Intrinsic value of Dunkin' Brands Group - DNKN

Previous Close

$71.67

  Intrinsic Value

$17.43

stock screener

  Rating & Target

str. sell

-76%

Previous close

$71.67

 
Intrinsic value

$17.43

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of DNKN 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 6.5

 

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, %
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  894
  929
  966
  1,006
  1,048
  1,093
  1,141
  1,192
  1,245
  1,301
  1,361
  1,424
  1,490
  1,560
  1,634
  1,712
  1,794
  1,880
  1,970
  2,066
  2,166
  2,271
  2,382
  2,499
  2,621
  2,750
  2,885
  3,028
  3,177
  3,334
Variable operating expenses, $m
  454
  462
  472
  482
  493
  505
  517
  530
  544
  558
  349
  365
  382
  400
  419
  439
  460
  482
  505
  529
  555
  582
  610
  640
  672
  705
  739
  776
  814
  854
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
  454
  462
  472
  482
  493
  505
  517
  530
  544
  558
  349
  365
  382
  400
  419
  439
  460
  482
  505
  529
  555
  582
  610
  640
  672
  705
  739
  776
  814
  854
Operating income, $m
  440
  466
  494
  524
  555
  589
  624
  662
  701
  743
  1,012
  1,059
  1,108
  1,161
  1,215
  1,273
  1,334
  1,398
  1,465
  1,536
  1,611
  1,689
  1,772
  1,858
  1,950
  2,045
  2,146
  2,252
  2,363
  2,480
EBITDA, $m
  917
  953
  991
  1,032
  1,076
  1,122
  1,171
  1,223
  1,277
  1,335
  1,397
  1,461
  1,529
  1,601
  1,677
  1,756
  1,840
  1,929
  2,022
  2,119
  2,222
  2,330
  2,444
  2,564
  2,690
  2,822
  2,961
  3,107
  3,260
  3,421
Interest expense (income), $m
  94
  164
  120
  127
  134
  141
  149
  157
  166
  176
  186
  196
  207
  219
  231
  244
  258
  273
  288
  304
  321
  338
  357
  377
  397
  419
  442
  466
  491
  518
  545
Earnings before tax, $m
  276
  346
  367
  390
  414
  440
  467
  495
  526
  558
  816
  852
  889
  929
  971
  1,015
  1,061
  1,110
  1,161
  1,216
  1,272
  1,332
  1,395
  1,461
  1,530
  1,603
  1,680
  1,761
  1,845
  1,934
Tax expense, $m
  74
  93
  99
  105
  112
  119
  126
  134
  142
  151
  220
  230
  240
  251
  262
  274
  287
  300
  314
  328
  344
  360
  377
  394
  413
  433
  454
  475
  498
  522
Net income, $m
  201
  253
  268
  285
  302
  321
  341
  362
  384
  407
  596
  622
  649
  678
  709
  741
  775
  810
  848
  887
  929
  972
  1,018
  1,067
  1,117
  1,170
  1,226
  1,285
  1,347
  1,412

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
  3,424
  3,558
  3,702
  3,854
  4,017
  4,189
  4,372
  4,565
  4,770
  4,987
  5,215
  5,456
  5,710
  5,978
  6,261
  6,559
  6,872
  7,202
  7,549
  7,914
  8,298
  8,702
  9,127
  9,574
  10,043
  10,537
  11,055
  11,601
  12,173
  12,775
Adjusted assets (=assets-cash), $m
  3,424
  3,558
  3,702
  3,854
  4,017
  4,189
  4,372
  4,565
  4,770
  4,987
  5,215
  5,456
  5,710
  5,978
  6,261
  6,559
  6,872
  7,202
  7,549
  7,914
  8,298
  8,702
  9,127
  9,574
  10,043
  10,537
  11,055
  11,601
  12,173
  12,775
Revenue / Adjusted assets
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
Average production assets, $m
  2,523
  2,622
  2,727
  2,840
  2,960
  3,087
  3,221
  3,364
  3,515
  3,674
  3,842
  4,020
  4,207
  4,405
  4,613
  4,832
  5,063
  5,306
  5,562
  5,831
  6,114
  6,412
  6,725
  7,054
  7,400
  7,764
  8,146
  8,547
  8,969
  9,413
Working capital, $m
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -60
  -63
Total debt, $m
  2,228
  2,348
  2,477
  2,615
  2,761
  2,916
  3,081
  3,255
  3,439
  3,634
  3,839
  4,056
  4,285
  4,526
  4,781
  5,048
  5,330
  5,627
  5,940
  6,268
  6,614
  6,978
  7,360
  7,762
  8,185
  8,629
  9,096
  9,586
  10,102
  10,643
Total liabilities, $m
  3,082
  3,203
  3,332
  3,469
  3,615
  3,770
  3,935
  4,109
  4,293
  4,488
  4,693
  4,910
  5,139
  5,381
  5,635
  5,903
  6,185
  6,482
  6,794
  7,123
  7,468
  7,832
  8,214
  8,616
  9,039
  9,483
  9,950
  10,440
  10,956
  11,498
Total equity, $m
  342
  356
  370
  385
  402
  419
  437
  457
  477
  499
  521
  546
  571
  598
  626
  656
  687
  720
  755
  791
  830
  870
  913
  957
  1,004
  1,054
  1,106
  1,160
  1,217
  1,278
Total liabilities and equity, $m
  3,424
  3,559
  3,702
  3,854
  4,017
  4,189
  4,372
  4,566
  4,770
  4,987
  5,214
  5,456
  5,710
  5,979
  6,261
  6,559
  6,872
  7,202
  7,549
  7,914
  8,298
  8,702
  9,127
  9,573
  10,043
  10,537
  11,056
  11,600
  12,173
  12,776
Debt-to-equity ratio
  6.510
  6.600
  6.690
  6.780
  6.870
  6.960
  7.050
  7.130
  7.210
  7.290
  7.360
  7.430
  7.500
  7.570
  7.640
  7.700
  7.760
  7.810
  7.870
  7.920
  7.970
  8.020
  8.060
  8.110
  8.150
  8.190
  8.230
  8.260
  8.300
  8.330
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
  201
  253
  268
  285
  302
  321
  341
  362
  384
  407
  596
  622
  649
  678
  709
  741
  775
  810
  848
  887
  929
  972
  1,018
  1,067
  1,117
  1,170
  1,226
  1,285
  1,347
  1,412
Depreciation, amort., depletion, $m
  477
  487
  497
  508
  520
  533
  547
  561
  576
  592
  384
  402
  421
  440
  461
  483
  506
  531
  556
  583
  611
  641
  672
  705
  740
  776
  815
  855
  897
  941
Funds from operations, $m
  678
  739
  765
  793
  823
  854
  887
  923
  960
  999
  980
  1,024
  1,070
  1,119
  1,170
  1,224
  1,281
  1,341
  1,404
  1,470
  1,540
  1,614
  1,691
  1,772
  1,857
  1,947
  2,041
  2,140
  2,244
  2,353
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
Cash from operations, $m
  679
  740
  766
  794
  824
  855
  888
  923
  961
  1,000
  981
  1,025
  1,071
  1,120
  1,172
  1,226
  1,283
  1,343
  1,406
  1,472
  1,542
  1,616
  1,693
  1,774
  1,860
  1,949
  2,044
  2,143
  2,247
  2,356
Maintenance CAPEX, $m
  -243
  -252
  -262
  -273
  -284
  -296
  -309
  -322
  -336
  -351
  -367
  -384
  -402
  -421
  -440
  -461
  -483
  -506
  -531
  -556
  -583
  -611
  -641
  -672
  -705
  -740
  -776
  -815
  -855
  -897
New CAPEX, $m
  -94
  -99
  -106
  -113
  -120
  -127
  -135
  -143
  -151
  -159
  -168
  -178
  -187
  -198
  -208
  -219
  -231
  -243
  -256
  -269
  -283
  -298
  -313
  -329
  -346
  -364
  -382
  -402
  -422
  -443
Cash from investing activities, $m
  -337
  -351
  -368
  -386
  -404
  -423
  -444
  -465
  -487
  -510
  -535
  -562
  -589
  -619
  -648
  -680
  -714
  -749
  -787
  -825
  -866
  -909
  -954
  -1,001
  -1,051
  -1,104
  -1,158
  -1,217
  -1,277
  -1,340
Free cash flow, $m
  342
  389
  398
  409
  420
  432
  445
  459
  474
  489
  445
  463
  482
  502
  523
  545
  569
  593
  619
  647
  676
  707
  739
  773
  808
  846
  885
  927
  970
  1,016
Issuance/(repayment) of debt, $m
  -816
  121
  129
  137
  146
  155
  164
  174
  184
  195
  206
  217
  229
  241
  254
  268
  282
  297
  312
  329
  346
  364
  382
  402
  423
  444
  467
  491
  515
  542
Issuance/(repurchase) of shares, $m
  741
  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  
  -75
  121
  129
  137
  146
  155
  164
  174
  184
  195
  206
  217
  229
  241
  254
  268
  282
  297
  312
  329
  346
  364
  382
  402
  423
  444
  467
  491
  515
  542
Total cash flow (excl. dividends), $m
  268
  510
  527
  546
  566
  587
  609
  633
  658
  684
  651
  680
  711
  743
  777
  813
  851
  890
  932
  976
  1,022
  1,070
  1,121
  1,175
  1,231
  1,290
  1,352
  1,417
  1,486
  1,558
Retained Cash Flow (-), $m
  -943
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -57
  -60
Prev. year cash balance distribution, $m
  608
  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
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  37
  39
  40
  42
  45
  47
  49
  51
  54
Cash available for distribution, $m
  -67
  496
  513
  531
  550
  570
  591
  614
  637
  662
  628
  656
  685
  716
  749
  783
  819
  857
  897
  939
  983
  1,030
  1,079
  1,130
  1,184
  1,240
  1,300
  1,363
  1,428
  1,497
Discount rate, %
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
  -61
  410
  380
  350
  318
  287
  255
  225
  195
  168
  129
  108
  88
  71
  56
  44
  33
  25
  18
  13
  9
  6
  4
  2
  1
  1
  1
  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
  50.0
  50.0
  50.0
  50.0
  50.0

Dunkin' Brands Group, Inc. is a franchisor of quick service restaurants (QSRs) serving hot and cold coffee and baked goods, as well as hard serve ice cream. The Company franchises restaurants under its Dunkin' Donuts and Baskin-Robbins brands. The Company operates through four segments: Dunkin' Donuts-U.S., Dunkin' Donuts International, Baskin-Robbins International and Baskin-Robbins-U.S. The Dunkin' Donuts U.S. segment is the United States QSR concept, and markets donut and bagel categories for servings. The Baskin-Robbins-U.S. segment is engaged in serving hard-serve ice cream, and develops and sells a range of frozen ice cream treats, such as cones, cakes, sundaes and frozen beverages. The Company's Dunkin' Donuts International segment franchisees are responsible for sourcing their own supplies with its standards. As of December 31, 2016, Baskin-Robbins International segment had a manufacturing network, which consisted of 14 facilities.

FINANCIAL RATIOS  of  Dunkin' Brands Group (DNKN)

Valuation Ratios
P/E Ratio 33.4
Price to Sales 7.9
Price to Book -40.2
Price to Tangible Book
Price to Cash Flow 23.7
Price to Free Cash Flow 25.1
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate -13.5%
Financial Strength
Quick Ratio 14
Current Ratio 0.3
LT Debt to Equity -1477.9%
Total Debt to Equity -1493.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7.1%
Return On Equity -102.1%
Return On Equity - 3 Yr. Avg. 28.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 83.7%
Gross Margin - 3 Yr. Avg. 83.1%
EBITDA Margin 54.3%
EBITDA Margin - 3 Yr. Avg. 48.3%
Operating Margin 50.1%
Oper. Margin - 3 Yr. Avg. 43.4%
Pre-Tax Margin 37.8%
Pre-Tax Margin - 3 Yr. Avg. 32.3%
Net Profit Margin 23.6%
Net Profit Margin - 3 Yr. Avg. 20%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 38.9%
Payout Ratio 56.1%

DNKN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DNKN stock intrinsic value calculation we used $861 million for the last fiscal year's total revenue generated by Dunkin' Brands Group. The default revenue input number comes from 2017 income statement of Dunkin' Brands Group. 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 DNKN stock valuation model: a) initial revenue growth rate of 3.8% 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 9.5%, whose default value for DNKN is calculated based on our internal credit rating of Dunkin' Brands Group, 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 Dunkin' Brands Group.
    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 DNKN stock the variable cost ratio is equal to 51.7%.

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 DNKN 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 Dunkin' Brands Group.

Corporate tax rate of 27% is the nominal tax rate for Dunkin' Brands Group. 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 DNKN stock is equal to 1.7%.

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 DNKN are equal to 282.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Dunkin' Brands Group 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 DNKN is equal to -1.9%. 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 - $8 million for Dunkin' Brands Group - 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 90 million for Dunkin' Brands Group 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 Dunkin' Brands Group at the current share price and the inputted number of shares is $6.5 billion.

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COMPANY NEWS

▶ Key Themes to Track When Dunkin' Brands Reports Earnings   [Jul-19-18 04:56PM  Motley Fool]
▶ Top short seller Chanos' strategy for shorting stocks   [Jul-18-18 12:49PM  CNBC Videos]
▶ Dunkin Donuts to release coffee beer with Harpoon Brewery   [Jul-16-18 05:06PM  Yahoo Finance Video]
▶ McDonald's and other fast-food chains end no-poach rules in contracts   [02:56PM  American City Business Journals]
▶ Growing burger chain filling East Sac space once planned for Dunkin' Donuts   [Jul-11-18 05:44PM  American City Business Journals]
▶ Dunkin' Brands longtime CEO Nigel Travis retires   [09:27AM  Associated Press]
▶ Top Dunkin' Donuts executive named CEO of Dunkin' Brands   [09:13AM  American City Business Journals]
▶ Dunkin' Brands names David Hoffmann CEO   [08:21AM  MarketWatch]
▶ 9 High-Octane Stocks Poised to Rise Higher   [06:00AM  Investopedia]
▶ Dunkin defends franchise agreements in face of Healey probe   [Jul-09-18 03:01PM  American City Business Journals]
▶ New York AG joins coalition to go after fast-food franchisors   [01:17PM  American City Business Journals]
▶ Yahoo Finance Live: Market Movers - Jul 9th, 2018   [07:20AM  Yahoo Finance Video]
▶ Dunkin' Donuts rolls into San Jose, plans South Bay expansion   [Jul-06-18 09:27AM  American City Business Journals]
▶ This Is Americas Favorite Fast Food Restaurant   [Jul-05-18 01:25PM  Fortune]
▶ Dunkin' Donuts, Taco Bell send news from fry front   [09:01AM  American City Business Journals]
▶ Dunkin Donuts to Debut Donut Fries Nationwide   [Jun-28-18 01:22PM  InvestorPlace]
▶ Who Are Starbucks Main Competitors? (SBUX)   [12:13PM  Investopedia]
▶ Dunkin Donuts Introduces Donut Fries. Say What?   [Jun-27-18 04:45PM  Fortune]
▶ Dunkin Donuts Free Frozen Lemonade: How to Get Yours Today   [Jun-21-18 03:28PM  InvestorPlace]
▶ Yahoo Finance Live: Market Movers - Jun 20th, 2018   [Jun-20-18 07:20AM  Yahoo Finance Video]
▶ Illy Chairman: Climate change is the biggest risk to business   [Jun-19-18 03:41PM  Yahoo Finance Video]
▶ Why I Will Never Buy Dunkin' Brands Stock   [Jun-05-18 03:04PM  Motley Fool]
▶ 3 Best Coffee Stocks for 2018   [06:00AM  Investopedia]
▶ Dunkin facing headwinds on National Donut Day   [Jun-01-18 10:52AM  Yahoo Finance Video]
▶ 3 Big Reasons Starbucks Corporation Stock Has Lost Its Buzz   [May-29-18 12:36PM  InvestorPlace]
▶ Dunkin' Brands board approves $250 million share buyback   [May-22-18 07:07AM  MarketWatch]
▶ Dunkin Donuts is sweet on a portfolio company of this Tampa private equity firm   [May-21-18 01:52PM  American City Business Journals]
▶ Big businesses cash in on the Royal wedding   [May-18-18 01:17PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - May 18th, 2018   [07:20AM  Yahoo Finance Video]
▶ Mother's Day Means Cash for These Retailers   [May-11-18 04:04PM  TheStreet.com]
▶ 3 Takeaways From the Dunkin' Brands Earnings Report   [May-08-18 04:54PM  Motley Fool]
▶ Chipotle Up So Big on So Little   [May-01-18 03:59PM  Motley Fool]
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