Intrinsic value of Shake Shack Cl A - SHAK

Previous Close

$67.97

  Intrinsic Value

$55.31

stock screener

  Rating & Target

hold

-19%

Previous close

$67.97

 
Intrinsic value

$55.31

 
Up/down potential

-19%

 
Rating

hold

We calculate the intrinsic value of SHAK 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 2.5

 

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, %
  33.70
  30.83
  28.25
  25.92
  23.83
  21.95
  20.25
  18.73
  17.35
  16.12
  15.01
  14.01
  13.11
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
Revenue, $m
  480
  628
  805
  1,014
  1,256
  1,531
  1,842
  2,186
  2,566
  2,979
  3,427
  3,906
  4,418
  4,962
  5,535
  6,139
  6,773
  7,436
  8,128
  8,849
  9,600
  10,382
  11,194
  12,039
  12,917
  13,828
  14,776
  15,762
  16,787
  17,853
Variable operating expenses, $m
  431
  563
  722
  910
  1,126
  1,374
  1,652
  1,961
  2,302
  2,673
  3,074
  3,504
  3,963
  4,451
  4,965
  5,507
  6,075
  6,670
  7,291
  7,938
  8,612
  9,313
  10,041
  10,799
  11,586
  12,404
  13,254
  14,138
  15,058
  16,014
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
  431
  563
  722
  910
  1,126
  1,374
  1,652
  1,961
  2,302
  2,673
  3,074
  3,504
  3,963
  4,451
  4,965
  5,507
  6,075
  6,670
  7,291
  7,938
  8,612
  9,313
  10,041
  10,799
  11,586
  12,404
  13,254
  14,138
  15,058
  16,014
Operating income, $m
  49
  65
  83
  104
  129
  158
  190
  225
  264
  307
  353
  402
  455
  511
  570
  632
  698
  766
  837
  911
  989
  1,069
  1,153
  1,240
  1,330
  1,424
  1,522
  1,623
  1,729
  1,839
EBITDA, $m
  71
  93
  119
  150
  186
  227
  273
  324
  380
  441
  507
  579
  654
  735
  820
  909
  1,003
  1,101
  1,204
  1,311
  1,422
  1,538
  1,658
  1,783
  1,913
  2,048
  2,188
  2,334
  2,486
  2,644
Interest expense (income), $m
  0
  0
  5
  12
  20
  30
  41
  53
  67
  83
  100
  119
  139
  161
  184
  209
  235
  262
  291
  321
  352
  385
  419
  454
  491
  530
  569
  611
  654
  698
  745
Earnings before tax, $m
  49
  59
  71
  84
  100
  117
  137
  158
  181
  207
  234
  263
  294
  327
  361
  398
  436
  475
  516
  559
  604
  650
  699
  749
  801
  855
  911
  970
  1,031
  1,094
Tax expense, $m
  13
  16
  19
  23
  27
  32
  37
  43
  49
  56
  63
  71
  79
  88
  98
  107
  118
  128
  139
  151
  163
  176
  189
  202
  216
  231
  246
  262
  278
  295
Net income, $m
  36
  43
  52
  61
  73
  85
  100
  115
  132
  151
  171
  192
  215
  239
  264
  290
  318
  347
  377
  408
  441
  475
  510
  547
  585
  624
  665
  708
  752
  799

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
  562
  735
  943
  1,187
  1,470
  1,793
  2,156
  2,560
  3,004
  3,489
  4,012
  4,574
  5,174
  5,810
  6,482
  7,189
  7,931
  8,707
  9,517
  10,362
  11,242
  12,157
  13,108
  14,097
  15,125
  16,193
  17,302
  18,456
  19,656
  20,905
Adjusted assets (=assets-cash), $m
  562
  735
  943
  1,187
  1,470
  1,793
  2,156
  2,560
  3,004
  3,489
  4,012
  4,574
  5,174
  5,810
  6,482
  7,189
  7,931
  8,707
  9,517
  10,362
  11,242
  12,157
  13,108
  14,097
  15,125
  16,193
  17,302
  18,456
  19,656
  20,905
Revenue / Adjusted assets
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
Average production assets, $m
  216
  283
  363
  457
  566
  691
  831
  986
  1,157
  1,344
  1,545
  1,762
  1,993
  2,238
  2,497
  2,769
  3,055
  3,353
  3,666
  3,991
  4,330
  4,682
  5,049
  5,430
  5,825
  6,237
  6,664
  7,109
  7,571
  8,052
Working capital, $m
  -9
  -12
  -15
  -19
  -24
  -29
  -35
  -42
  -49
  -57
  -65
  -74
  -84
  -94
  -105
  -117
  -129
  -141
  -154
  -168
  -182
  -197
  -213
  -229
  -245
  -263
  -281
  -299
  -319
  -339
Total debt, $m
  101
  226
  375
  550
  753
  984
  1,244
  1,534
  1,853
  2,200
  2,575
  2,978
  3,408
  3,864
  4,346
  4,853
  5,385
  5,941
  6,522
  7,128
  7,759
  8,415
  9,097
  9,806
  10,543
  11,308
  12,104
  12,932
  13,792
  14,687
Total liabilities, $m
  403
  527
  676
  851
  1,054
  1,286
  1,546
  1,836
  2,154
  2,501
  2,877
  3,280
  3,710
  4,166
  4,647
  5,154
  5,686
  6,243
  6,824
  7,430
  8,060
  8,716
  9,399
  10,108
  10,844
  11,610
  12,406
  13,233
  14,094
  14,989
Total equity, $m
  159
  208
  267
  336
  416
  507
  610
  725
  850
  987
  1,135
  1,295
  1,464
  1,644
  1,834
  2,034
  2,244
  2,464
  2,693
  2,932
  3,181
  3,440
  3,710
  3,989
  4,280
  4,583
  4,897
  5,223
  5,563
  5,916
Total liabilities and equity, $m
  562
  735
  943
  1,187
  1,470
  1,793
  2,156
  2,561
  3,004
  3,488
  4,012
  4,575
  5,174
  5,810
  6,481
  7,188
  7,930
  8,707
  9,517
  10,362
  11,241
  12,156
  13,109
  14,097
  15,124
  16,193
  17,303
  18,456
  19,657
  20,905
Debt-to-equity ratio
  0.640
  1.080
  1.400
  1.640
  1.810
  1.940
  2.040
  2.120
  2.180
  2.230
  2.270
  2.300
  2.330
  2.350
  2.370
  2.390
  2.400
  2.410
  2.420
  2.430
  2.440
  2.450
  2.450
  2.460
  2.460
  2.470
  2.470
  2.480
  2.480
  2.480
Adjusted equity ratio
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  36
  43
  52
  61
  73
  85
  100
  115
  132
  151
  171
  192
  215
  239
  264
  290
  318
  347
  377
  408
  441
  475
  510
  547
  585
  624
  665
  708
  752
  799
Depreciation, amort., depletion, $m
  22
  28
  36
  46
  57
  69
  83
  99
  116
  134
  155
  176
  199
  224
  250
  277
  305
  335
  367
  399
  433
  468
  505
  543
  583
  624
  666
  711
  757
  805
Funds from operations, $m
  58
  72
  88
  107
  129
  155
  183
  214
  248
  285
  325
  368
  414
  462
  514
  567
  623
  682
  743
  807
  874
  943
  1,015
  1,090
  1,167
  1,248
  1,332
  1,419
  1,509
  1,604
Change in working capital, $m
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
Cash from operations, $m
  60
  74
  91
  111
  134
  160
  189
  220
  255
  293
  334
  378
  424
  473
  524
  579
  635
  695
  757
  821
  888
  958
  1,030
  1,106
  1,184
  1,265
  1,350
  1,438
  1,529
  1,624
Maintenance CAPEX, $m
  -16
  -22
  -28
  -36
  -46
  -57
  -69
  -83
  -99
  -116
  -134
  -155
  -176
  -199
  -224
  -250
  -277
  -305
  -335
  -367
  -399
  -433
  -468
  -505
  -543
  -583
  -624
  -666
  -711
  -757
New CAPEX, $m
  -55
  -67
  -80
  -94
  -109
  -124
  -140
  -156
  -171
  -187
  -202
  -216
  -231
  -245
  -259
  -272
  -286
  -299
  -312
  -325
  -339
  -352
  -366
  -381
  -396
  -411
  -427
  -444
  -462
  -481
Cash from investing activities, $m
  -71
  -89
  -108
  -130
  -155
  -181
  -209
  -239
  -270
  -303
  -336
  -371
  -407
  -444
  -483
  -522
  -563
  -604
  -647
  -692
  -738
  -785
  -834
  -886
  -939
  -994
  -1,051
  -1,110
  -1,173
  -1,238
Free cash flow, $m
  -11
  -14
  -17
  -19
  -21
  -21
  -20
  -18
  -14
  -9
  -2
  7
  17
  29
  42
  57
  73
  90
  109
  129
  150
  172
  196
  220
  245
  271
  299
  327
  356
  386
Issuance/(repayment) of debt, $m
  101
  124
  149
  175
  203
  231
  260
  290
  319
  347
  375
  403
  430
  456
  482
  507
  532
  556
  581
  606
  631
  656
  682
  709
  737
  766
  796
  827
  860
  895
Issuance/(repurchase) of shares, $m
  4
  6
  7
  8
  7
  6
  3
  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  
  105
  130
  156
  183
  210
  237
  263
  290
  319
  347
  375
  403
  430
  456
  482
  507
  532
  556
  581
  606
  631
  656
  682
  709
  737
  766
  796
  827
  860
  895
Total cash flow (excl. dividends), $m
  94
  116
  139
  164
  189
  216
  243
  271
  304
  338
  373
  409
  447
  485
  524
  564
  605
  647
  690
  735
  781
  829
  878
  929
  982
  1,037
  1,094
  1,154
  1,216
  1,281
Retained Cash Flow (-), $m
  -41
  -49
  -59
  -69
  -80
  -91
  -103
  -114
  -126
  -137
  -148
  -159
  -170
  -180
  -190
  -200
  -210
  -220
  -229
  -239
  -249
  -259
  -269
  -280
  -291
  -302
  -314
  -327
  -340
  -353
Prev. year cash balance distribution, $m
  51
  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
  6
  8
  10
  13
  16
  20
  25
  29
  35
  41
  48
  55
  63
  71
  79
  89
  98
  108
  119
  130
  142
  154
  166
  179
  193
  207
  221
  236
  252
  269
Cash available for distribution, $m
  105
  67
  80
  95
  109
  125
  140
  157
  178
  201
  225
  250
  277
  305
  333
  364
  395
  427
  461
  496
  532
  570
  609
  649
  691
  735
  780
  828
  877
  928
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
  101
  61
  70
  78
  85
  91
  95
  98
  103
  105
  107
  107
  105
  102
  98
  92
  86
  79
  71
  63
  55
  47
  40
  33
  27
  21
  17
  13
  10
  7
Current shareholders' claim on cash, %
  99.6
  99.3
  98.9
  98.6
  98.4
  98.3
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2

Shake Shack Inc. operates roadside burger stands. The Company serves an American menu of burgers, hot dogs, crispy chicken, frozen custard, crinkle cut fries, shakes, beer and wine, among others. The Company's signature items are its all-natural, hormone and antibiotic-free burgers, hot dogs, crispy chicken, crinkle cut fries, shakes and frozen custard. Its menu focuses on food and beverages, crafted from a range of classic American foods. The Company's domestic menu includes a range of signature items, such as the ShackBurger, SmokeShack, Shack-cago Dog, 'Shroom Burger, seasonal frozen custard, hand-spun shakes, concretes, ShackMeister Ale, and Shack Red and Shack White wines. As of December 28, 2016, it had 114 Shacks in 13 countries and 16 states, as well as the District of Columbia. Its burgers are made with a whole-muscle blend of all-natural, hormone and antibiotic-free Angus beef, ground fresh daily, cooked to order and served on a non-genetically modified organism potato bun.

FINANCIAL RATIOS  of  Shake Shack Cl A (SHAK)

Valuation Ratios
P/E Ratio 206.2
Price to Sales 9.2
Price to Book 16.3
Price to Tangible Book
Price to Cash Flow 45.8
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate 40.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 68.8%
Cap. Spend. - 3 Yr. Gr. Rate 27.5%
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 2.6%
Ret/ On Assets - 3 Yr. Avg. 0.5%
Return On Total Capital 9.5%
Ret/ On T. Cap. - 3 Yr. Avg. 0.7%
Return On Equity 9.5%
Return On Equity - 3 Yr. Avg. 0.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 30.6%
Gross Margin - 3 Yr. Avg. 30.8%
EBITDA Margin 16.4%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 10.1%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin 10.8%
Pre-Tax Margin - 3 Yr. Avg. 5.5%
Net Profit Margin 4.5%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 24.1%
Eff/ Tax Rate - 3 Yr. Avg. 35.8%
Payout Ratio 0%

SHAK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHAK stock intrinsic value calculation we used $359 million for the last fiscal year's total revenue generated by Shake Shack Cl A. The default revenue input number comes from 2017 income statement of Shake Shack Cl A. 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 SHAK stock valuation model: a) initial revenue growth rate of 33.7% 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 SHAK is calculated based on our internal credit rating of Shake Shack Cl A, 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 Shake Shack Cl A.
    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 SHAK stock the variable cost ratio is equal to 89.7%.

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 SHAK 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 Shake Shack Cl A.

Corporate tax rate of 27% is the nominal tax rate for Shake Shack Cl A. 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 SHAK stock is equal to 1.6%.

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 SHAK are equal to 45.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Shake Shack Cl A 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 SHAK 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 - $169 million for Shake Shack Cl A - 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 37 million for Shake Shack Cl A 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 Shake Shack Cl A at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

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▶ Shake Shack coming to Columbus with restaurant at Easton   [Jun-05-18 03:21PM  American City Business Journals]
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▶ Big Restaurant Brands Dive Into Grubhub Era Of Delivery Rivalry   [May-24-18 11:19AM  Investor's Business Daily]
▶ Longbow downgrades Shake Shack after big run   [May-23-18 01:26PM  CNBC Videos]
▶ This is Americas favorite burger brand   [May-22-18 10:59AM  Yahoo Finance Video]
▶ What Do Apple, Shake Shack, And Marathon Oil Have In Common? A Bottoming Base   [May-17-18 05:00PM  Investor's Business Daily]
▶ 7 Stocks to Sell Before Its Too Late   [09:01AM  InvestorPlace]
▶ 'Interest and momentum' lead Unicorp to expand $1B project near Walt Disney World   [May-16-18 03:27PM  American City Business Journals]
▶ Shake Shack Likely to Correct   [03:11PM  TheStreet.com]
▶ Shake Shack shares too expensive   [May-14-18 07:44PM  CNBC Videos]
▶ Exclusive: Unicorp's $1B Disney-area project just got bigger   [May-11-18 12:19PM  American City Business Journals]
▶ Shake Shack Scraps Cashless Store Experiment   [May-08-18 06:42AM  Motley Fool]
▶ Shake Shack: Too Much of a Good Thing?   [May-07-18 01:59PM  Barrons.com]
▶ Company News For May 7, 2018   [10:14AM  Zacks]
▶ Shake Shack Inc Is 100% Pure Bullishness   [09:15AM  InvestorPlace]
▶ Apple, Shake Shack and Pandora climb; Fluor plunges   [May-04-18 05:14PM  Associated Press]
▶ What Happened in the Stock Market Today   [05:05PM  Motley Fool]
▶ Why Shake Shack Inc. Stock Soared Today   [12:32PM  Motley Fool]
▶ Shake Shack: 1Q Earnings Snapshot   [04:13PM  Associated Press]
▶ Shake Shack beats the Street   [04:13PM  CNBC Videos]
▶ Yahoo Finance Live: The Final Round - May 3rd, 2018   [01:50PM  Yahoo Finance Video]
▶ Shake Shack Opens In Hong Kong   [01:49AM  Bloomberg]
▶ Shake Shack Set to Open Hong Kong Outlet May 1   [Apr-29-18 10:23PM  Bloomberg Video]
▶ Take a peek at Charlottes first Shake Shack (PHOTOS)   [Apr-24-18 03:06PM  American City Business Journals]
▶ Shake Shack exec shares plans for second Charlotte location   [Apr-23-18 08:00PM  American City Business Journals]
▶ Shake Shack Inc Has a Sizzling Future Ahead   [Apr-20-18 11:08AM  InvestorPlace]
▶ Here's where S.F.'s long-awaited Shake Shack is coming   [Apr-19-18 05:19PM  American City Business Journals]
▶ Do Shake Shack's expansion plans include Columbus?   [Apr-12-18 12:18PM  American City Business Journals]
▶ Inside the lure of Shake Shack and an update on its Charlotte plans   [Apr-11-18 02:08PM  American City Business Journals]
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