Intrinsic value of Sonic - SONC

Previous Close

$36.93

  Intrinsic Value

$1.38

stock screener

  Rating & Target

str. sell

-96%

Previous close

$36.93

 
Intrinsic value

$1.38

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of SONC 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 1.3

 

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
  487
  498
  511
  525
  541
  559
  578
  598
  620
  644
  670
  697
  726
  757
  789
  824
  860
  899
  940
  983
  1,029
  1,077
  1,127
  1,181
  1,237
  1,296
  1,359
  1,424
  1,493
  1,566
Variable operating expenses, $m
  384
  393
  403
  414
  426
  440
  455
  471
  488
  506
  518
  539
  562
  586
  611
  638
  666
  696
  728
  761
  796
  834
  873
  914
  958
  1,003
  1,052
  1,102
  1,156
  1,212
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
  384
  393
  403
  414
  426
  440
  455
  471
  488
  506
  518
  539
  562
  586
  611
  638
  666
  696
  728
  761
  796
  834
  873
  914
  958
  1,003
  1,052
  1,102
  1,156
  1,212
Operating income, $m
  102
  105
  108
  111
  115
  119
  123
  128
  133
  138
  151
  157
  164
  171
  178
  186
  194
  203
  212
  222
  232
  243
  255
  267
  279
  293
  307
  322
  337
  354
EBITDA, $m
  146
  150
  154
  158
  163
  168
  174
  180
  187
  194
  201
  210
  218
  228
  237
  248
  259
  270
  283
  296
  309
  324
  339
  355
  372
  390
  409
  428
  449
  471
Interest expense (income), $m
  27
  35
  22
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
  65
  68
  72
  75
  79
Earnings before tax, $m
  67
  83
  86
  88
  91
  94
  97
  101
  105
  109
  121
  125
  130
  136
  141
  147
  153
  160
  167
  175
  182
  191
  199
  208
  218
  228
  239
  250
  262
  274
Tax expense, $m
  18
  22
  23
  24
  25
  25
  26
  27
  28
  29
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  74
Net income, $m
  49
  61
  62
  64
  66
  69
  71
  74
  76
  79
  88
  91
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  145
  152
  159
  167
  174
  183
  191
  200

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
  573
  587
  602
  619
  637
  658
  680
  705
  731
  759
  789
  821
  855
  891
  930
  970
  1,013
  1,059
  1,107
  1,158
  1,212
  1,268
  1,328
  1,391
  1,457
  1,527
  1,600
  1,677
  1,759
  1,844
Adjusted assets (=assets-cash), $m
  573
  587
  602
  619
  637
  658
  680
  705
  731
  759
  789
  821
  855
  891
  930
  970
  1,013
  1,059
  1,107
  1,158
  1,212
  1,268
  1,328
  1,391
  1,457
  1,527
  1,600
  1,677
  1,759
  1,844
Revenue / Adjusted assets
  0.850
  0.848
  0.849
  0.848
  0.849
  0.850
  0.850
  0.848
  0.848
  0.848
  0.849
  0.849
  0.849
  0.850
  0.848
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
Average production assets, $m
  401
  410
  421
  433
  446
  460
  476
  493
  511
  531
  552
  574
  598
  623
  650
  679
  709
  741
  775
  810
  848
  887
  929
  973
  1,019
  1,068
  1,119
  1,173
  1,230
  1,290
Working capital, $m
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
Total debt, $m
  400
  412
  426
  441
  458
  476
  497
  518
  542
  567
  594
  623
  654
  686
  721
  757
  796
  837
  881
  926
  975
  1,026
  1,079
  1,136
  1,196
  1,258
  1,324
  1,394
  1,467
  1,544
Total liabilities, $m
  516
  528
  541
  557
  574
  592
  612
  634
  658
  683
  710
  739
  769
  802
  837
  873
  912
  953
  996
  1,042
  1,091
  1,141
  1,195
  1,252
  1,311
  1,374
  1,440
  1,510
  1,583
  1,660
Total equity, $m
  57
  59
  60
  62
  64
  66
  68
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
  184
Total liabilities and equity, $m
  573
  587
  601
  619
  638
  658
  680
  704
  731
  759
  789
  821
  854
  891
  930
  970
  1,013
  1,059
  1,107
  1,158
  1,212
  1,268
  1,328
  1,391
  1,457
  1,527
  1,600
  1,678
  1,759
  1,844
Debt-to-equity ratio
  6.980
  7.030
  7.080
  7.130
  7.180
  7.240
  7.300
  7.360
  7.420
  7.470
  7.530
  7.590
  7.650
  7.700
  7.750
  7.810
  7.860
  7.910
  7.950
  8.000
  8.040
  8.090
  8.130
  8.170
  8.210
  8.240
  8.280
  8.310
  8.340
  8.370
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
  49
  61
  62
  64
  66
  69
  71
  74
  76
  79
  88
  91
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  145
  152
  159
  167
  174
  183
  191
  200
Depreciation, amort., depletion, $m
  44
  45
  46
  47
  48
  49
  51
  52
  54
  56
  50
  52
  54
  57
  59
  62
  64
  67
  70
  74
  77
  81
  84
  88
  93
  97
  102
  107
  112
  117
Funds from operations, $m
  93
  106
  108
  111
  114
  118
  122
  126
  130
  135
  138
  144
  149
  156
  162
  169
  176
  184
  192
  201
  210
  220
  230
  241
  252
  264
  276
  289
  303
  318
Change in working capital, $m
  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
  -1
Cash from operations, $m
  93
  106
  109
  111
  115
  118
  122
  126
  131
  136
  139
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
  277
  290
  304
  319
Maintenance CAPEX, $m
  -36
  -36
  -37
  -38
  -39
  -41
  -42
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -93
  -97
  -102
  -107
  -112
New CAPEX, $m
  -8
  -9
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
Cash from investing activities, $m
  -44
  -45
  -48
  -50
  -52
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -84
  -87
  -92
  -96
  -101
  -106
  -112
  -117
  -123
  -128
  -134
  -142
  -148
  -156
  -164
  -172
Free cash flow, $m
  50
  60
  61
  61
  62
  63
  65
  66
  68
  69
  69
  72
  74
  76
  79
  82
  85
  89
  92
  96
  100
  104
  108
  113
  118
  123
  129
  135
  141
  147
Issuance/(repayment) of debt, $m
  -247
  12
  14
  15
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  69
  73
  77
Issuance/(repurchase) of shares, $m
  210
  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  
  -37
  12
  14
  15
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  69
  73
  77
Total cash flow (excl. dividends), $m
  12
  72
  74
  77
  79
  82
  85
  88
  91
  95
  96
  100
  105
  109
  114
  119
  124
  130
  135
  142
  148
  155
  162
  170
  178
  186
  195
  204
  214
  224
Retained Cash Flow (-), $m
  -259
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
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
  -247
  71
  73
  75
  77
  80
  83
  85
  89
  92
  93
  97
  101
  105
  110
  115
  120
  125
  131
  136
  143
  149
  156
  163
  171
  179
  187
  196
  206
  216
Discount rate, %
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
PV of cash for distribution, $m
  -217
  54
  47
  41
  35
  30
  25
  20
  16
  13
  10
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  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
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  50.0
  50.0
  50.0

Sonic Corp. operates and franchises the chain of drive-thru restaurants (Sonic Drive-Ins) in the United States. As of August 31, 2016, 3,557 Sonic Drive-Ins were in operation from coast to coast in 45 states, consisting of 345 Company drive-thrus and 3,212 franchise drive-thrus. As of August 31, 2016, its restaurant design and construction consisted of a kitchen housed in a one-story building, which was approximately 1,500 square feet, flanked by canopy-covered rows of 16 to 24 parking spaces, with each space having its own payment terminal, intercom speaker system and menu board. At a Sonic Drive-In, a customer drives into one of the parking spaces, orders through the intercom speaker system and has the food delivered by a carhop and Sonic Drive-Ins also include a drive-thru lane and patio seating to provide customers with alternative dining options. Its food items include specialty drinks, such as cherry limeades and slushes, ice cream desserts and chicken sandwiches and hamburgers.

FINANCIAL RATIOS  of  Sonic (SONC)

Valuation Ratios
P/E Ratio 23.2
Price to Sales 3.1
Price to Book -7.4
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow 53.1
Growth Rates
Sales Growth Rate -21.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -9.9%
Financial Strength
Quick Ratio 7
Current Ratio 0.4
LT Debt to Equity -319.3%
Total Debt to Equity -320.8%
Interest Coverage 5
Management Effectiveness
Return On Assets 13.6%
Ret/ On Assets - 3 Yr. Avg. 13%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity -46%
Return On Equity - 3 Yr. Avg. -34.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 47.6%
Gross Margin - 3 Yr. Avg. 42.9%
EBITDA Margin 33.8%
EBITDA Margin - 3 Yr. Avg. 29%
Operating Margin 25.8%
Oper. Margin - 3 Yr. Avg. 21.5%
Pre-Tax Margin 19.9%
Pre-Tax Margin - 3 Yr. Avg. 16.8%
Net Profit Margin 13.4%
Net Profit Margin - 3 Yr. Avg. 11.5%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 31.4%
Payout Ratio 37.5%

SONC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SONC stock intrinsic value calculation we used $477.267 million for the last fiscal year's total revenue generated by Sonic. The default revenue input number comes from 0001 income statement of Sonic. 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 SONC 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 14%, whose default value for SONC is calculated based on our internal credit rating of Sonic, 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 Sonic.
    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 SONC stock the variable cost ratio is equal to 79%.

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 SONC 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 Sonic.

Corporate tax rate of 27% is the nominal tax rate for Sonic. 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 SONC 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 SONC are equal to 82.4%.

Life of production assets of 11 years is the average useful life of capital assets used in Sonic 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 SONC is equal to -1.7%. 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 - $-201.758 million for Sonic - 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 36.086 million for Sonic 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 Sonic at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Why Sonic Drive-In Stock Is Soaring Today   [11:33AM  InvestorPlace]
▶ [$$] The riotous life of Wayne Kramer and the MC5   [Aug-10-18 05:15AM  Financial Times]
▶ Sonic increases 2019 dividend program   [Aug-08-18 04:16PM  MarketWatch]
▶ SONICs New Real Fruit Berry Shakes Are the Real Deal   [Jul-30-18 07:55AM  Business Wire]
▶ [$$] Best of Lex: your weekly round-up   [Jul-26-18 10:09PM  Financial Times]
▶ [$$] Sonos/smart speakers: Sonic the hedged slog   [Jul-23-18 02:21AM  Financial Times]
▶ Company News For Jun 28, 2018   [09:52AM  Zacks]
▶ Is the Sonic Selloff a Buying Opportunity?   [Jun-27-18 07:07PM  TheStreet.com]
▶ Trader Blitz: Wrestling and Trade   [01:23PM  CNBC Videos]
▶ Why Sonic Corp (NASDAQ:SONC) Could Be A Buy   [08:54AM  Simply Wall St.]
▶ After-hours buzz: SONC, AVAV, & more   [Jun-26-18 06:11PM  CNBC]
▶ Sonic: Fiscal 3Q Earnings Snapshot   [04:14PM  Associated Press]
▶ Sonic Corp. to Host Earnings Call   [03:00PM  ACCESSWIRE]
▶ Sonic Pickle Juice Slush Is Now a Thing   [Jun-11-18 11:44AM  InvestorPlace]
▶ Stocks mixed ahead of North Korea summit   [11:37AM  Yahoo Finance]
▶ Why Sonic Corporation Stock Spiked Today   [Jun-07-18 04:56PM  Motley Fool]
▶ Tech Stocks Lead Nasdaq Lower, But This Sector Shows No Quit   [03:06PM  Investor's Business Daily]
▶ [$$] Sonic serves up best day in 7 years on sales, buyback   [Jun-06-18 11:26PM  Financial Times]
▶ Sonic to Attend Upcoming Conferences   [May-31-18 08:30AM  Business Wire]
▶ Bear of the Day: Sonic (SONC)   [07:00AM  Zacks]
▶ Down to bees-ness: Delta unveils first-of-its-kind Atlanta honey farm   [Apr-26-18 12:33PM  American City Business Journals]
▶ Can New Ads Help Beaten-Down Chipotle Outperform?   [Apr-25-18 12:26PM  Investopedia]
▶ 4 Restaurant Stocks to Buy This Spring   [Apr-17-18 06:00AM  Investopedia]
▶ Sonic Declares Quarterly Dividend   [Apr-12-18 04:05PM  Business Wire]
▶ Sonic Lowers Its Outlook After a Tough Sales Quarter   [Mar-30-18 03:24PM  Motley Fool]
▶ Sonic Corporation (SONC) Shares Sink on Q2 Revenue Miss   [Mar-27-18 05:16PM  InvestorPlace]
▶ Sonic shares fall after weak guidance   [04:53PM  MarketWatch]
▶ Sonic tops 2Q profit forecasts   [04:45PM  Associated Press]
▶ Sonic Corp. to Host Earnings Call   [01:00PM  ACCESSWIRE]
▶ Top Ranked Income Stocks to Buy for March 1st   [Mar-01-18 09:10AM  Zacks]
▶ Sonic Elevates Claudia San Pedro to President   [Feb-02-18 11:04AM  Business Wire]
▶ Sonic Completes Issuance of Securitized Notes   [Feb-01-18 10:22AM  Business Wire]
▶ Restaurant Stocks Sell Off After McDonald's Earnings   [Jan-30-18 09:36AM  Investopedia]
▶ SONIC Drive-In Launches the Perfect Snack   [Jan-29-18 07:45AM  Business Wire]
▶ Sonic Prices $170 Million Securitized Senior Notes   [Jan-23-18 05:11PM  Business Wire]
▶ Sonic Announces Financing Transaction   [Jan-16-18 08:00AM  Business Wire]
▶ Sonic Declares Quarterly Dividend   [Jan-12-18 05:13PM  Business Wire]
▶ Company News For Jan 8, 2018   [Jan-08-18 10:44AM  Zacks]
▶ Sonic and TiGenix climb; Constellation Brands and Sears fall   [Jan-05-18 04:49PM  Associated Press]
▶ Nasdaq Leads Stocks Up; Market Finds Bullish Angle In Data   [02:25PM  Investor's Business Daily]

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