Intrinsic value of Darden Restaurants - DRI

Previous Close

$111.16

  Intrinsic Value

$77.20

stock screener

  Rating & Target

sell

-31%

Previous close

$111.16

 
Intrinsic value

$77.20

 
Up/down potential

-31%

 
Rating

sell

We calculate the intrinsic value of DRI 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, %
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  7,414
  7,678
  7,962
  8,267
  8,594
  8,942
  9,313
  9,708
  10,126
  10,570
  11,040
  11,536
  12,061
  12,615
  13,199
  13,816
  14,466
  15,150
  15,871
  16,631
  17,430
  18,271
  19,156
  20,086
  21,065
  22,094
  23,176
  24,313
  25,508
  26,764
Variable operating expenses, $m
  5,679
  5,874
  6,083
  6,308
  6,549
  6,806
  7,079
  7,370
  7,678
  8,005
  8,136
  8,502
  8,889
  9,297
  9,728
  10,182
  10,661
  11,166
  11,697
  12,257
  12,846
  13,465
  14,117
  14,803
  15,525
  16,283
  17,080
  17,918
  18,799
  19,725
Fixed operating expenses, $m
  1,035
  1,058
  1,081
  1,105
  1,129
  1,154
  1,180
  1,206
  1,232
  1,259
  1,287
  1,315
  1,344
  1,374
  1,404
  1,435
  1,466
  1,499
  1,532
  1,565
  1,600
  1,635
  1,671
  1,708
  1,745
  1,784
  1,823
  1,863
  1,904
  1,946
Total operating expenses, $m
  6,714
  6,932
  7,164
  7,413
  7,678
  7,960
  8,259
  8,576
  8,910
  9,264
  9,423
  9,817
  10,233
  10,671
  11,132
  11,617
  12,127
  12,665
  13,229
  13,822
  14,446
  15,100
  15,788
  16,511
  17,270
  18,067
  18,903
  19,781
  20,703
  21,671
Operating income, $m
  699
  746
  798
  854
  916
  982
  1,055
  1,132
  1,216
  1,306
  1,617
  1,719
  1,828
  1,944
  2,068
  2,199
  2,338
  2,486
  2,643
  2,809
  2,984
  3,170
  3,367
  3,575
  3,795
  4,027
  4,273
  4,532
  4,805
  5,093
EBITDA, $m
  1,324
  1,385
  1,452
  1,526
  1,605
  1,691
  1,784
  1,884
  1,990
  2,104
  2,226
  2,356
  2,494
  2,640
  2,796
  2,961
  3,137
  3,322
  3,519
  3,727
  3,947
  4,179
  4,425
  4,684
  4,958
  5,247
  5,552
  5,874
  6,213
  6,571
Interest expense (income), $m
  37
  54
  61
  67
  75
  83
  91
  100
  110
  120
  131
  142
  154
  167
  181
  195
  210
  226
  243
  260
  279
  299
  319
  341
  364
  388
  413
  440
  467
  497
  528
Earnings before tax, $m
  645
  685
  730
  779
  833
  891
  955
  1,023
  1,096
  1,175
  1,474
  1,565
  1,661
  1,763
  1,873
  1,989
  2,112
  2,243
  2,382
  2,530
  2,686
  2,851
  3,026
  3,211
  3,407
  3,614
  3,833
  4,064
  4,308
  4,566
Tax expense, $m
  174
  185
  197
  210
  225
  241
  258
  276
  296
  317
  398
  422
  448
  476
  506
  537
  570
  606
  643
  683
  725
  770
  817
  867
  920
  976
  1,035
  1,097
  1,163
  1,233
Net income, $m
  471
  500
  533
  569
  608
  651
  697
  747
  800
  858
  1,076
  1,142
  1,212
  1,287
  1,367
  1,452
  1,542
  1,638
  1,739
  1,847
  1,961
  2,081
  2,209
  2,344
  2,487
  2,638
  2,798
  2,967
  3,145
  3,333

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
  5,471
  5,666
  5,876
  6,101
  6,342
  6,600
  6,873
  7,164
  7,473
  7,801
  8,147
  8,514
  8,901
  9,310
  9,741
  10,196
  10,676
  11,181
  11,713
  12,274
  12,863
  13,484
  14,137
  14,824
  15,546
  16,305
  17,104
  17,943
  18,825
  19,752
Adjusted assets (=assets-cash), $m
  5,471
  5,666
  5,876
  6,101
  6,342
  6,600
  6,873
  7,164
  7,473
  7,801
  8,147
  8,514
  8,901
  9,310
  9,741
  10,196
  10,676
  11,181
  11,713
  12,274
  12,863
  13,484
  14,137
  14,824
  15,546
  16,305
  17,104
  17,943
  18,825
  19,752
Revenue / Adjusted assets
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
  1.355
Average production assets, $m
  4,092
  4,238
  4,395
  4,564
  4,744
  4,936
  5,141
  5,359
  5,590
  5,835
  6,094
  6,368
  6,658
  6,963
  7,286
  7,626
  7,985
  8,363
  8,761
  9,180
  9,621
  10,085
  10,574
  11,088
  11,628
  12,196
  12,793
  13,421
  14,081
  14,774
Working capital, $m
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -106
  -110
  -115
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -183
  -192
  -201
  -211
  -221
  -232
  -243
  -255
  -268
Total debt, $m
  1,046
  1,163
  1,290
  1,425
  1,571
  1,726
  1,891
  2,066
  2,253
  2,450
  2,659
  2,880
  3,114
  3,360
  3,620
  3,895
  4,184
  4,488
  4,809
  5,147
  5,503
  5,877
  6,271
  6,685
  7,121
  7,578
  8,060
  8,566
  9,098
  9,657
Total liabilities, $m
  3,299
  3,417
  3,543
  3,679
  3,824
  3,980
  4,145
  4,320
  4,506
  4,704
  4,913
  5,134
  5,367
  5,614
  5,874
  6,148
  6,437
  6,742
  7,063
  7,401
  7,757
  8,131
  8,525
  8,939
  9,374
  9,832
  10,314
  10,820
  11,352
  11,911
Total equity, $m
  2,172
  2,249
  2,333
  2,422
  2,518
  2,620
  2,729
  2,844
  2,967
  3,097
  3,234
  3,380
  3,534
  3,696
  3,867
  4,048
  4,238
  4,439
  4,650
  4,873
  5,107
  5,353
  5,612
  5,885
  6,172
  6,473
  6,790
  7,123
  7,474
  7,842
Total liabilities and equity, $m
  5,471
  5,666
  5,876
  6,101
  6,342
  6,600
  6,874
  7,164
  7,473
  7,801
  8,147
  8,514
  8,901
  9,310
  9,741
  10,196
  10,675
  11,181
  11,713
  12,274
  12,864
  13,484
  14,137
  14,824
  15,546
  16,305
  17,104
  17,943
  18,826
  19,753
Debt-to-equity ratio
  0.480
  0.520
  0.550
  0.590
  0.620
  0.660
  0.690
  0.730
  0.760
  0.790
  0.820
  0.850
  0.880
  0.910
  0.940
  0.960
  0.990
  1.010
  1.030
  1.060
  1.080
  1.100
  1.120
  1.140
  1.150
  1.170
  1.190
  1.200
  1.220
  1.230
Adjusted equity ratio
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  471
  500
  533
  569
  608
  651
  697
  747
  800
  858
  1,076
  1,142
  1,212
  1,287
  1,367
  1,452
  1,542
  1,638
  1,739
  1,847
  1,961
  2,081
  2,209
  2,344
  2,487
  2,638
  2,798
  2,967
  3,145
  3,333
Depreciation, amort., depletion, $m
  624
  639
  655
  672
  690
  709
  729
  751
  774
  799
  609
  637
  666
  696
  729
  763
  798
  836
  876
  918
  962
  1,009
  1,057
  1,109
  1,163
  1,220
  1,279
  1,342
  1,408
  1,477
Funds from operations, $m
  1,095
  1,139
  1,188
  1,240
  1,298
  1,360
  1,426
  1,498
  1,574
  1,656
  1,686
  1,779
  1,878
  1,984
  2,096
  2,214
  2,340
  2,474
  2,615
  2,765
  2,923
  3,090
  3,267
  3,453
  3,650
  3,858
  4,077
  4,309
  4,553
  4,810
Change in working capital, $m
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
Cash from operations, $m
  1,098
  1,142
  1,191
  1,243
  1,301
  1,363
  1,430
  1,502
  1,579
  1,661
  1,690
  1,784
  1,883
  1,989
  2,102
  2,221
  2,347
  2,481
  2,622
  2,772
  2,931
  3,098
  3,275
  3,462
  3,660
  3,868
  4,088
  4,320
  4,565
  4,823
Maintenance CAPEX, $m
  -396
  -409
  -424
  -440
  -456
  -474
  -494
  -514
  -536
  -559
  -583
  -609
  -637
  -666
  -696
  -729
  -763
  -798
  -836
  -876
  -918
  -962
  -1,009
  -1,057
  -1,109
  -1,163
  -1,220
  -1,279
  -1,342
  -1,408
New CAPEX, $m
  -136
  -146
  -157
  -168
  -180
  -192
  -205
  -218
  -231
  -245
  -259
  -274
  -290
  -306
  -323
  -340
  -359
  -378
  -398
  -419
  -441
  -464
  -488
  -514
  -540
  -568
  -597
  -628
  -660
  -693
Cash from investing activities, $m
  -532
  -555
  -581
  -608
  -636
  -666
  -699
  -732
  -767
  -804
  -842
  -883
  -927
  -972
  -1,019
  -1,069
  -1,122
  -1,176
  -1,234
  -1,295
  -1,359
  -1,426
  -1,497
  -1,571
  -1,649
  -1,731
  -1,817
  -1,907
  -2,002
  -2,101
Free cash flow, $m
  566
  587
  610
  635
  664
  696
  731
  770
  812
  857
  848
  900
  957
  1,018
  1,082
  1,152
  1,226
  1,304
  1,388
  1,477
  1,572
  1,672
  1,778
  1,891
  2,011
  2,137
  2,271
  2,413
  2,563
  2,722
Issuance/(repayment) of debt, $m
  109
  117
  127
  136
  145
  155
  165
  176
  186
  197
  209
  221
  233
  247
  260
  274
  289
  305
  321
  338
  356
  374
  394
  414
  436
  458
  481
  506
  532
  559
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  
  109
  117
  127
  136
  145
  155
  165
  176
  186
  197
  209
  221
  233
  247
  260
  274
  289
  305
  321
  338
  356
  374
  394
  414
  436
  458
  481
  506
  532
  559
Total cash flow (excl. dividends), $m
  675
  705
  736
  771
  810
  851
  897
  945
  998
  1,054
  1,057
  1,121
  1,191
  1,264
  1,343
  1,426
  1,515
  1,609
  1,709
  1,815
  1,927
  2,046
  2,172
  2,305
  2,446
  2,595
  2,753
  2,919
  3,095
  3,281
Retained Cash Flow (-), $m
  -70
  -77
  -83
  -89
  -96
  -102
  -109
  -116
  -123
  -130
  -138
  -145
  -154
  -162
  -171
  -181
  -190
  -201
  -211
  -222
  -234
  -246
  -259
  -273
  -287
  -301
  -317
  -333
  -350
  -368
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
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  126
  133
  139
  146
  153
Cash available for distribution, $m
  605
  627
  653
  682
  714
  749
  788
  830
  875
  924
  919
  976
  1,037
  1,102
  1,171
  1,245
  1,324
  1,408
  1,498
  1,593
  1,693
  1,800
  1,913
  2,033
  2,160
  2,294
  2,436
  2,586
  2,745
  2,912
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
  580
  574
  568
  561
  553
  544
  532
  519
  503
  485
  437
  416
  394
  370
  344
  317
  288
  259
  231
  202
  175
  149
  125
  104
  84
  67
  52
  40
  30
  22
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

Darden Restaurants, Inc. is a full-service restaurant company. The Company owned and operated 1,536 restaurants through its subsidiaries in the United States and Canada, as of May 29, 2016. The Company's segments include Olive Garden, LongHorn Steakhouse, Fine Dining (which includes The Capital Grille, and Eddie V's Prime Seafood and Wildfish Seafood Grille (Eddie V's)) and Other Business (which includes Yard House, Seasons 52, Bahama Breeze, consumer-packaged goods and franchise revenues). As of May 29, 2016, the Company also had 50 restaurants operated by independent third parties pursuant to area development and franchise agreements. Olive Garden's menu includes a range of authentic Italian foods featuring fresh ingredients and a selection of imported Italian wines. LongHorn Steakhouse restaurants feature a range of menu items, including fresh steaks and chicken, as well as salmon, shrimp, ribs, pork chops, burgers and prime rib.

FINANCIAL RATIOS  of  Darden Restaurants (DRI)

Valuation Ratios
P/E Ratio 29.1
Price to Sales 1.9
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 15.5
Price to Free Cash Flow 24
Growth Rates
Sales Growth Rate 3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 26.2%
Cap. Spend. - 3 Yr. Gr. Rate -6.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 44.6%
Total Debt to Equity 44.6%
Interest Coverage 18
Management Effectiveness
Return On Assets 10.3%
Ret/ On Assets - 3 Yr. Avg. 10.9%
Return On Total Capital 17.6%
Ret/ On T. Cap. - 3 Yr. Avg. 15.4%
Return On Equity 23.6%
Return On Equity - 3 Yr. Avg. 24.2%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 21.8%
Gross Margin - 3 Yr. Avg. 21.8%
EBITDA Margin 13.2%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 9.4%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 8.9%
Pre-Tax Margin - 3 Yr. Avg. 6%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 24.2%
Eff/ Tax Rate - 3 Yr. Avg. 10.7%
Payout Ratio 58.2%

DRI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DRI stock intrinsic value calculation we used $7170 million for the last fiscal year's total revenue generated by Darden Restaurants. The default revenue input number comes from 2017 income statement of Darden Restaurants. 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 DRI stock valuation model: a) initial revenue growth rate of 3.4% 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 DRI is calculated based on our internal credit rating of Darden Restaurants, 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 Darden Restaurants.
    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 DRI stock the variable cost ratio is equal to 76.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1013 million in the base year in the intrinsic value calculation for DRI 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 5.8% for Darden Restaurants.

Corporate tax rate of 27% is the nominal tax rate for Darden Restaurants. 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 DRI stock is equal to 0.6%.

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 DRI are equal to 55.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Darden Restaurants 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 DRI is equal to -1%. 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 - $2102 million for Darden Restaurants - 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 124 million for Darden Restaurants 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 Darden Restaurants at the current share price and the inputted number of shares is $13.8 billion.

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COMPANY NEWS

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▶ Company News For Jun 22, 2018   [10:03AM  Zacks]
▶ Darden Restaurants to Open up to 50 New Locations   [Jun-21-18 07:40PM  Fortune]
▶ After the Bell: 8 Days of Pain   [05:52PM  Barrons.com]
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▶ [$$] Darden Restaurants Sees 2.2% Same-Store Sales Growth   [09:41AM  The Wall Street Journal]
▶ Darden Restaurants Q4 Earnings Outlook   [Jun-20-18 02:14PM  Benzinga]
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▶ [$$] Will Activist Investors Pop Into Starbucks?   [Jun-09-18 12:01AM  Barrons.com]
▶ Darden Restaurants settles age discrimination suit   [May-03-18 04:45PM  Associated Press]
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