
  2,128
  2,240
  2,357
  2,480
  2,609
  2,743
  2,885

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
  1,749
  1,897
  2,050
  2,209
  2,375
  2,547
  2,726
  2,911
  3,105
  3,305
  3,515
  3,732
  3,959
  4,195
  4,441
  4,698
  4,966
  5,246
  5,538
  5,843
  6,163
  6,496
  6,845
  7,211
  7,593
  7,993
  8,413
  8,852
  9,312
  9,794
Adjusted assets (=assets-cash), $m
  1,608
  1,749
  1,897
  2,050
  2,209
  2,375
  2,547
  2,726
  2,911
  3,105
  3,305
  3,515
  3,732
  3,959
  4,195
  4,441
  4,698
  4,966
  5,246
  5,538
  5,843
  6,163
  6,496
  6,845
  7,211
  7,593
  7,993
  8,413
  8,852
  9,312
  9,794
Revenue / Adjusted assets
  2.428
  2.429
  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
  1,372
  1,487
  1,608
  1,733
  1,862
  1,997
  2,137
  2,283
  2,435
  2,592
  2,756
  2,927
  3,105
  3,290
  3,483
  3,684
  3,895
  4,114
  4,343
  4,583
  4,833
  5,095
  5,368
  5,655
  5,955
  6,269
  6,598
  6,942
  7,303
  7,681
Working capital, $m
  240
  -195
  -212
  -229
  -247
  -265
  -284
  -304
  -325
  -347
  -369
  -393
  -417
  -442
  -469
  -496
  -525
  -555
  -586
  -619
  -653
  -688
  -726
  -765
  -805
  -848
  -893
  -940
  -989
  -1,040
  -1,094
Total debt, $m
  0
  55
  112
  171
  233
  297
  364
  434
  506
  581
  659
  740
  824
  912
  1,004
  1,099
  1,199
  1,303
  1,411
  1,525
  1,643
  1,767
  1,897
  2,032
  2,174
  2,322
  2,477
  2,640
  2,811
  2,989
  3,176
Total liabilities, $m
  624
  679
  736
  795
  857
  921
  988
  1,058
  1,130
  1,205
  1,283
  1,364
  1,448
  1,536
  1,628
  1,723
  1,823
  1,927
  2,035
  2,149
  2,267
  2,391
  2,521
  2,656
  2,798
  2,946
  3,101
  3,264
  3,435
  3,613
  3,800
Total equity, $m
  1,402
  1,071
  1,161
  1,255
  1,352
  1,453
  1,559
  1,668
  1,782
  1,900
  2,023
  2,151
  2,284
  2,423
  2,567
  2,718
  2,875
  3,039
  3,210
  3,389
  3,576
  3,771
  3,976
  4,189
  4,413
  4,647
  4,892
  5,149
  5,417
  5,699
  5,994
Total liabilities and equity, $m
  2,026
  1,750
  1,897
  2,050
  2,209
  2,374
  2,547
  2,726
  2,912
  3,105
  3,306
  3,515
  3,732
  3,959
  4,195
  4,441
  4,698
  4,966
  5,245
  5,538
  5,843
  6,162
  6,497
  6,845
  7,211
  7,593
  7,993
  8,413
  8,852
  9,312
  9,794
Debt-to-equity ratio
  0.000
  0.050
  0.100
  0.140
  0.170
  0.200
  0.230
  0.260
  0.280
  0.310
  0.330
  0.340
  0.360
  0.380
  0.390
  0.400
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.490
  0.500
  0.510
  0.510
  0.520
  0.520
  0.530
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
  527
  570
  615
  662
  710
  761
  813
  867
  924
  983
  1,046
  1,109
  1,176
  1,245
  1,317
  1,392
  1,471
  1,553
  1,638
  1,728
  1,821
  1,919
  2,021
  2,128
  2,240
  2,357
  2,480
  2,609
  2,743
  2,885
Depreciation, amort., depletion, $m
  146
  158
  171
  185
  199
  214
  229
  245
  262
  279
  297
  313
  333
  353
  374
  396
  419
  443
  467
  494
  521
  549
  579
  610
  643
  677
  712
  750
  789
  830
  873
Funds from operations, $m
  457
  685
  742
  800
  861
  924
  990
  1,058
  1,129
  1,203
  1,280
  1,359
  1,442
  1,529
  1,619
  1,713
  1,811
  1,913
  2,020
  2,132
  2,248
  2,370
  2,498
  2,631
  2,771
  2,917
  3,070
  3,230
  3,398
  3,573
  3,758
Change in working capital, $m
  108
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
Cash from operations, $m
  349
  701
  758
  817
  879
  943
  1,009
  1,078
  1,150
  1,224
  1,302
  1,382
  1,466
  1,554
  1,645
  1,740
  1,840
  1,943
  2,051
  2,164
  2,282
  2,406
  2,535
  2,670
  2,811
  2,959
  3,114
  3,277
  3,447
  3,625
  3,811
Maintenance CAPEX, $m
  0
  -143
  -156
  -169
  -183
  -197
  -212
  -227
  -243
  -259
  -277
  -295
  -313
  -333
  -353
  -374
  -396
  -419
  -443
  -467
  -494
  -521
  -549
  -579
  -610
  -643
  -677
  -712
  -750
  -789
  -830
New CAPEX, $m
  -259
  -111
  -116
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -193
  -201
  -210
  -219
  -229
  -239
  -250
  -262
  -274
  -287
  -300
  -314
  -329
  -344
  -361
  -378
Cash from investing activities, $m
  327
  -254
  -272
  -289
  -308
  -327
  -347
  -367
  -389
  -411
  -435
  -459
  -484
  -511
  -538
  -567
  -597
  -629
  -662
  -696
  -733
  -771
  -811
  -853
  -897
  -943
  -991
  -1,041
  -1,094
  -1,150
  -1,208
Free cash flow, $m
  676
  446
  487
  528
  571
  616
  663
  711
  761
  814
  868
  924
  982
  1,044
  1,107
  1,173
  1,242
  1,314
  1,389
  1,468
  1,549
  1,635
  1,724
  1,817
  1,915
  2,017
  2,124
  2,235
  2,352
  2,475
  2,603
Issuance/(repayment) of debt, $m
  0
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  104
  109
  113
  118
  124
  129
  135
  142
  148
  155
  163
  170
  179
  187
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
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  104
  109
  113
  118
  124
  129
  135
  142
  148
  155
  163
  170
  179
  187
Total cash flow (excl. dividends), $m
  -160
  501
  544
  588
  633
  680
  729
  780
  833
  888
  946
  1,005
  1,067
  1,131
  1,199
  1,269
  1,342
  1,418
  1,498
  1,581
  1,668
  1,759
  1,854
  1,953
  2,057
  2,165
  2,279
  2,398
  2,523
  2,653
  2,790
Retained Cash Flow (-), $m
  726
  -87
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -157
  -164
  -171
  -179
  -187
  -195
  -204
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -295
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
 
  833
  454
  494
  535
  579
  624
  671
  720
  770
  823
  877
  934
  993
  1,054
  1,118
  1,185
  1,254
  1,327
  1,402
  1,481
  1,563
  1,649
  1,739
  1,833
  1,931
  2,034
  2,141
  2,254
  2,372
  2,495
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
 
  798
  415
  430
  441
  449
  453
  453
  450
  442
  431
  416
  398
  377
  354
  328
  301
  273
  244
  216
  188
  162
  137
  114
  93
  75
  59
  46
  35
  26
  19
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 402
Price to Sales 2.4
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 26.5
Price to Free Cash Flow 102.7
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 8.8% 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 28.786 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 $9.2 billion.

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COMPANY NEWS

▶ Why Chipotle Mexican Grill, Inc. Stock Popped Today   [Feb-20-18 04:07PM  Motley Fool]
▶ Chipotle's Stock Rebound May Fizzle   [06:00AM  Investopedia]
▶ Can a New CEO Save Chipotle?   [Feb-19-18 04:28PM  GuruFocus.com]
▶ Chipotle taps marketing-savvy Taco Bell CEO for top job   [Feb-17-18 11:15AM  MarketWatch]
▶ Why I'm Not Impressed With Chipotle's "Beat"   [Feb-15-18 03:46PM  Motley Fool]
▶ Miami University grad named new Chipotle CEO   [01:30PM  American City Business Journals]
▶ Acting With Imperfect Knowledge   [10:34AM  GuruFocus.com]
▶ 2 Things I Like About Chipotle's CEO Hire   [07:45AM  Motley Fool]
▶ Asian shares track Wall St gains as inflation fears subside   [Feb-14-18 11:01PM  Associated Press]
▶ [$$] Roses Are Red and Stocks Are Back   [07:19PM  Barrons.com]
▶ What Happened in the Stock Market Today   [05:04PM  Motley Fool]
▶ A Coup for Chipotle   [03:33PM  Morningstar]
▶ The Midday Rundown: February 14, 2018   [01:11PM  CNBC Videos]
▶ Chipotle soars after new CEO is announced   [12:20PM  CNBC Videos]
▶ Chipotle names Taco Bell chief executive Brian Niccol as CEO   [10:53AM  American City Business Journals]
▶ Taco Bell CEO resigns to lead a competitor   [10:49AM  American City Business Journals]
▶ Chipotle's new CEO 'a home run': Analyst   [07:51AM  CNBC Videos]
▶ Investors Need to Think Like Business Owners   [02:00PM  TheStreet.com]
▶ What Happened in the Stock Market Today   [05:03PM  Motley Fool]
▶ Closing Bell: LIVE MARKETS BLOG   [04:05PM  TheStreet.com]
▶ Chipotle Pressure Ramps Up   [03:18PM  Bloomberg]
Financial statements of CMG
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