Intrinsic value of Brinker International - EAT

Previous Close

$31.03

  Intrinsic Value

$4.48

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

-31%

Previous close

$31.03

 
Intrinsic value

$4.48

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

-31%

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

We calculate the intrinsic value of EAT 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 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  -3.25
  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
  3,151
  3,214
  3,288
  3,372
  3,467
  3,572
  3,688
  3,813
  3,949
  4,096
  4,253
  4,421
  4,601
  4,792
  4,995
  5,210
  5,438
  5,680
  5,936
  6,206
  6,491
  6,792
  7,109
  7,444
  7,796
  8,167
  8,558
  8,969
  9,402
  9,857
  10,336
Variable operating expenses, $m
 
  1,366
  1,397
  1,433
  1,474
  1,518
  1,567
  1,621
  1,678
  1,741
  1,808
  1,879
  1,955
  2,036
  2,123
  2,214
  2,311
  2,414
  2,523
  2,637
  2,759
  2,886
  3,021
  3,163
  3,313
  3,471
  3,637
  3,812
  3,996
  4,189
  4,393
Fixed operating expenses, $m
 
  1,636
  1,677
  1,719
  1,762
  1,806
  1,851
  1,897
  1,945
  1,993
  2,043
  2,094
  2,146
  2,200
  2,255
  2,311
  2,369
  2,429
  2,489
  2,551
  2,615
  2,681
  2,748
  2,816
  2,887
  2,959
  3,033
  3,109
  3,186
  3,266
  3,348
Total operating expenses, $m
  2,895
  3,002
  3,074
  3,152
  3,236
  3,324
  3,418
  3,518
  3,623
  3,734
  3,851
  3,973
  4,101
  4,236
  4,378
  4,525
  4,680
  4,843
  5,012
  5,188
  5,374
  5,567
  5,769
  5,979
  6,200
  6,430
  6,670
  6,921
  7,182
  7,455
  7,741
Operating income, $m
  256
  212
  214
  220
  232
  248
  270
  296
  326
  362
  402
  448
  499
  555
  617
  684
  758
  838
  924
  1,017
  1,117
  1,225
  1,340
  1,464
  1,596
  1,737
  1,888
  2,049
  2,220
  2,402
  2,596
EBITDA, $m
  412
  321
  326
  335
  350
  370
  395
  425
  461
  501
  547
  598
  655
  718
  787
  861
  943
  1,031
  1,126
  1,228
  1,338
  1,456
  1,582
  1,717
  1,861
  2,015
  2,179
  2,353
  2,539
  2,737
  2,947
Interest expense (income), $m
  0
  47
  25
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  57
  60
  64
  67
  72
  76
  80
  85
  90
  95
  101
  107
  113
  119
Earnings before tax, $m
  209
  166
  189
  194
  205
  220
  239
  264
  293
  326
  365
  408
  457
  510
  569
  634
  704
  781
  864
  953
  1,050
  1,153
  1,264
  1,383
  1,511
  1,647
  1,793
  1,948
  2,113
  2,289
  2,476
Tax expense, $m
  58
  45
  51
  52
  55
  59
  65
  71
  79
  88
  98
  110
  123
  138
  154
  171
  190
  211
  233
  257
  283
  311
  341
  374
  408
  445
  484
  526
  571
  618
  669
Net income, $m
  151
  121
  138
  142
  149
  160
  175
  192
  214
  238
  266
  298
  333
  373
  416
  463
  514
  570
  631
  696
  766
  842
  923
  1,010
  1,103
  1,202
  1,309
  1,422
  1,543
  1,671
  1,808

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
  0
Total assets, $m
  1,414
  1,443
  1,476
  1,514
  1,556
  1,603
  1,655
  1,712
  1,773
  1,838
  1,909
  1,984
  2,065
  2,151
  2,242
  2,338
  2,441
  2,549
  2,664
  2,785
  2,913
  3,048
  3,191
  3,341
  3,499
  3,666
  3,841
  4,026
  4,220
  4,424
  4,639
Adjusted assets (=assets-cash), $m
  1,414
  1,443
  1,476
  1,514
  1,556
  1,603
  1,655
  1,712
  1,773
  1,838
  1,909
  1,984
  2,065
  2,151
  2,242
  2,338
  2,441
  2,549
  2,664
  2,785
  2,913
  3,048
  3,191
  3,341
  3,499
  3,666
  3,841
  4,026
  4,220
  4,424
  4,639
Revenue / Adjusted assets
  2.228
  2.227
  2.228
  2.227
  2.228
  2.228
  2.228
  2.227
  2.227
  2.229
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
  2.228
Average production assets, $m
  537
  546
  559
  573
  589
  607
  627
  648
  671
  696
  723
  752
  782
  815
  849
  886
  925
  966
  1,009
  1,055
  1,103
  1,155
  1,209
  1,265
  1,325
  1,388
  1,455
  1,525
  1,598
  1,676
  1,757
Working capital, $m
  -292
  -286
  -293
  -300
  -309
  -318
  -328
  -339
  -351
  -365
  -379
  -393
  -409
  -426
  -445
  -464
  -484
  -506
  -528
  -552
  -578
  -604
  -633
  -662
  -694
  -727
  -762
  -798
  -837
  -877
  -920
Total debt, $m
  1,329
  719
  749
  783
  822
  864
  911
  961
  1,016
  1,075
  1,139
  1,207
  1,279
  1,357
  1,439
  1,526
  1,618
  1,715
  1,819
  1,928
  2,043
  2,165
  2,293
  2,428
  2,570
  2,720
  2,878
  3,044
  3,219
  3,403
  3,596
Total liabilities, $m
  1,907
  1,298
  1,328
  1,362
  1,401
  1,443
  1,490
  1,540
  1,595
  1,654
  1,718
  1,786
  1,858
  1,936
  2,018
  2,105
  2,197
  2,294
  2,398
  2,507
  2,622
  2,744
  2,872
  3,007
  3,149
  3,299
  3,457
  3,623
  3,798
  3,982
  4,175
Total equity, $m
  -494
  144
  148
  151
  156
  160
  166
  171
  177
  184
  191
  198
  206
  215
  224
  234
  244
  255
  266
  279
  291
  305
  319
  334
  350
  367
  384
  403
  422
  442
  464
Total liabilities and equity, $m
  1,413
  1,442
  1,476
  1,513
  1,557
  1,603
  1,656
  1,711
  1,772
  1,838
  1,909
  1,984
  2,064
  2,151
  2,242
  2,339
  2,441
  2,549
  2,664
  2,786
  2,913
  3,049
  3,191
  3,341
  3,499
  3,666
  3,841
  4,026
  4,220
  4,424
  4,639
Debt-to-equity ratio
  -2.690
  4.990
  5.080
  5.170
  5.280
  5.390
  5.500
  5.620
  5.730
  5.850
  5.970
  6.080
  6.200
  6.310
  6.420
  6.520
  6.630
  6.730
  6.830
  6.920
  7.010
  7.100
  7.190
  7.270
  7.350
  7.420
  7.490
  7.560
  7.630
  7.690
  7.750
Adjusted equity ratio
  -0.349
  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
  151
  121
  138
  142
  149
  160
  175
  192
  214
  238
  266
  298
  333
  373
  416
  463
  514
  570
  631
  696
  766
  842
  923
  1,010
  1,103
  1,202
  1,309
  1,422
  1,543
  1,671
  1,808
Depreciation, amort., depletion, $m
  156
  109
  112
  115
  118
  121
  125
  130
  134
  139
  145
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
  278
  291
  305
  320
  335
  351
Funds from operations, $m
  290
  230
  249
  256
  267
  282
  300
  322
  348
  377
  411
  448
  490
  535
  585
  640
  699
  763
  832
  907
  987
  1,073
  1,165
  1,263
  1,368
  1,480
  1,600
  1,727
  1,862
  2,006
  2,159
Change in working capital, $m
  -23
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
Cash from operations, $m
  313
  236
  256
  264
  276
  291
  310
  333
  360
  390
  425
  463
  506
  552
  604
  659
  719
  785
  855
  931
  1,012
  1,099
  1,193
  1,293
  1,399
  1,513
  1,634
  1,763
  1,901
  2,047
  2,202
Maintenance CAPEX, $m
  0
  -107
  -109
  -112
  -115
  -118
  -121
  -125
  -130
  -134
  -139
  -145
  -150
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -211
  -221
  -231
  -242
  -253
  -265
  -278
  -291
  -305
  -320
  -335
New CAPEX, $m
  -103
  -10
  -13
  -14
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -32
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -77
  -81
Cash from investing activities, $m
  -99
  -117
  -122
  -126
  -131
  -136
  -141
  -146
  -153
  -159
  -166
  -174
  -181
  -188
  -198
  -207
  -216
  -226
  -236
  -248
  -259
  -272
  -285
  -299
  -313
  -328
  -344
  -361
  -379
  -397
  -416
Free cash flow, $m
  214
  119
  134
  138
  145
  155
  169
  187
  207
  231
  259
  290
  325
  364
  406
  453
  503
  559
  619
  683
  753
  828
  908
  994
  1,086
  1,185
  1,290
  1,403
  1,522
  1,650
  1,785
Issuance/(repayment) of debt, $m
  208
  -610
  30
  34
  38
  42
  47
  51
  55
  59
  63
  68
  72
  77
  82
  87
  92
  98
  103
  109
  115
  122
  128
  135
  142
  150
  158
  166
  175
  184
  193
Issuance/(repurchase) of shares, $m
  -365
  517
  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  
  -165
  -93
  30
  34
  38
  42
  47
  51
  55
  59
  63
  68
  72
  77
  82
  87
  92
  98
  103
  109
  115
  122
  128
  135
  142
  150
  158
  166
  175
  184
  193
Total cash flow (excl. dividends), $m
  49
  26
  164
  172
  183
  198
  216
  237
  262
  290
  322
  358
  397
  441
  488
  540
  596
  656
  722
  792
  868
  949
  1,036
  1,129
  1,229
  1,335
  1,448
  1,569
  1,697
  1,834
  1,979
Retained Cash Flow (-), $m
  281
  -638
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
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
 
  -612
  161
  168
  179
  193
  211
  232
  256
  284
  315
  350
  389
  432
  479
  530
  585
  646
  710
  780
  855
  936
  1,022
  1,114
  1,213
  1,318
  1,431
  1,550
  1,678
  1,813
  1,957
Discount rate, %
 
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
  51.86
PV of cash for distribution, $m
 
  -544
  125
  114
  104
  95
  86
  78
  69
  61
  53
  45
  37
  30
  24
  19
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  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

Brinker International, Inc. is engaged in the ownership, operation, development, and franchising of the Chili's Grill & Bar (Chili's) and Maggiano's Little Italy (Maggiano's) restaurant brands. The Company's Chili's operates Bar & Grill category of casual dining. Chili's menu features authentic Fresh Mex and Fresh Tex cuisine, including signature items, such as Baby Back Ribs smoked in-house, Hand-Crafted Burgers served with house-made garlic dill pickles, Mix and Match Fajitas, Tableside Guacamole and house-made Chips and Salsa. Maggiano's is a full-service, casual dining Italian restaurant brand. Its Maggiano's restaurants feature individual and family-style menus, and its restaurants also has banquet facilities designed to host party business or social events. The Company owns, operates or franchises restaurants, which include approximately 1,650 restaurants in the United States, over 30 countries and approximately two territories outside of the United States.

FINANCIAL RATIOS  of  Brinker International (EAT)

Valuation Ratios
P/E Ratio 10.1
Price to Sales 0.5
Price to Book -3.1
Price to Tangible Book
Price to Cash Flow 4.8
Price to Free Cash Flow 7.2
Growth Rates
Sales Growth Rate -3.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.8%
Cap. Spend. - 3 Yr. Gr. Rate -8.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity -267%
Total Debt to Equity -269%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.5%
Ret/ On Assets - 3 Yr. Avg. 13.5%
Return On Total Capital 17.4%
Ret/ On T. Cap. - 3 Yr. Avg. 20.5%
Return On Equity -42.7%
Return On Equity - 3 Yr. Avg. -935.8%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 18%
Gross Margin - 3 Yr. Avg. 19%
EBITDA Margin 11.6%
EBITDA Margin - 3 Yr. Avg. 13.7%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 9.4%
Pre-Tax Margin 6.6%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 27.8%
Eff/ Tax Rate - 3 Yr. Avg. 29.4%
Payout Ratio 47%

EAT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EAT stock intrinsic value calculation we used $3151 million for the last fiscal year's total revenue generated by Brinker International. The default revenue input number comes from 2017 income statement of Brinker International. 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 EAT 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 12.6%, whose default value for EAT is calculated based on our internal credit rating of Brinker International, 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 Brinker International.
    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 EAT stock the variable cost ratio is equal to 42.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1596 million in the base year in the intrinsic value calculation for EAT 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 Brinker International.

Corporate tax rate of 27% is the nominal tax rate for Brinker International. 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 EAT 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 EAT are equal to 17%.

Life of production assets of 4 years is the average useful life of capital assets used in Brinker International 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 EAT is equal to -8.9%. 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 - $-494 million for Brinker International - 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 49.505 million for Brinker International 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 Brinker International at the current share price and the inputted number of shares is $1.5 billion.

RELATED COMPANIES Price Int.Val. Rating
DRI Darden Restaur 80.20 113.20  buy
BJRI BJ's Resta 29.80 47.42  str.buy
BLMN Bloomin' B 17.51 12.31  sell
DENN Denny's 12.93 2.34  str.sell
SAUC Diversified Re 1.73 0.52  str.sell
DIN DineEquity 43.64 48.71  buy
BWLD Buffalo Wild W 102.35 93.83  hold
ARKR ARK Restaurant 24.95 28.64  buy

COMPANY NEWS

▶ 3 Restaurant Stocks With Tasty Dividend Yields   [Oct-13-17 06:05AM  Motley Fool]
▶ Oh Baby, Chili's Is Back, Baby Back, Baby Back   [Oct-04-17 10:10AM  PR Newswire]
▶ Chili's is reviving its iconic 'baby back' jingle   [Oct-02-17 10:00AM  Business Insider]
▶ You Say Goodbye. Chili's Says Hello. Hello. Hello.   [Sep-18-17 06:54PM  PR Newswire]
▶ 5 High-Yielding Stocks in 3 Surprising Industries   [Sep-13-17 10:10AM  Motley Fool]
▶ Chilis Menu Gets 40% Smaller: What Items Were Cut?   [Sep-08-17 04:30PM  InvestorPlace]
▶ Chili's trimming 40% of dishes, getting back to core menu   [03:30PM  American City Business Journals]
▶ Chili's cutting its menu by 40%   [10:08AM  MarketWatch]
▶ Chili's Growth Means Getting Smaller   [09:30AM  PR Newswire]
▶ Stocks That Fell to 3-Year Lows   [Sep-01-17 08:17PM  GuruFocus.com]
▶ [$$] Brinker Stock Seen Rebounding to $49   [Aug-24-17 12:54PM  Barrons.com]
▶ Company News For August 11, 2017   [Aug-11-17 09:58AM  Zacks]
▶ Brinker International beats 4Q profit forecasts   [Aug-10-17 11:51PM  Associated Press]
▶ 5 Stocks to Avoid at all Costs   [Jul-27-17 03:30PM  Zacks]
▶ New Strong Sell Stocks for July 21st   [Jul-21-17 07:48AM  Zacks]
▶ Why Brinker International Inc. Stock Dove Today   [Jun-15-17 05:11PM  Motley Fool]
▶ With DFW relocation, Brinker puts longtime Dallas headquarters on the market   [Jun-08-17 03:55PM  American City Business Journals]
▶ Brinker International Board Declares Common Dividend   [May-25-17 05:33PM  PR Newswire]
▶ Brinker Bottom Forming   [May-11-17 11:26AM  TheStreet.com]
▶ Brinker International tops 3Q profit forecasts   [07:42AM  Associated Press]
▶ After Panera, What Restaurants Will Be Bought Next?   [Apr-07-17 11:06AM  Barrons.com]
▶ Cramer taste-tests two popular restaurant chains   [Apr-06-17 08:04PM  CNBC Videos]
▶ Brinker International Could Bite Shorts on Possible Upturn   [Apr-05-17 09:38AM  TheStreet.com]
Financial statements of EAT
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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