Intrinsic value of Carrols Restaurant Group - TAST

Previous Close

$12.95

  Intrinsic Value

$25.61

stock screener

  Rating & Target

str. buy

+98%

Previous close

$12.95

 
Intrinsic value

$25.61

 
Up/down potential

+98%

 
Rating

str. buy

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

We calculate the intrinsic value of TAST 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 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  9.90
  15.80
  14.72
  13.75
  12.87
  12.09
  11.38
  10.74
  10.17
  9.65
  9.18
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
Revenue, $m
  944
  1,093
  1,254
  1,426
  1,610
  1,805
  2,010
  2,226
  2,452
  2,689
  2,936
  3,193
  3,461
  3,740
  4,029
  4,330
  4,643
  4,968
  5,306
  5,657
  6,023
  6,403
  6,799
  7,211
  7,640
  8,088
  8,555
  9,043
  9,552
  10,083
  10,639
Variable operating expenses, $m
 
  874
  1,002
  1,140
  1,286
  1,442
  1,605
  1,778
  1,958
  2,147
  2,344
  2,547
  2,760
  2,983
  3,214
  3,454
  3,703
  3,962
  4,232
  4,512
  4,803
  5,107
  5,422
  5,751
  6,094
  6,451
  6,824
  7,212
  7,618
  8,042
  8,485
Fixed operating expenses, $m
 
  161
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
Total operating expenses, $m
  908
  1,035
  1,167
  1,309
  1,459
  1,620
  1,787
  1,965
  2,149
  2,343
  2,545
  2,753
  2,971
  3,199
  3,436
  3,681
  3,936
  4,201
  4,477
  4,763
  5,060
  5,371
  5,692
  6,028
  6,378
  6,742
  7,122
  7,518
  7,931
  8,363
  8,814
Operating income, $m
  36
  58
  87
  117
  150
  185
  223
  262
  303
  346
  391
  440
  489
  541
  594
  649
  707
  767
  829
  894
  962
  1,032
  1,106
  1,183
  1,263
  1,346
  1,434
  1,525
  1,620
  1,720
  1,824
EBITDA, $m
  83
  112
  148
  187
  229
  273
  320
  369
  421
  475
  532
  591
  653
  717
  784
  854
  926
  1,001
  1,080
  1,161
  1,246
  1,335
  1,427
  1,523
  1,623
  1,728
  1,837
  1,952
  2,071
  2,196
  2,327
Interest expense (income), $m
  17
  17
  22
  26
  31
  36
  42
  48
  54
  60
  67
  74
  81
  88
  96
  104
  113
  122
  131
  140
  150
  161
  171
  183
  194
  206
  219
  232
  246
  260
  275
Earnings before tax, $m
  17
  41
  65
  91
  119
  149
  181
  214
  249
  286
  324
  367
  409
  452
  498
  545
  594
  645
  698
  754
  812
  872
  935
  1,000
  1,069
  1,140
  1,215
  1,293
  1,374
  1,460
  1,549
Tax expense, $m
  -28
  11
  18
  25
  32
  40
  49
  58
  67
  77
  88
  99
  110
  122
  134
  147
  160
  174
  189
  204
  219
  235
  252
  270
  288
  308
  328
  349
  371
  394
  418
Net income, $m
  45
  30
  47
  67
  87
  109
  132
  156
  182
  209
  237
  268
  298
  330
  363
  398
  434
  471
  510
  550
  592
  636
  682
  730
  780
  832
  887
  944
  1,003
  1,066
  1,131

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  490
  565
  648
  738
  833
  933
  1,039
  1,151
  1,268
  1,390
  1,518
  1,651
  1,790
  1,934
  2,083
  2,239
  2,401
  2,569
  2,744
  2,925
  3,114
  3,311
  3,515
  3,728
  3,951
  4,182
  4,424
  4,676
  4,939
  5,214
  5,501
Adjusted assets (=assets-cash), $m
  488
  565
  648
  738
  833
  933
  1,039
  1,151
  1,268
  1,390
  1,518
  1,651
  1,790
  1,934
  2,083
  2,239
  2,401
  2,569
  2,744
  2,925
  3,114
  3,311
  3,515
  3,728
  3,951
  4,182
  4,424
  4,676
  4,939
  5,214
  5,501
Revenue / Adjusted assets
  1.934
  1.935
  1.935
  1.932
  1.933
  1.935
  1.935
  1.934
  1.934
  1.935
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
  1.934
Average production assets, $m
  384
  444
  509
  579
  654
  733
  816
  904
  996
  1,092
  1,192
  1,296
  1,405
  1,518
  1,636
  1,758
  1,885
  2,017
  2,154
  2,297
  2,445
  2,600
  2,760
  2,928
  3,102
  3,284
  3,474
  3,671
  3,878
  4,094
  4,319
Working capital, $m
  -39
  -45
  -51
  -58
  -66
  -74
  -82
  -91
  -101
  -110
  -120
  -131
  -142
  -153
  -165
  -178
  -190
  -204
  -218
  -232
  -247
  -263
  -279
  -296
  -313
  -332
  -351
  -371
  -392
  -413
  -436
Total debt, $m
  220
  270
  327
  388
  453
  521
  594
  670
  750
  833
  920
  1,011
  1,105
  1,204
  1,306
  1,412
  1,522
  1,637
  1,756
  1,880
  2,009
  2,143
  2,282
  2,428
  2,579
  2,737
  2,902
  3,074
  3,253
  3,441
  3,637
Total liabilities, $m
  336
  385
  442
  503
  568
  636
  709
  785
  865
  948
  1,035
  1,126
  1,220
  1,319
  1,421
  1,527
  1,637
  1,752
  1,871
  1,995
  2,124
  2,258
  2,397
  2,543
  2,694
  2,852
  3,017
  3,189
  3,368
  3,556
  3,752
Total equity, $m
  155
  180
  206
  235
  265
  297
  331
  366
  403
  442
  483
  525
  569
  615
  663
  712
  763
  817
  872
  930
  990
  1,053
  1,118
  1,186
  1,256
  1,330
  1,407
  1,487
  1,571
  1,658
  1,749
Total liabilities and equity, $m
  491
  565
  648
  738
  833
  933
  1,040
  1,151
  1,268
  1,390
  1,518
  1,651
  1,789
  1,934
  2,084
  2,239
  2,400
  2,569
  2,743
  2,925
  3,114
  3,311
  3,515
  3,729
  3,950
  4,182
  4,424
  4,676
  4,939
  5,214
  5,501
Debt-to-equity ratio
  1.419
  1.500
  1.590
  1.650
  1.710
  1.760
  1.800
  1.830
  1.860
  1.880
  1.910
  1.930
  1.940
  1.960
  1.970
  1.980
  1.990
  2.000
  2.010
  2.020
  2.030
  2.040
  2.040
  2.050
  2.050
  2.060
  2.060
  2.070
  2.070
  2.080
  2.080
Adjusted equity ratio
  0.314
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  30
  47
  67
  87
  109
  132
  156
  182
  209
  237
  268
  298
  330
  363
  398
  434
  471
  510
  550
  592
  636
  682
  730
  780
  832
  887
  944
  1,003
  1,066
  1,131
Depreciation, amort., depletion, $m
  47
  54
  62
  70
  78
  87
  97
  107
  118
  129
  141
  151
  163
  177
  190
  204
  219
  235
  250
  267
  284
  302
  321
  340
  361
  382
  404
  427
  451
  476
  502
Funds from operations, $m
  57
  84
  109
  136
  165
  196
  229
  264
  300
  338
  378
  418
  462
  507
  553
  602
  653
  705
  760
  817
  877
  939
  1,003
  1,071
  1,141
  1,214
  1,291
  1,371
  1,454
  1,542
  1,633
Change in working capital, $m
  -5
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
Cash from operations, $m
  62
  90
  116
  143
  173
  204
  238
  273
  309
  348
  388
  429
  473
  518
  565
  614
  666
  719
  774
  832
  892
  954
  1,019
  1,087
  1,158
  1,232
  1,310
  1,391
  1,475
  1,563
  1,656
Maintenance CAPEX, $m
  0
  -45
  -52
  -59
  -67
  -76
  -85
  -95
  -105
  -116
  -127
  -139
  -151
  -163
  -177
  -190
  -204
  -219
  -235
  -250
  -267
  -284
  -302
  -321
  -340
  -361
  -382
  -404
  -427
  -451
  -476
New CAPEX, $m
  -94
  -60
  -65
  -70
  -75
  -79
  -83
  -88
  -92
  -96
  -100
  -104
  -109
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -148
  -154
  -161
  -167
  -174
  -182
  -190
  -198
  -207
  -216
  -226
Cash from investing activities, $m
  -96
  -105
  -117
  -129
  -142
  -155
  -168
  -183
  -197
  -212
  -227
  -243
  -260
  -276
  -295
  -312
  -331
  -351
  -372
  -393
  -415
  -438
  -463
  -488
  -514
  -543
  -572
  -602
  -634
  -667
  -702
Free cash flow, $m
  -34
  -15
  -1
  14
  31
  49
  69
  90
  112
  136
  161
  186
  213
  242
  271
  302
  334
  368
  402
  439
  476
  516
  556
  599
  644
  690
  738
  789
  841
  897
  954
Issuance/(repayment) of debt, $m
  14
  52
  57
  61
  65
  69
  72
  76
  80
  83
  87
  91
  94
  98
  102
  106
  110
  115
  119
  124
  129
  134
  140
  145
  151
  158
  165
  172
  179
  187
  196
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
  0
Cash from financing (excl. dividends), $m  
  14
  52
  57
  61
  65
  69
  72
  76
  80
  83
  87
  91
  94
  98
  102
  106
  110
  115
  119
  124
  129
  134
  140
  145
  151
  158
  165
  172
  179
  187
  196
Total cash flow (excl. dividends), $m
  -20
  37
  55
  75
  96
  118
  141
  166
  192
  219
  248
  277
  308
  340
  373
  408
  444
  482
  522
  562
  605
  650
  696
  744
  795
  848
  903
  961
  1,021
  1,084
  1,150
Retained Cash Flow (-), $m
  -47
  -25
  -26
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
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
 
  13
  29
  47
  66
  86
  108
  131
  155
  180
  207
  234
  264
  294
  326
  359
  393
  429
  466
  505
  545
  587
  631
  677
  724
  774
  826
  880
  937
  997
  1,059
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  12
  25
  36
  46
  55
  61
  65
  67
  68
  66
  63
  59
  53
  48
  42
  35
  30
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  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

Carrols Restaurant Group, Inc. is a holding company and conducts all of its operations through its subsidiary, Carrols Corporation (Carrols) and Carrols' subsidiary, Carrols LLC. The Company is a restaurant company and Burger King franchisee in the United States. As of January 1, 2017, the Company had owned and operated 753 Burger King restaurants under the name Burger King in 16 Northeastern, Midwestern and Southeastern states. Burger King restaurants feature the flame-broiled Whopper sandwich, as well as a range of hamburgers, chicken and other specialty sandwiches, French fries, salads, breakfast items, hot dogs, snacks, smoothies, frappes and other offerings. The Company's Burger King restaurants are located in various states, such as Illinois, Indiana, Kentucky, Maine, Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Vermont, Virginia and West Virginia.

FINANCIAL RATIOS  of  Carrols Restaurant Group (TAST)

Valuation Ratios
P/E Ratio 10.1
Price to Sales 0.5
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow -14.3
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 64.9%
Cap. Spend. - 3 Yr. Gr. Rate 13.5%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 140.6%
Total Debt to Equity 141.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 19.6%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 13.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.7%
Return On Equity 34.2%
Return On Equity - 3 Yr. Avg. -2.4%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 35.1%
Gross Margin - 3 Yr. Avg. 33.4%
EBITDA Margin 8.6%
EBITDA Margin - 3 Yr. Avg. 6.5%
Operating Margin 3.8%
Oper. Margin - 3 Yr. Avg. 1.7%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. -0.7%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. -0.2%
Effective Tax Rate -164.7%
Eff/ Tax Rate - 3 Yr. Avg. -70.3%
Payout Ratio 0%

TAST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TAST stock intrinsic value calculation we used $944 million for the last fiscal year's total revenue generated by Carrols Restaurant Group. The default revenue input number comes from 2017 income statement of Carrols Restaurant Group. 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 TAST stock valuation model: a) initial revenue growth rate of 15.8% 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 7.8%, whose default value for TAST is calculated based on our internal credit rating of Carrols Restaurant Group, 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 Carrols Restaurant Group.
    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 TAST stock the variable cost ratio is equal to 80%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $157 million in the base year in the intrinsic value calculation for TAST 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 8% for Carrols Restaurant Group.

Corporate tax rate of 27% is the nominal tax rate for Carrols Restaurant Group. 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 TAST 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 TAST are equal to 40.6%.

Life of production assets of 8.6 years is the average useful life of capital assets used in Carrols Restaurant Group 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 TAST is equal to -4.1%. 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 - $155 million for Carrols Restaurant Group - 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 36.159 million for Carrols Restaurant Group 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 Carrols Restaurant Group at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Carrols Restaurant Group Delivers an Encouraging Mix   [Nov-09-17 05:46PM  Motley Fool]
▶ Carrols Restaurant posts 3Q profit   [Nov-08-17 07:22AM  Associated Press]
▶ 3 Growth Stocks at Value Stock Prices   [Nov-06-17 04:48PM  Motley Fool]
▶ Bear of the Day: Carrols (TAST)   [06:42AM  Zacks]
▶ New Strong Sell Stocks for October 10th   [Oct-10-17 07:32AM  Zacks]
▶ 2 Stocks You've Been Ignoring   [Sep-30-17 09:00PM  Motley Fool]
▶ Best Low-P/E Stocks to Buy in September   [Sep-20-17 12:48PM  Motley Fool]
▶ 3 Stocks That Are Absurdly Cheap Right Now   [Aug-18-17 07:15AM  Motley Fool]
▶ Carrols Restaurant Group Falls Short on Higher Costs   [Aug-09-17 09:03PM  Motley Fool]
▶ Carrols Restaurant posts 2Q profit   [12:32PM  Associated Press]
▶ The Restaurant Sector Q2 Earnings Cheat Sheet   [Jul-22-17 03:39PM  Benzinga]
▶ 3 Growth Stocks for Astute Investors   [May-10-17 09:31AM  Motley Fool]
▶ Carrols Restaurant reports 1Q loss   [08:33AM  Associated Press]
▶ Carrols Restaurant posts 4Q profit   [07:19AM  Associated Press]
▶ Buying Value Stocks on the Breakout   [Feb-08-17 07:59PM  Zacks]
▶ Top Restaurant Stocks to Buy in 2017   [Feb-02-17 10:53AM  at Motley Fool]
▶ 1 Great Stock for Retirees   [Jan-05-17 02:40PM  at Motley Fool]
▶ Should You Avoid Carrols Restaurant Group, Inc. (TAST)?   [Dec-02-16 08:24AM  at Insider Monkey]
▶ Chipotle may be the worst restaurant for investors   [Oct-19-16 07:25AM  at MarketWatch]
Financial statements of TAST
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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