Intrinsic value of Dine Brands Global - DIN

Previous Close

$91.42

  Intrinsic Value

$19.60

stock screener

  Rating & Target

str. sell

-79%

Previous close

$91.42

 
Intrinsic value

$19.60

 
Up/down potential

-79%

 
Rating

str. sell

We calculate the intrinsic value of DIN 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 0001), $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
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  617
  631
  647
  666
  686
  708
  732
  758
  786
  816
  849
  883
  920
  959
  1,000
  1,044
  1,090
  1,139
  1,191
  1,246
  1,304
  1,365
  1,429
  1,496
  1,568
  1,643
  1,722
  1,805
  1,892
  1,984
Variable operating expenses, $m
  406
  413
  421
  431
  441
  452
  464
  478
  492
  507
  432
  449
  468
  488
  509
  531
  554
  579
  606
  634
  663
  694
  727
  761
  797
  835
  876
  918
  962
  1,009
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
  406
  413
  421
  431
  441
  452
  464
  478
  492
  507
  432
  449
  468
  488
  509
  531
  554
  579
  606
  634
  663
  694
  727
  761
  797
  835
  876
  918
  962
  1,009
Operating income, $m
  211
  218
  226
  235
  245
  256
  268
  280
  294
  309
  417
  434
  452
  471
  491
  513
  536
  560
  585
  612
  641
  671
  702
  735
  770
  807
  846
  887
  930
  975
EBITDA, $m
  330
  338
  347
  356
  367
  379
  392
  406
  421
  437
  454
  473
  492
  513
  535
  559
  584
  610
  638
  667
  698
  731
  765
  801
  839
  879
  922
  966
  1,013
  1,062
Interest expense (income), $m
  69
  75
  56
  58
  60
  63
  66
  69
  72
  76
  80
  84
  89
  93
  98
  104
  110
  116
  122
  129
  136
  144
  152
  161
  170
  179
  189
  199
  210
  222
  234
Earnings before tax, $m
  135
  162
  168
  174
  182
  190
  199
  208
  218
  229
  333
  345
  359
  373
  388
  403
  420
  438
  456
  476
  497
  519
  542
  566
  591
  618
  647
  676
  708
  741
Tax expense, $m
  37
  44
  45
  47
  49
  51
  54
  56
  59
  62
  90
  93
  97
  101
  105
  109
  113
  118
  123
  129
  134
  140
  146
  153
  160
  167
  175
  183
  191
  200
Net income, $m
  99
  118
  122
  127
  133
  139
  145
  152
  159
  167
  243
  252
  262
  272
  283
  294
  307
  319
  333
  347
  363
  379
  395
  413
  432
  451
  472
  494
  517
  541

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
  1,773
  1,814
  1,860
  1,912
  1,970
  2,034
  2,103
  2,178
  2,259
  2,346
  2,439
  2,538
  2,643
  2,755
  2,874
  3,000
  3,133
  3,274
  3,423
  3,580
  3,746
  3,921
  4,106
  4,300
  4,505
  4,720
  4,947
  5,186
  5,437
  5,701
Adjusted assets (=assets-cash), $m
  1,773
  1,814
  1,860
  1,912
  1,970
  2,034
  2,103
  2,178
  2,259
  2,346
  2,439
  2,538
  2,643
  2,755
  2,874
  3,000
  3,133
  3,274
  3,423
  3,580
  3,746
  3,921
  4,106
  4,300
  4,505
  4,720
  4,947
  5,186
  5,437
  5,701
Revenue / Adjusted assets
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
Average production assets, $m
  814
  832
  854
  878
  904
  934
  965
  1,000
  1,037
  1,077
  1,119
  1,165
  1,213
  1,265
  1,319
  1,377
  1,438
  1,503
  1,571
  1,643
  1,720
  1,800
  1,885
  1,974
  2,068
  2,167
  2,271
  2,380
  2,496
  2,617
Working capital, $m
  -39
  -40
  -41
  -42
  -43
  -45
  -46
  -48
  -50
  -51
  -53
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -114
  -119
  -125
Total debt, $m
  1,040
  1,077
  1,119
  1,166
  1,218
  1,275
  1,338
  1,405
  1,478
  1,556
  1,639
  1,728
  1,823
  1,924
  2,031
  2,144
  2,264
  2,391
  2,525
  2,667
  2,816
  2,974
  3,140
  3,315
  3,499
  3,693
  3,897
  4,112
  4,338
  4,576
Total liabilities, $m
  1,595
  1,632
  1,674
  1,721
  1,773
  1,831
  1,893
  1,960
  2,033
  2,111
  2,195
  2,284
  2,379
  2,479
  2,586
  2,700
  2,820
  2,947
  3,081
  3,222
  3,371
  3,529
  3,695
  3,870
  4,054
  4,248
  4,452
  4,667
  4,893
  5,131
Total equity, $m
  177
  181
  186
  191
  197
  203
  210
  218
  226
  235
  244
  254
  264
  275
  287
  300
  313
  327
  342
  358
  375
  392
  411
  430
  450
  472
  495
  519
  544
  570
Total liabilities and equity, $m
  1,772
  1,813
  1,860
  1,912
  1,970
  2,034
  2,103
  2,178
  2,259
  2,346
  2,439
  2,538
  2,643
  2,754
  2,873
  3,000
  3,133
  3,274
  3,423
  3,580
  3,746
  3,921
  4,106
  4,300
  4,504
  4,720
  4,947
  5,186
  5,437
  5,701
Debt-to-equity ratio
  5.870
  5.940
  6.010
  6.100
  6.180
  6.270
  6.360
  6.450
  6.540
  6.630
  6.720
  6.810
  6.900
  6.980
  7.070
  7.150
  7.230
  7.300
  7.380
  7.450
  7.520
  7.580
  7.650
  7.710
  7.770
  7.820
  7.880
  7.930
  7.980
  8.030
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  99
  118
  122
  127
  133
  139
  145
  152
  159
  167
  243
  252
  262
  272
  283
  294
  307
  319
  333
  347
  363
  379
  395
  413
  432
  451
  472
  494
  517
  541
Depreciation, amort., depletion, $m
  119
  120
  121
  121
  122
  123
  124
  126
  127
  128
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
Funds from operations, $m
  218
  238
  243
  249
  255
  262
  269
  277
  286
  295
  280
  291
  302
  314
  327
  340
  355
  370
  385
  402
  420
  439
  458
  479
  501
  524
  548
  573
  600
  628
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  219
  239
  244
  250
  256
  263
  271
  279
  288
  297
  282
  293
  305
  317
  330
  343
  357
  373
  389
  406
  424
  442
  462
  483
  505
  528
  553
  578
  605
  634
Maintenance CAPEX, $m
  -27
  -27
  -28
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
New CAPEX, $m
  -16
  -19
  -21
  -24
  -27
  -29
  -32
  -34
  -37
  -40
  -43
  -45
  -48
  -51
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -110
  -115
  -121
Cash from investing activities, $m
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -75
  -79
  -82
  -87
  -91
  -97
  -102
  -107
  -113
  -118
  -124
  -131
  -137
  -145
  -152
  -160
  -168
  -176
  -186
  -194
  -204
Free cash flow, $m
  177
  193
  195
  197
  200
  204
  208
  212
  217
  223
  204
  210
  217
  225
  233
  241
  250
  260
  270
  281
  293
  305
  318
  331
  345
  360
  376
  393
  411
  429
Issuance/(repayment) of debt, $m
  -358
  37
  42
  47
  52
  57
  62
  67
  73
  78
  83
  89
  95
  101
  107
  113
  120
  127
  134
  142
  149
  158
  166
  175
  184
  194
  204
  215
  226
  238
Issuance/(repurchase) of shares, $m
  294
  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  
  -64
  37
  42
  47
  52
  57
  62
  67
  73
  78
  83
  89
  95
  101
  107
  113
  120
  127
  134
  142
  149
  158
  166
  175
  184
  194
  204
  215
  226
  238
Total cash flow (excl. dividends), $m
  113
  230
  237
  245
  253
  261
  270
  280
  290
  301
  287
  300
  312
  326
  340
  355
  370
  387
  404
  423
  442
  462
  484
  506
  530
  554
  581
  608
  637
  667
Retained Cash Flow (-), $m
  -393
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
Prev. year cash balance distribution, $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 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
  -280
  226
  232
  239
  247
  255
  263
  272
  282
  292
  278
  290
  302
  314
  328
  342
  357
  373
  389
  407
  425
  445
  465
  487
  509
  533
  558
  584
  612
  641
Discount rate, %
  15.00
  15.75
  16.54
  17.36
  18.23
  19.14
  20.10
  21.11
  22.16
  23.27
  24.43
  25.66
  26.94
  28.28
  29.70
  31.18
  32.74
  34.38
  36.10
  37.90
  39.80
  41.79
  43.88
  46.07
  48.38
  50.80
  53.34
  56.00
  58.80
  61.74
PV of cash for distribution, $m
  -244
  168
  147
  126
  107
  89
  73
  59
  47
  36
  25
  19
  14
  10
  7
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
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  50.0
  50.0

DineEquity, Inc., through its subsidiaries, owns and franchises the Applebee's Neighborhood Grill & Bar (Applebee's) concept in the bar and grill segment within the casual dining category of the restaurant industry, and owns, franchises and operates the International House of Pancakes (IHOP) concept in the family dining category of the restaurant industry. It operates through four segments: Franchise operations, Rental operations, Company restaurant operations and Financing operations. As of December 31, 2016, it had 3,749 restaurants. Applebee's menu features a selection of grill and bar fare, such as appetizers, bar snacks, burgers, classic entrees and lighter fare, as well as cocktails, beers and desserts. As of December 31, 2016, IHOP franchise and area license restaurants were located in all 50 states within the United States, in the District of Columbia, in three United States territories and in 10 countries outside of the United States.

FINANCIAL RATIOS  of  Dine Brands Global (DIN)

Valuation Ratios
P/E Ratio 16.8
Price to Sales 2.6
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 14.7
Growth Rates
Sales Growth Rate -6.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.3%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio 11
Current Ratio 0.1
LT Debt to Equity 552.2%
Total Debt to Equity 557.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 37.7%
Return On Equity - 3 Yr. Avg. 29.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 59.8%
Gross Margin - 3 Yr. Avg. 58.5%
EBITDA Margin 39.9%
EBITDA Margin - 3 Yr. Avg. 36.9%
Operating Margin 24.1%
Oper. Margin - 3 Yr. Avg. 19%
Pre-Tax Margin 24.1%
Pre-Tax Margin - 3 Yr. Avg. 19%
Net Profit Margin 15.5%
Net Profit Margin - 3 Yr. Avg. 12.1%
Effective Tax Rate 35.9%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 68.4%

DIN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DIN stock intrinsic value calculation we used $604.819 million for the last fiscal year's total revenue generated by Dine Brands Global. The default revenue input number comes from 0001 income statement of Dine Brands Global. 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 DIN 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 15%, whose default value for DIN is calculated based on our internal credit rating of Dine Brands Global, 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 Dine Brands Global.
    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 DIN stock the variable cost ratio is equal to 66.1%.

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 DIN 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 Dine Brands Global.

Corporate tax rate of 27% is the nominal tax rate for Dine Brands Global. 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 DIN 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 DIN are equal to 131.9%.

Life of production assets of 45.5 years is the average useful life of capital assets used in Dine Brands Global 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 DIN is equal to -6.3%. 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 - $-215.54 million for Dine Brands Global - 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 17.698 million for Dine Brands Global 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 Dine Brands Global at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Yahoo Finance Live: Morning Meeting   [Nov-05-18 08:25AM  Yahoo Finance Video]
▶ Why Applebees is one of the hottest restaurants in America   [Nov-01-18 11:39AM  Yahoo Finance]
▶ How Applebee's is shocking all of its critics   [11:26AM  Yahoo Finance Video]
▶ [$$] Applebee's, IHOP Boost Dine Brands Profit   [08:08AM  The Wall Street Journal]
▶ Dine Brands: 3Q Earnings Snapshot   [06:29AM  Associated Press]
▶ IHOPS: IHOP Beer Is Now a Thing   [Sep-26-18 11:08AM  InvestorPlace]
▶ Fast-Food Roundup: McDonald's workers call strike... JPMorgan cuts Papa Johns stake   [Sep-13-18 02:52PM  American City Business Journals]
▶ Applebees teams with DoorDash on deliveries   [Sep-10-18 05:25PM  American City Business Journals]
▶ Dine Brands Global Is Heating Up   [Aug-28-18 01:38PM  TheStreet.com]
▶ National Waffle Day 2018: Where Are the Deals?   [Aug-24-18 11:23AM  InvestorPlace]
▶ A More Appetizing Offer Could Boost Zoes Kitchen Stock   [Aug-21-18 02:28PM  InvestorPlace]
▶ Dine Brands Seeing Robust Growth After Tax Cuts, CEO Says   [Aug-01-18 02:29PM  Bloomberg Video]
▶ Let's Chew Over Dine Brands' Results   [12:00PM  TheStreet.com]
▶ Dine Brands: 2Q Earnings Snapshot   [06:35AM  Associated Press]
▶ IHOP President: Millennials are 'our sweet spot'   [Jul-18-18 01:10PM  Yahoo Finance]
▶ IHOP Delivery Goes National With DoorDash Deal   [Jul-17-18 01:26PM  InvestorPlace]
▶ IHOP pancakes delivered to your home   [01:08PM  Yahoo Finance Video]
▶ IHOP 60-Cent Pancakes: How to Get Yours   [11:44AM  InvestorPlace]
▶ IHOP partners with DoorDash for delivery   [07:42AM  MarketWatch]
▶ IHOP admits IHOB was a publicity stunt   [Jul-10-18 12:58PM  Yahoo Finance Video]
▶ IHOP admits IHOb name change was a publicity stunt   [07:18AM  Fox Business Videos]
▶ [$$] Applebee's Franchise Owner Looks to Pay Bonuses, Severance   [Jun-28-18 02:47PM  The Wall Street Journal]
▶ Fathers Day Deals 2018: The Best Discounts and Freebies   [Jun-15-18 03:00PM  InvestorPlace]

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