Intrinsic value of Del Taco Restaurants - TACO

Previous Close

$11.21

  Intrinsic Value

$19.05

stock screener

  Rating & Target

str. buy

+70%

Previous close

$11.21

 
Intrinsic value

$19.05

 
Up/down potential

+70%

 
Rating

str. buy

We calculate the intrinsic value of TACO 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 0.4

 

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, %
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  512
  553
  597
  642
  688
  737
  788
  840
  895
  952
  1,011
  1,073
  1,137
  1,204
  1,274
  1,346
  1,423
  1,502
  1,585
  1,672
  1,762
  1,857
  1,957
  2,060
  2,169
  2,283
  2,402
  2,527
  2,658
  2,796
Variable operating expenses, $m
  458
  490
  524
  560
  596
  635
  674
  716
  758
  803
  793
  842
  892
  945
  999
  1,057
  1,116
  1,179
  1,244
  1,312
  1,383
  1,457
  1,535
  1,617
  1,702
  1,792
  1,885
  1,983
  2,086
  2,194
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
  458
  490
  524
  560
  596
  635
  674
  716
  758
  803
  793
  842
  892
  945
  999
  1,057
  1,116
  1,179
  1,244
  1,312
  1,383
  1,457
  1,535
  1,617
  1,702
  1,792
  1,885
  1,983
  2,086
  2,194
Operating income, $m
  54
  63
  72
  82
  92
  102
  113
  125
  136
  149
  218
  231
  245
  259
  274
  290
  306
  323
  341
  360
  379
  400
  421
  444
  467
  492
  517
  544
  572
  602
EBITDA, $m
  126
  136
  147
  158
  169
  181
  193
  206
  220
  234
  248
  264
  279
  296
  313
  331
  349
  369
  389
  411
  433
  456
  481
  506
  533
  561
  590
  621
  653
  687
Interest expense (income), $m
  6
  9
  11
  12
  14
  16
  17
  19
  21
  23
  25
  27
  29
  32
  34
  37
  39
  42
  45
  48
  51
  54
  58
  61
  65
  69
  73
  77
  82
  86
  91
Earnings before tax, $m
  45
  52
  60
  68
  76
  85
  94
  104
  113
  124
  190
  201
  213
  225
  238
  251
  264
  278
  293
  309
  325
  342
  360
  379
  398
  419
  440
  463
  486
  511
Tax expense, $m
  12
  14
  16
  18
  21
  23
  25
  28
  31
  33
  51
  54
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
  108
  113
  119
  125
  131
  138
Net income, $m
  33
  38
  44
  50
  56
  62
  69
  76
  83
  90
  139
  147
  155
  164
  173
  183
  193
  203
  214
  226
  237
  250
  263
  276
  291
  306
  321
  338
  355
  373

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
  807
  873
  941
  1,012
  1,086
  1,163
  1,242
  1,325
  1,411
  1,501
  1,595
  1,692
  1,793
  1,899
  2,009
  2,124
  2,244
  2,369
  2,500
  2,637
  2,780
  2,929
  3,086
  3,250
  3,421
  3,601
  3,789
  3,987
  4,193
  4,410
Adjusted assets (=assets-cash), $m
  807
  873
  941
  1,012
  1,086
  1,163
  1,242
  1,325
  1,411
  1,501
  1,595
  1,692
  1,793
  1,899
  2,009
  2,124
  2,244
  2,369
  2,500
  2,637
  2,780
  2,929
  3,086
  3,250
  3,421
  3,601
  3,789
  3,987
  4,193
  4,410
Revenue / Adjusted assets
  0.634
  0.633
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
Average production assets, $m
  466
  504
  543
  585
  627
  671
  718
  765
  815
  867
  921
  977
  1,036
  1,097
  1,160
  1,227
  1,296
  1,368
  1,444
  1,523
  1,606
  1,692
  1,782
  1,877
  1,976
  2,080
  2,189
  2,303
  2,422
  2,547
Working capital, $m
  -44
  -48
  -51
  -55
  -59
  -63
  -68
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -144
  -152
  -160
  -168
  -177
  -187
  -196
  -207
  -217
  -229
  -240
Total debt, $m
  200
  229
  259
  290
  323
  356
  391
  428
  466
  505
  546
  589
  633
  680
  728
  778
  831
  886
  943
  1,004
  1,066
  1,132
  1,201
  1,273
  1,348
  1,427
  1,509
  1,596
  1,687
  1,782
Total liabilities, $m
  354
  383
  413
  444
  477
  510
  545
  582
  620
  659
  700
  743
  787
  834
  882
  932
  985
  1,040
  1,097
  1,158
  1,220
  1,286
  1,355
  1,427
  1,502
  1,581
  1,664
  1,750
  1,841
  1,936
Total equity, $m
  453
  490
  528
  568
  609
  652
  697
  743
  792
  842
  895
  949
  1,006
  1,065
  1,127
  1,191
  1,259
  1,329
  1,402
  1,479
  1,559
  1,643
  1,731
  1,823
  1,919
  2,020
  2,126
  2,236
  2,352
  2,474
Total liabilities and equity, $m
  807
  873
  941
  1,012
  1,086
  1,162
  1,242
  1,325
  1,412
  1,501
  1,595
  1,692
  1,793
  1,899
  2,009
  2,123
  2,244
  2,369
  2,499
  2,637
  2,779
  2,929
  3,086
  3,250
  3,421
  3,601
  3,790
  3,986
  4,193
  4,410
Debt-to-equity ratio
  0.440
  0.470
  0.490
  0.510
  0.530
  0.550
  0.560
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.650
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.710
  0.720
  0.720
Adjusted equity ratio
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  33
  38
  44
  50
  56
  62
  69
  76
  83
  90
  139
  147
  155
  164
  173
  183
  193
  203
  214
  226
  237
  250
  263
  276
  291
  306
  321
  338
  355
  373
Depreciation, amort., depletion, $m
  72
  73
  74
  76
  77
  79
  80
  82
  83
  85
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  56
  59
  63
  66
  69
  73
  77
  81
  85
Funds from operations, $m
  104
  111
  118
  125
  133
  141
  149
  157
  166
  175
  170
  180
  190
  201
  212
  224
  236
  249
  262
  276
  291
  306
  322
  339
  357
  375
  394
  414
  436
  458
Change in working capital, $m
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  108
  115
  122
  129
  137
  145
  153
  162
  171
  180
  175
  185
  196
  207
  218
  230
  243
  256
  269
  284
  299
  314
  331
  348
  366
  385
  405
  425
  447
  470
Maintenance CAPEX, $m
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -56
  -59
  -63
  -66
  -69
  -73
  -77
  -81
New CAPEX, $m
  -37
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -76
  -79
  -83
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -119
  -125
Cash from investing activities, $m
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -79
  -83
  -87
  -92
  -96
  -101
  -105
  -110
  -115
  -122
  -127
  -134
  -140
  -146
  -154
  -162
  -170
  -178
  -187
  -196
  -206
Free cash flow, $m
  57
  61
  65
  70
  75
  80
  85
  90
  96
  101
  92
  98
  104
  111
  118
  125
  132
  140
  148
  157
  165
  174
  184
  194
  204
  215
  227
  238
  251
  264
Issuance/(repayment) of debt, $m
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  53
  55
  57
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
Issuance/(repurchase) of shares, $m
  4
  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  
  32
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  53
  55
  57
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
Total cash flow (excl. dividends), $m
  89
  90
  95
  101
  107
  113
  120
  126
  133
  141
  133
  141
  149
  157
  166
  175
  185
  195
  206
  217
  228
  240
  253
  266
  280
  294
  309
  325
  342
  359
Retained Cash Flow (-), $m
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -121
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
  52
  53
  57
  61
  66
  70
  75
  80
  85
  90
  81
  86
  92
  98
  104
  111
  118
  125
  132
  140
  148
  156
  165
  174
  183
  193
  204
  214
  226
  237
Discount rate, %
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
  50
  48
  48
  49
  48
  48
  47
  45
  44
  42
  33
  31
  29
  26
  24
  21
  19
  16
  14
  12
  10
  8
  6
  5
  4
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1
  99.1

Del Taco Restaurants, Inc. is an operator and franchisor of restaurants featuring made-to-order cuisine, including both Mexican inspired and American classic dishes. As of January 3, 2017, the Company operated 551 Del Taco restaurants. The Company's menu offers a combination of Mexican-inspired food, such as tacos and burritos, and American classics, such as Double Del cheeseburgers, crinkle-cut fries and milkshakes. The Company's menu features items, such as its Platos plated meals, Epic Burritos, Handcrafted Ensaladas and Fresca Bowls, as well as items on its Buck & Under Menu. As of January 3, 2017, the Company had 310 Company-operated and 241 franchise-operated restaurants. The Platos menu offering consists of individually plated meals complete with an entree, two sides, and chips and salsa. The Company's menu also includes quesadillas, bowls and handcrafted ensaladas, as well as burgers and fries.

FINANCIAL RATIOS  of  Del Taco Restaurants (TACO)

Valuation Ratios
P/E Ratio 20.9
Price to Sales 1
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow 39.9
Growth Rates
Sales Growth Rate 6.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34.3%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 45.9%
Total Debt to Equity 46.4%
Interest Coverage 7
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 5.6%
Return On Equity - 3 Yr. Avg. 2.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 73.5%
Gross Margin - 3 Yr. Avg. 48.6%
EBITDA Margin 14.4%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 3.1%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 41.7%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 0%

TACO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TACO stock intrinsic value calculation we used $471.456 million for the last fiscal year's total revenue generated by Del Taco Restaurants. The default revenue input number comes from 0001 income statement of Del Taco Restaurants. 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 TACO stock valuation model: a) initial revenue growth rate of 8.5% 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 5.2%, whose default value for TACO is calculated based on our internal credit rating of Del Taco Restaurants, 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 Del Taco Restaurants.
    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 TACO stock the variable cost ratio is equal to 90.4%.

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 TACO 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 Del Taco Restaurants.

Corporate tax rate of 27% is the nominal tax rate for Del Taco Restaurants. 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 TACO 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 TACO are equal to 91.1%.

Life of production assets of 30.4 years is the average useful life of capital assets used in Del Taco Restaurants 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 TACO is equal to -8.6%. 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 - $416.249 million for Del Taco Restaurants - 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 38.3 million for Del Taco Restaurants 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 Del Taco Restaurants at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
CMG Chipotle Mexic 472.30 365.66  sell
JACK Jack in the Bo 79.17 8.89  str.sell
YUM Yum! Brands 88.79 1.50  str.sell
MCD McDonald's 183.56 14.99  str.sell
DNKN Dunkin' Br 71.50 26.50  str.sell
LOCO El Pollo Loco 15.89 15.65  buy
NATH Nathan's F 70.62 8.25  str.sell
HABT Habit Restaura 14.56 16.00  hold
PZZA Papa John' 59.04 8.63  str.sell

COMPANY NEWS

▶ Del Taco: 3Q Earnings Snapshot   [04:12PM  Associated Press]
▶ Final Trade: WFC, TACO & more   [May-31-18 05:30PM  CNBC Videos]
▶ Del Taco Plans Strategic Expansion Across Orlando   [May-30-18 07:00AM  GlobeNewswire]
▶ Del Taco Introduces Dessert With a Churro Spoon   [May-24-18 04:30PM  GlobeNewswire]
▶ Authentically Cooked Carnitas Return for the Summer   [Apr-19-18 06:11PM  GlobeNewswire]
▶ Del Taco Continues Southeast Expansion   [Apr-18-18 05:08PM  GlobeNewswire]
▶ Celebrate National Burrito Day With Free Fries at Del Taco   [Apr-03-18 05:53PM  GlobeNewswire]
▶ Why Del Taco Stock Plunged Today   [Mar-15-18 02:16PM  Motley Fool]
▶ Del Taco posts 4Q profit   [Mar-14-18 04:13PM  Associated Press]
▶ Keeley Funds Comments on Del Taco Restaurants   [Feb-07-18 06:22PM  GuruFocus.com]
▶ Seafood Season Is Back at Del Taco, and Fans Are Hooked   [Feb-01-18 08:00AM  GlobeNewswire]
▶ McDonald's to open about 1,000 new stores   [Jan-31-18 01:40PM  Yahoo Finance Video]
▶ A Shopping List for 2018: Consumer & Retail Favorites   [Jan-10-18 08:35AM  Investopedia]
▶ Del Taco meets 3Q profit forecasts   [Oct-19-17 04:21PM  Associated Press]
▶ Del Taco Now Open in Norman, Oklahoma   [08:00AM  Marketwired]
▶ "Fast Money" final trades: DAL, NKE and more   [Sep-28-17 05:59PM  CNBC Videos]
▶ Forget Chipotle, Buy Del Taco Stock: BTIG   [Sep-26-17 08:14PM  Investopedia]
▶ Seven Restaurants To Buy As The Industry Struggles   [Sep-13-17 09:40AM  Barrons.com]
▶ Del Taco CEO: Rising avocado costs & more   [Aug-29-17 08:23PM  CNBC Videos]

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