Intrinsic value of Potbelly - PBPB

Previous Close

$10.69

  Intrinsic Value

$3.09

stock screener

  Rating & Target

str. sell

-71%

Previous close

$10.69

 
Intrinsic value

$3.09

 
Up/down potential

-71%

 
Rating

str. sell

We calculate the intrinsic value of PBPB 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 0.3

 

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
  437
  447
  458
  471
  485
  501
  518
  537
  556
  578
  601
  625
  651
  679
  708
  739
  772
  806
  843
  882
  923
  966
  1,011
  1,059
  1,110
  1,163
  1,219
  1,277
  1,339
  1,404
Variable operating expenses, $m
  422
  432
  443
  455
  469
  484
  501
  519
  538
  559
  580
  604
  629
  655
  684
  714
  745
  779
  814
  852
  891
  933
  977
  1,023
  1,072
  1,123
  1,177
  1,234
  1,293
  1,356
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
  422
  432
  443
  455
  469
  484
  501
  519
  538
  559
  580
  604
  629
  655
  684
  714
  745
  779
  814
  852
  891
  933
  977
  1,023
  1,072
  1,123
  1,177
  1,234
  1,293
  1,356
Operating income, $m
  14
  15
  15
  16
  16
  17
  17
  18
  19
  19
  21
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
EBITDA, $m
  37
  38
  39
  40
  41
  43
  44
  46
  47
  49
  51
  53
  55
  58
  60
  63
  66
  68
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  114
  119
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
Earnings before tax, $m
  14
  15
  15
  15
  16
  16
  17
  17
  18
  18
  20
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
Tax expense, $m
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
Net income, $m
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31

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
  174
  178
  183
  188
  194
  200
  207
  214
  222
  230
  240
  249
  260
  271
  282
  295
  308
  322
  336
  352
  368
  385
  403
  422
  443
  464
  486
  510
  534
  560
Adjusted assets (=assets-cash), $m
  174
  178
  183
  188
  194
  200
  207
  214
  222
  230
  240
  249
  260
  271
  282
  295
  308
  322
  336
  352
  368
  385
  403
  422
  443
  464
  486
  510
  534
  560
Revenue / Adjusted assets
  2.511
  2.511
  2.503
  2.505
  2.500
  2.505
  2.502
  2.509
  2.505
  2.513
  2.504
  2.510
  2.504
  2.506
  2.511
  2.505
  2.506
  2.503
  2.509
  2.506
  2.508
  2.509
  2.509
  2.509
  2.506
  2.506
  2.508
  2.504
  2.507
  2.507
Average production assets, $m
  110
  113
  116
  119
  123
  127
  131
  136
  141
  146
  152
  158
  165
  172
  179
  187
  195
  204
  213
  223
  233
  244
  256
  268
  281
  294
  308
  323
  339
  355
Working capital, $m
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
Total debt, $m
  1
  2
  4
  5
  7
  9
  11
  14
  16
  19
  22
  25
  28
  32
  35
  39
  43
  48
  52
  57
  62
  68
  73
  80
  86
  93
  100
  107
  115
  123
Total liabilities, $m
  55
  56
  58
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  122
  127
  134
  140
  147
  154
  161
  169
  177
Total equity, $m
  119
  122
  125
  129
  132
  137
  141
  146
  152
  158
  164
  171
  178
  185
  193
  202
  211
  220
  230
  241
  252
  264
  276
  289
  303
  317
  332
  349
  365
  383
Total liabilities and equity, $m
  174
  178
  183
  188
  193
  200
  206
  214
  222
  231
  240
  250
  260
  271
  282
  295
  308
  322
  336
  352
  368
  386
  403
  423
  443
  464
  486
  510
  534
  560
Debt-to-equity ratio
  0.010
  0.020
  0.030
  0.040
  0.050
  0.070
  0.080
  0.090
  0.110
  0.120
  0.130
  0.150
  0.160
  0.170
  0.180
  0.190
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
Adjusted equity ratio
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684
  0.684

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
Depreciation, amort., depletion, $m
  23
  23
  24
  24
  25
  26
  27
  28
  29
  30
  30
  32
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
Funds from operations, $m
  33
  34
  35
  36
  37
  38
  39
  40
  42
  43
  45
  46
  48
  50
  52
  55
  57
  59
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  97
  102
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  33
  34
  35
  36
  37
  38
  39
  41
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  63
  65
  68
  71
  75
  78
  82
  86
  90
  94
  98
  103
Maintenance CAPEX, $m
  -22
  -22
  -23
  -23
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
New CAPEX, $m
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
Cash from investing activities, $m
  -24
  -25
  -26
  -26
  -28
  -29
  -29
  -31
  -32
  -33
  -35
  -36
  -39
  -40
  -41
  -44
  -45
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -67
  -69
  -73
  -77
  -81
  -84
Free cash flow, $m
  9
  9
  9
  9
  9
  10
  10
  10
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
Issuance/(repayment) of debt, $m
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
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  
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
Total cash flow (excl. dividends), $m
  11
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
Retained Cash Flow (-), $m
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
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
  8
  8
  8
  8
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
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
  8
  7
  7
  6
  6
  5
  5
  4
  4
  4
  3
  3
  3
  2
  2
  2
  2
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
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

Potbelly Corporation owns and operates Potbelly Sandwich Works sandwich shops in the United States. The Company has domestic and international franchise operations of Potbelly Sandwich Works sandwich shops. As of December 25, 2016, the Company operated Potbelly Sandwich Works sandwich shops in 29 states and the District of Columbia. As of December 25, 2016, the Company had a domestic base of 441 shops in 29 states and the District of Columbia. Of these, the company operated 411 shops, and franchisees operated 30 shops, as of December 25, 2016. As of December 25, 2016, the Company had 13 international franchised shops, which included 11 shops in the Middle East, a shop in the United Kingdom and a shop in Canada. As of December 25, 2016, the Company had domestic franchise shops in Arkansas, Iowa, Illinois, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Pennsylvania, South Dakota, Tennessee, Texas and Virginia.

FINANCIAL RATIOS  of  Potbelly (PBPB)

Valuation Ratios
P/E Ratio 33.6
Price to Sales 0.7
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 29.9
Growth Rates
Sales Growth Rate 9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.8%
Cap. Spend. - 3 Yr. Gr. Rate 5.7%
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 4.6%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 6.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 6.3%
Return On Equity - 3 Yr. Avg. 4.4%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 72.7%
Gross Margin - 3 Yr. Avg. 71.9%
EBITDA Margin 8.8%
EBITDA Margin - 3 Yr. Avg. 8.4%
Operating Margin 3.2%
Oper. Margin - 3 Yr. Avg. 2.7%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. 2.6%
Net Profit Margin 2%
Net Profit Margin - 3 Yr. Avg. 1.6%
Effective Tax Rate 38.5%
Eff/ Tax Rate - 3 Yr. Avg. 38.2%
Payout Ratio 0%

PBPB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PBPB stock intrinsic value calculation we used $428.111 million for the last fiscal year's total revenue generated by Potbelly. The default revenue input number comes from 0001 income statement of Potbelly. 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 PBPB 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 4.3%, whose default value for PBPB is calculated based on our internal credit rating of Potbelly, 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 Potbelly.
    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 PBPB stock the variable cost ratio is equal to 96.7%.

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 PBPB 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 Potbelly.

Corporate tax rate of 27% is the nominal tax rate for Potbelly. 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 PBPB 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 PBPB are equal to 25.3%.

Life of production assets of 4.3 years is the average useful life of capital assets used in Potbelly 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 PBPB is equal to -1.8%. 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 - $116.723 million for Potbelly - 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 25.458 million for Potbelly 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 Potbelly at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
NATH Nathan's F 70.62 8.25  str.sell
BOJA Bojangles' 16.02 26.40  str.buy
FRGI Fiesta Restaur 19.13 9.17  str.sell
CMG Chipotle Mexic 472.30 365.66  sell
TACO Del Taco Resta 11.21 20.82  str.buy
FRSH Papa Murphy 5.15 12.28  str.buy
LOCO El Pollo Loco 15.89 15.65  buy

COMPANY NEWS

▶ Potbelly (PBPB): Moving Average Crossover Alert   [Nov-15-18 01:58AM  Zacks]
▶ Potbelly Stock Plunges on Q3 Earnings Miss   [Nov-09-18 10:42AM  InvestorPlace]
▶ Potbelly: 3Q Earnings Snapshot   [07:15AM  Associated Press]
▶ Maxim Has An Appetite For Potbelly   [Oct-10-18 03:35PM  Benzinga]
▶ 17 Small-Cap Stocks That Could Double   [Oct-01-18 12:42PM  InvestorPlace]
▶ Potbelly (PBPB) Matches Q2 Earnings Estimates   [Aug-07-18 05:30PM  Zacks]
▶ Potbelly: 2Q Earnings Snapshot   [04:28PM  Associated Press]
▶ Potbelly Corp. to Host Earnings Call   [03:00PM  ACCESSWIRE]
▶ [$$] New Potbelly CEO Wants to Make Sandwiches More Interesting   [Jul-18-18 08:38PM  The Wall Street Journal]
▶ Potbelly Strengthens Leadership Team to Execute Turnaround   [Jun-11-18 07:46PM  Business Wire]
▶ Potbelly: 1Q Earnings Snapshot   [May-08-18 04:40PM  Associated Press]
▶ Potbelly Appoints Ben Rosenzweig to Board of Directors   [Apr-13-18 05:00PM  GlobeNewswire]
▶ Potbelly reports 4Q loss   [07:19AM  Associated Press]
▶ Potbelly Corp. to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ What you need to know in markets on Friday   [Feb-22-18 06:13PM  Yahoo Finance]
▶ New Activist Boardroom War At Potbelly Could Drive Sale   [Feb-08-18 01:03PM  TheStreet.com]
▶ Buyout Shops Eye Potbelly: Sources   [Jan-04-18 10:12AM  TheStreet.com]
▶ ETFs with exposure to Potbelly Corp. : December 27, 2017   [Dec-27-17 11:39AM  Capital Cube]
▶ Should Potbelly's New CEO Take the Company Private?   [Dec-10-17 06:32PM  Motley Fool]
▶ When Should You Buy Potbelly Corporation (PBPB)?   [Dec-04-17 08:20AM  Simply Wall St.]
▶ ETFs with exposure to Potbelly Corp. : November 27, 2017   [Nov-27-17 03:16PM  Capital Cube]
▶ ETFs with exposure to Potbelly Corp. : November 17, 2017   [Nov-17-17 12:40PM  Capital Cube]
▶ ETFs with exposure to Potbelly Corp. : November 7, 2017   [Nov-07-17 10:36AM  Capital Cube]
▶ Potbelly reports 3Q loss   [07:19AM  Associated Press]
▶ Potbelly Corp. to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ Odds of Potbelly Sale Increase With Activist Appointment   [Oct-08-17 08:00AM  TheStreet.com]
▶ Odds of Potbelly Sale Increase With Activist Appointment   [Oct-07-17 07:20AM  TheStreet.com]
▶ Potbelly Names New Director   [Oct-05-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to Potbelly Corp. : September 29, 2017   [Sep-29-17 10:36AM  Capital Cube]
▶ ETFs with exposure to Potbelly Corp. : August 21, 2017   [Aug-21-17 04:51PM  Capital Cube]
▶ Sandwich chain, with 5 KC locations, explores sale amid sales decline   [Aug-08-17 09:10AM  American City Business Journals]
▶ [$$] Sandwich Maker Potbelly Hangs For Sale Sign   [Aug-04-17 11:47PM  The Wall Street Journal]
▶ Potbelly reports 2Q loss   [10:14PM  Associated Press]
▶ Potbelly explores sale amid decline in sales   [06:00PM  American City Business Journals]
▶ [$$] Potbelly Hangs 'For Sale' Sign   [11:26AM  The Wall Street Journal]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ 3 Top Small-Cap Stocks to Buy in July   [Jul-25-17 06:15PM  Motley Fool]

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