Intrinsic value of Sonic - SONC

Previous Close

$25.12

  Intrinsic Value

$3.52

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

-8%

Previous close

$25.12

 
Intrinsic value

$3.52

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

-8%

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

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 2016), $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 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.00
  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
  606
  618
  632
  649
  667
  687
  709
  733
  760
  788
  818
  850
  885
  922
  961
  1,002
  1,046
  1,092
  1,142
  1,193
  1,248
  1,306
  1,367
  1,432
  1,499
  1,571
  1,646
  1,725
  1,808
  1,896
  1,988
Variable operating expenses, $m
 
  500
  511
  524
  539
  555
  572
  592
  613
  635
  659
  677
  705
  734
  765
  798
  833
  870
  909
  950
  994
  1,040
  1,089
  1,140
  1,194
  1,251
  1,311
  1,374
  1,440
  1,510
  1,583
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
  488
  500
  511
  524
  539
  555
  572
  592
  613
  635
  659
  677
  705
  734
  765
  798
  833
  870
  909
  950
  994
  1,040
  1,089
  1,140
  1,194
  1,251
  1,311
  1,374
  1,440
  1,510
  1,583
Operating income, $m
  119
  118
  121
  124
  128
  132
  137
  142
  147
  153
  159
  173
  180
  188
  196
  204
  213
  223
  233
  243
  254
  266
  279
  292
  305
  320
  335
  351
  368
  386
  405
EBITDA, $m
  163
  164
  168
  172
  177
  182
  188
  194
  201
  209
  217
  225
  235
  244
  255
  266
  277
  290
  303
  316
  331
  346
  362
  379
  397
  416
  436
  457
  479
  502
  527
Interest expense (income), $m
  25
  28
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  35
  37
  38
  40
  43
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
Earnings before tax, $m
  93
  90
  102
  105
  108
  111
  115
  119
  123
  128
  133
  146
  152
  158
  164
  171
  178
  186
  194
  203
  212
  221
  231
  242
  253
  265
  277
  290
  304
  318
  333
Tax expense, $m
  29
  24
  28
  28
  29
  30
  31
  32
  33
  35
  36
  39
  41
  43
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  71
  75
  78
  82
  86
  90
Net income, $m
  64
  66
  75
  77
  79
  81
  84
  87
  90
  93
  97
  107
  111
  115
  120
  125
  130
  136
  142
  148
  155
  162
  169
  177
  185
  193
  202
  212
  222
  232
  243

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  72
  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
  649
  589
  602
  618
  635
  654
  675
  698
  723
  750
  779
  810
  843
  878
  915
  954
  996
  1,040
  1,087
  1,137
  1,189
  1,244
  1,302
  1,363
  1,428
  1,496
  1,567
  1,643
  1,722
  1,805
  1,893
Adjusted assets (=assets-cash), $m
  577
  589
  602
  618
  635
  654
  675
  698
  723
  750
  779
  810
  843
  878
  915
  954
  996
  1,040
  1,087
  1,137
  1,189
  1,244
  1,302
  1,363
  1,428
  1,496
  1,567
  1,643
  1,722
  1,805
  1,893
Revenue / Adjusted assets
  1.050
  1.049
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.051
  1.051
  1.050
  1.049
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.051
  1.049
  1.050
  1.050
  1.050
  1.051
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
Average production assets, $m
  413
  421
  431
  442
  454
  468
  483
  499
  517
  536
  557
  579
  603
  628
  654
  682
  712
  744
  777
  813
  850
  890
  931
  975
  1,021
  1,070
  1,121
  1,175
  1,231
  1,291
  1,354
Working capital, $m
  63
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
Total debt, $m
  589
  394
  406
  420
  436
  453
  472
  493
  515
  539
  565
  593
  622
  654
  687
  723
  760
  800
  842
  887
  934
  984
  1,036
  1,091
  1,149
  1,210
  1,275
  1,343
  1,414
  1,489
  1,568
Total liabilities, $m
  724
  530
  542
  556
  572
  589
  608
  629
  651
  675
  701
  729
  758
  790
  823
  859
  896
  936
  978
  1,023
  1,070
  1,120
  1,172
  1,227
  1,285
  1,346
  1,411
  1,479
  1,550
  1,625
  1,704
Total equity, $m
  -76
  59
  60
  62
  64
  65
  68
  70
  72
  75
  78
  81
  84
  88
  91
  95
  100
  104
  109
  114
  119
  124
  130
  136
  143
  150
  157
  164
  172
  181
  189
Total liabilities and equity, $m
  648
  589
  602
  618
  636
  654
  676
  699
  723
  750
  779
  810
  842
  878
  914
  954
  996
  1,040
  1,087
  1,137
  1,189
  1,244
  1,302
  1,363
  1,428
  1,496
  1,568
  1,643
  1,722
  1,806
  1,893
Debt-to-equity ratio
  -7.750
  6.690
  6.740
  6.800
  6.860
  6.920
  6.990
  7.050
  7.120
  7.190
  7.250
  7.320
  7.390
  7.450
  7.510
  7.570
  7.630
  7.690
  7.750
  7.800
  7.860
  7.910
  7.960
  8.000
  8.050
  8.090
  8.130
  8.170
  8.210
  8.250
  8.280
Adjusted equity ratio
  -0.256
  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
  64
  66
  75
  77
  79
  81
  84
  87
  90
  93
  97
  107
  111
  115
  120
  125
  130
  136
  142
  148
  155
  162
  169
  177
  185
  193
  202
  212
  222
  232
  243
Depreciation, amort., depletion, $m
  44
  46
  46
  47
  49
  50
  51
  53
  54
  56
  58
  52
  54
  57
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
Funds from operations, $m
  111
  111
  121
  124
  127
  131
  135
  140
  144
  149
  155
  159
  165
  172
  179
  186
  194
  203
  212
  221
  231
  242
  253
  264
  277
  290
  303
  318
  333
  349
  365
Change in working capital, $m
  -5
  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
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  116
  112
  121
  124
  128
  131
  135
  140
  145
  150
  155
  159
  165
  172
  179
  187
  195
  203
  212
  222
  232
  242
  253
  265
  277
  290
  304
  318
  333
  349
  366
Maintenance CAPEX, $m
  0
  -37
  -38
  -39
  -40
  -41
  -42
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
New CAPEX, $m
  -47
  -8
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
Cash from investing activities, $m
  -34
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -84
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -147
  -155
  -163
  -171
  -179
Free cash flow, $m
  82
  66
  74
  74
  75
  77
  78
  80
  82
  84
  86
  87
  90
  93
  96
  100
  103
  107
  112
  116
  121
  126
  131
  137
  143
  150
  156
  163
  171
  179
  187
Issuance/(repayment) of debt, $m
  141
  -190
  12
  14
  16
  17
  19
  21
  22
  24
  26
  28
  30
  31
  33
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
Issuance/(repurchase) of shares, $m
  -147
  136
  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  
  -16
  -54
  12
  14
  16
  17
  19
  21
  22
  24
  26
  28
  30
  31
  33
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
Total cash flow (excl. dividends), $m
  66
  12
  86
  88
  91
  94
  97
  101
  104
  108
  112
  115
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  184
  192
  201
  211
  221
  231
  242
  254
  266
Retained Cash Flow (-), $m
  93
  -202
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
Prev. year cash balance distribution, $m
 
  67
  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
 
  -123
  84
  87
  89
  92
  95
  98
  102
  105
  109
  111
  116
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  234
  245
  257
Discount rate, %
 
  12.90
  13.55
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.05
  32.60
  34.23
  35.94
  37.74
  39.62
  41.60
  43.68
  45.87
  48.16
  50.57
  53.10
PV of cash for distribution, $m
 
  -109
  65
  58
  51
  44
  38
  32
  27
  22
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  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

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 18.3
Price to Sales 1.9
Price to Book -15.4
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 17
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.9%
Cap. Spend. - 3 Yr. Gr. Rate 2.8%
Financial Strength
Quick Ratio 14
Current Ratio 0.2
LT Debt to Equity -768.4%
Total Debt to Equity -775%
Interest Coverage 5
Management Effectiveness
Return On Assets 12.8%
Ret/ On Assets - 3 Yr. Avg. 11.7%
Return On Total Capital 12.9%
Ret/ On T. Cap. - 3 Yr. Avg. 11.5%
Return On Equity -216.9%
Return On Equity - 3 Yr. Avg. 3.9%
Asset Turnover 1
Profitability Ratios
Gross Margin 41.3%
Gross Margin - 3 Yr. Avg. 39.7%
EBITDA Margin 26.7%
EBITDA Margin - 3 Yr. Avg. 26.2%
Operating Margin 19.5%
Oper. Margin - 3 Yr. Avg. 18.8%
Pre-Tax Margin 15.3%
Pre-Tax Margin - 3 Yr. Avg. 14.6%
Net Profit Margin 10.6%
Net Profit Margin - 3 Yr. Avg. 9.9%
Effective Tax Rate 31.2%
Eff/ Tax Rate - 3 Yr. Avg. 32.3%
Payout Ratio 32.8%

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 $606 million for the last fiscal year's total revenue generated by Sonic. The default revenue input number comes from 2016 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 12.9%, 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 80.9%.

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 4.8% 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 68.1%.

Life of production assets of 11.1 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 -0.7%. 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 - $-76 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 42.401 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 $1.1 billion.

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COMPANY NEWS

▶ Company News For Oct 17, 2017   [Oct-17-17 10:03AM  Zacks]
▶ Sonic Slides After a Weak Fourth Quarter   [09:21AM  Investopedia]
▶ Sonic tops 4Q profit forecasts   [04:32PM  Associated Press]
▶ Sonic Shares Recover From Data Breach   [10:23AM  Investopedia]
▶ [$$] Fast-Food Chain Sonic Confirms Data Breach   [12:43AM  The Wall Street Journal]
▶ [$$] Fast-Food Chain Sonic Confirms Data Breach   [03:45PM  The Wall Street Journal]
▶ ETFs with exposure to Sonic Corp. : September 20, 2017   [Sep-19-17 11:23PM  Capital Cube]
▶ Is It The Right Time To Buy Sonic Corp (SONC)?   [08:49AM  Simply Wall St.]
▶ SONIC Adds an Iced Coffee Twist You Cant Resist   [Aug-31-17 10:53AM  Business Wire]
▶ SONIC Kicks Up the Flavor with New Boneless Wing Flavors   [Aug-28-17 07:55AM  Business Wire]
▶ Sonic Appoints Chief Brand Officer   [Aug-09-17 04:05PM  Business Wire]
▶ ETFs with exposure to Sonic Corp. : August 4, 2017   [Aug-03-17 09:27PM  Capital Cube]
▶ Sonic Declares Quarterly Dividend   [Jul-06-17 04:05PM  Business Wire]
▶ ETFs with exposure to Sonic Corp. : July 4, 2017   [Jul-04-17 03:29PM  Capital Cube]
▶ Sonic, Forestar post gains; BlackBerry, Regeneron fall   [Jun-23-17 05:14PM  Associated Press]
▶ Story Stocks from Briefing.com   [09:15AM  Briefing.com]
▶ Sonic beats 3Q profit forecasts   [Jun-22-17 08:51PM  Associated Press]
▶ 5 Must-See Earnings Charts   [Jun-21-17 04:19PM  Zacks]
▶ Sonic Appoints New Chief Marketing Officer   [Jun-15-17 05:00PM  Business Wire]
▶ Mason Hawkins Buys Consol Energy, Viasat, Sonic   [Jun-09-17 04:59PM  GuruFocus.com]
▶ Sonic to Present at Upcoming Conferences   [Jun-02-17 09:40AM  Business Wire]
▶ McDonald's New Drink Line Should Worry Sonic   [May-02-17 11:31AM  Motley Fool]
▶ Amazon Price Target Raised To 1,250; Disney Downgraded; Sonic Upgraded   [Apr-24-17 04:32PM  Investor's Business Daily]
▶ Sonic Declares Quarterly Dividend   [Apr-20-17 05:54PM  Business Wire]
▶ ETFs with exposure to Sonic Corp. : April 10, 2017   [Apr-10-17 01:57PM  Capital Cube]
Financial statements of SONC
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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