Intrinsic value of Texas Roadhouse - TXRH

Previous Close

$50.18

  Intrinsic Value

$40.76

stock screener

  Rating & Target

hold

-19%

  Value-price divergence*

+93%

Previous close

$50.18

 
Intrinsic value

$40.76

 
Up/down potential

-19%

 
Rating

hold

 
Value-price divergence*

+93%

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

We calculate the intrinsic value of TXRH 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 3.6

 

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, %
  10.18
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  1,991
  2,214
  2,448
  2,694
  2,950
  3,218
  3,496
  3,786
  4,088
  4,401
  4,727
  5,066
  5,417
  5,783
  6,163
  6,559
  6,971
  7,399
  7,846
  8,311
  8,796
  9,302
  9,831
  10,382
  10,958
  11,560
  12,190
  12,848
  13,537
  14,258
  15,012
Variable operating expenses, $m
 
  1,876
  2,073
  2,280
  2,496
  2,721
  2,956
  3,200
  3,454
  3,718
  3,992
  4,266
  4,562
  4,870
  5,190
  5,524
  5,870
  6,231
  6,607
  6,999
  7,408
  7,834
  8,279
  8,743
  9,228
  9,735
  10,265
  10,820
  11,400
  12,007
  12,642
Fixed operating expenses, $m
 
  137
  141
  144
  148
  152
  155
  159
  163
  167
  172
  176
  180
  185
  189
  194
  199
  204
  209
  214
  220
  225
  231
  236
  242
  248
  255
  261
  268
  274
  281
Total operating expenses, $m
  1,819
  2,013
  2,214
  2,424
  2,644
  2,873
  3,111
  3,359
  3,617
  3,885
  4,164
  4,442
  4,742
  5,055
  5,379
  5,718
  6,069
  6,435
  6,816
  7,213
  7,628
  8,059
  8,510
  8,979
  9,470
  9,983
  10,520
  11,081
  11,668
  12,281
  12,923
Operating income, $m
  172
  200
  234
  269
  306
  345
  385
  427
  470
  516
  563
  624
  675
  728
  784
  841
  902
  964
  1,030
  1,098
  1,169
  1,244
  1,321
  1,403
  1,488
  1,577
  1,670
  1,767
  1,870
  1,977
  2,089
EBITDA, $m
  255
  292
  335
  379
  425
  473
  523
  576
  630
  687
  746
  808
  872
  938
  1,007
  1,079
  1,154
  1,233
  1,314
  1,399
  1,488
  1,581
  1,678
  1,779
  1,885
  1,996
  2,112
  2,233
  2,361
  2,494
  2,634
Interest expense (income), $m
  1
  2
  4
  5
  7
  9
  11
  13
  15
  18
  20
  23
  25
  28
  31
  33
  36
  39
  43
  46
  50
  53
  57
  61
  65
  70
  74
  79
  84
  89
  95
Earnings before tax, $m
  172
  199
  230
  264
  299
  336
  374
  414
  455
  498
  543
  601
  650
  701
  753
  808
  865
  925
  987
  1,052
  1,120
  1,190
  1,264
  1,342
  1,422
  1,507
  1,596
  1,688
  1,786
  1,888
  1,994
Tax expense, $m
  51
  54
  62
  71
  81
  91
  101
  112
  123
  134
  147
  162
  175
  189
  203
  218
  234
  250
  266
  284
  302
  321
  341
  362
  384
  407
  431
  456
  482
  510
  538
Net income, $m
  116
  145
  168
  193
  218
  245
  273
  302
  332
  364
  396
  439
  474
  511
  550
  590
  632
  675
  720
  768
  817
  869
  923
  979
  1,038
  1,100
  1,165
  1,233
  1,304
  1,378
  1,456

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  113
  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
  1,180
  1,186
  1,312
  1,444
  1,581
  1,724
  1,874
  2,029
  2,191
  2,359
  2,533
  2,715
  2,903
  3,099
  3,303
  3,515
  3,736
  3,965
  4,205
  4,454
  4,714
  4,985
  5,268
  5,564
  5,873
  6,195
  6,533
  6,885
  7,255
  7,641
  8,045
Adjusted assets (=assets-cash), $m
  1,067
  1,186
  1,312
  1,444
  1,581
  1,724
  1,874
  2,029
  2,191
  2,359
  2,533
  2,715
  2,903
  3,099
  3,303
  3,515
  3,736
  3,965
  4,205
  4,454
  4,714
  4,985
  5,268
  5,564
  5,873
  6,195
  6,533
  6,885
  7,255
  7,641
  8,045
Revenue / Adjusted assets
  1.866
  1.867
  1.866
  1.866
  1.866
  1.867
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
  1.866
Average production assets, $m
  795
  883
  977
  1,075
  1,177
  1,284
  1,395
  1,511
  1,631
  1,756
  1,886
  2,021
  2,162
  2,307
  2,459
  2,617
  2,781
  2,952
  3,130
  3,316
  3,510
  3,712
  3,922
  4,143
  4,372
  4,613
  4,864
  5,126
  5,401
  5,689
  5,990
Working capital, $m
  -80
  -215
  -237
  -261
  -286
  -312
  -339
  -367
  -397
  -427
  -459
  -491
  -525
  -561
  -598
  -636
  -676
  -718
  -761
  -806
  -853
  -902
  -954
  -1,007
  -1,063
  -1,121
  -1,182
  -1,246
  -1,313
  -1,383
  -1,456
Total debt, $m
  53
  101
  152
  205
  260
  318
  378
  441
  506
  574
  644
  717
  793
  872
  954
  1,040
  1,128
  1,221
  1,317
  1,418
  1,523
  1,632
  1,746
  1,865
  1,990
  2,120
  2,256
  2,398
  2,547
  2,702
  2,865
Total liabilities, $m
  430
  478
  529
  582
  637
  695
  755
  818
  883
  951
  1,021
  1,094
  1,170
  1,249
  1,331
  1,417
  1,505
  1,598
  1,694
  1,795
  1,900
  2,009
  2,123
  2,242
  2,367
  2,497
  2,633
  2,775
  2,924
  3,079
  3,242
Total equity, $m
  750
  708
  783
  862
  944
  1,029
  1,119
  1,211
  1,308
  1,408
  1,512
  1,621
  1,733
  1,850
  1,972
  2,098
  2,230
  2,367
  2,510
  2,659
  2,814
  2,976
  3,145
  3,322
  3,506
  3,699
  3,900
  4,111
  4,331
  4,562
  4,803
Total liabilities and equity, $m
  1,180
  1,186
  1,312
  1,444
  1,581
  1,724
  1,874
  2,029
  2,191
  2,359
  2,533
  2,715
  2,903
  3,099
  3,303
  3,515
  3,735
  3,965
  4,204
  4,454
  4,714
  4,985
  5,268
  5,564
  5,873
  6,196
  6,533
  6,886
  7,255
  7,641
  8,045
Debt-to-equity ratio
  0.071
  0.140
  0.190
  0.240
  0.280
  0.310
  0.340
  0.360
  0.390
  0.410
  0.430
  0.440
  0.460
  0.470
  0.480
  0.500
  0.510
  0.520
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
Adjusted equity ratio
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  116
  145
  168
  193
  218
  245
  273
  302
  332
  364
  396
  439
  474
  511
  550
  590
  632
  675
  720
  768
  817
  869
  923
  979
  1,038
  1,100
  1,165
  1,233
  1,304
  1,378
  1,456
Depreciation, amort., depletion, $m
  83
  92
  101
  109
  119
  128
  139
  149
  160
  171
  183
  184
  197
  210
  224
  238
  253
  268
  285
  301
  319
  337
  357
  377
  397
  419
  442
  466
  491
  517
  545
Funds from operations, $m
  276
  237
  269
  302
  337
  373
  411
  451
  492
  535
  580
  623
  671
  721
  773
  828
  884
  943
  1,005
  1,069
  1,136
  1,206
  1,279
  1,356
  1,436
  1,519
  1,607
  1,699
  1,795
  1,895
  2,000
Change in working capital, $m
  19
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
Cash from operations, $m
  257
  259
  291
  326
  362
  399
  438
  479
  521
  565
  611
  656
  705
  757
  810
  866
  924
  985
  1,048
  1,114
  1,183
  1,255
  1,331
  1,409
  1,492
  1,578
  1,668
  1,762
  1,861
  1,965
  2,074
Maintenance CAPEX, $m
  0
  -72
  -80
  -89
  -98
  -107
  -117
  -127
  -137
  -148
  -160
  -171
  -184
  -197
  -210
  -224
  -238
  -253
  -268
  -285
  -301
  -319
  -337
  -357
  -377
  -397
  -419
  -442
  -466
  -491
  -517
New CAPEX, $m
  -165
  -88
  -93
  -98
  -102
  -107
  -111
  -116
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -178
  -186
  -194
  -202
  -211
  -220
  -230
  -240
  -251
  -263
  -275
  -288
  -301
Cash from investing activities, $m
  -165
  -160
  -173
  -187
  -200
  -214
  -228
  -243
  -257
  -273
  -290
  -306
  -324
  -343
  -362
  -382
  -402
  -424
  -446
  -471
  -495
  -521
  -548
  -577
  -607
  -637
  -670
  -705
  -741
  -779
  -818
Free cash flow, $m
  92
  98
  118
  139
  162
  186
  210
  237
  264
  292
  322
  349
  381
  414
  449
  485
  522
  561
  602
  644
  688
  734
  783
  833
  885
  940
  998
  1,058
  1,121
  1,186
  1,255
Issuance/(repayment) of debt, $m
  25
  48
  51
  53
  55
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
  93
  96
  100
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
Issuance/(repurchase) of shares, $m
  -1
  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  
  13
  48
  51
  53
  55
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
  93
  96
  100
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
Total cash flow (excl. dividends), $m
  106
  146
  168
  192
  217
  243
  271
  299
  329
  360
  392
  422
  457
  493
  531
  570
  611
  654
  698
  745
  793
  844
  897
  952
  1,010
  1,070
  1,134
  1,200
  1,269
  1,342
  1,418
Retained Cash Flow (-), $m
  -80
  -71
  -75
  -79
  -82
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -162
  -169
  -176
  -184
  -193
  -201
  -211
  -220
  -231
  -241
Prev. year cash balance distribution, $m
 
  113
  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
 
  188
  93
  114
  135
  158
  182
  206
  232
  259
  288
  314
  344
  376
  409
  444
  479
  517
  555
  596
  638
  682
  728
  775
  825
  878
  932
  989
  1,049
  1,111
  1,177
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
 
  180
  85
  99
  111
  122
  132
  139
  145
  149
  151
  149
  147
  143
  137
  130
  122
  112
  102
  92
  81
  71
  60
  51
  42
  34
  27
  21
  16
  12
  9
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

Texas Roadhouse, Inc. is a restaurant company, which operates in the casual dining segment. The Company offers an assortment of seasoned and aged steaks, all cooked over open grills and all but one hand cut daily on the premises. Its restaurants offer a range of menu items at prices that are designed to appeal to a range of consumer tastes. The Company also offers its guests a selection of ribs, fish, seafood, chicken, pork chops, pulled pork and vegetable plates, and an assortment of hamburgers, salads and sandwiches. The Company offers an assortment of wings, sandwiches, pizzas and burgers, including its bacon grind patty. In addition, the Company also offers its guests a selection of chicken, beef, fish and seafood. Other menu items include specialty appetizers, such as the Cactus Blossom and Rattlesnake Bites. As of December 27, 2016, the Company had 23 franchisees that operated 86 Texas Roadhouse restaurants in 23 states and six foreign countries.

FINANCIAL RATIOS  of  Texas Roadhouse (TXRH)

Valuation Ratios
P/E Ratio 30.5
Price to Sales 1.8
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow 38.5
Growth Rates
Sales Growth Rate 10.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.6%
Cap. Spend. - 3 Yr. Gr. Rate 8.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 7.1%
Total Debt to Equity 7.1%
Interest Coverage 173
Management Effectiveness
Return On Assets 10.5%
Ret/ On Assets - 3 Yr. Avg. 10.1%
Return On Total Capital 15.5%
Ret/ On T. Cap. - 3 Yr. Avg. 14.4%
Return On Equity 16.3%
Return On Equity - 3 Yr. Avg. 15.4%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 66.4%
Gross Margin - 3 Yr. Avg. 65.3%
EBITDA Margin 12.9%
EBITDA Margin - 3 Yr. Avg. 12.3%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 8.3%
Pre-Tax Margin 8.6%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 5.6%
Effective Tax Rate 29.7%
Eff/ Tax Rate - 3 Yr. Avg. 29.8%
Payout Ratio 44.8%

TXRH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TXRH stock intrinsic value calculation we used $1991 million for the last fiscal year's total revenue generated by Texas Roadhouse. The default revenue input number comes from 2016 income statement of Texas Roadhouse. 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 TXRH stock valuation model: a) initial revenue growth rate of 11.2% 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 4.3%, whose default value for TXRH is calculated based on our internal credit rating of Texas Roadhouse, 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 Texas Roadhouse.
    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 TXRH stock the variable cost ratio is equal to 84.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $134 million in the base year in the intrinsic value calculation for TXRH 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 3.5% for Texas Roadhouse.

Corporate tax rate of 27% is the nominal tax rate for Texas Roadhouse. 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 TXRH 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 TXRH are equal to 39.9%.

Life of production assets of 11 years is the average useful life of capital assets used in Texas Roadhouse 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 TXRH is equal to -9.7%. 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 - $750 million for Texas Roadhouse - 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 70.964 million for Texas Roadhouse 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 Texas Roadhouse at the current share price and the inputted number of shares is $3.6 billion.

RELATED COMPANIES Price Int.Val. Rating
BJRI BJ's Resta 29.80 47.42  str.buy
CHUY Chuy's Hol 20.75 13.80  sell
SAUC Diversified Re 1.73 0.52  str.sell
DENN Denny's 12.93 2.34  str.sell
BOBE Bob Evans Farm 77.25 26.35  str.sell
CBRL Cracker Barrel 151.71 128.88  hold
DAVE Famous Dave 3.88 0.66  str.sell
DRI Darden Restaur 80.20 113.20  buy
KONA Kona Grill 3.75 0.70  str.sell

COMPANY NEWS

▶ Restaurants: Have & Have-Nots Will Continue To Diverge   [Sep-18-17 11:19AM  Barrons.com]
▶ Denny's refuses to dump new sausage mascot   [Sep-14-17 01:32PM  Yahoo Finance Video]
▶ Texas Roadhouse, Inc. Announces Quarterly Dividend   [Sep-01-17 08:30AM  GlobeNewswire]
▶ Why Texas Roadhouse is moving some employees to Chef Space   [01:20PM  American City Business Journals]
▶ 3 Stable Stocks for Conservative Investors   [Aug-26-17 06:15AM  Motley Fool]
▶ Highlights From Texas Roadhouse's Q2 2017 Results   [Aug-02-17 06:41PM  Motley Fool]
▶ Story Stocks from Briefing.com   [Aug-01-17 09:58AM  Briefing.com]
▶ Texas Roadhouse meets 2Q profit forecasts   [Jul-31-17 09:11PM  Associated Press]
▶ Darden Stock Hits New 52-Week High on Strong 4Q17 Earnings   [Jun-28-17 04:46PM  Market Realist]
▶ 'Road Kill' Helps Power This Restaurant Stock's Breakout   [Jun-27-17 04:09PM  Investor's Business Daily]
▶ Oracle, CarMax Upgraded; 2 Opticals Get Price-Target Hikes   [Jun-22-17 04:02PM  Investor's Business Daily]
▶ Texas Roadhouse, Inc. Announces Quarterly Dividend   [May-19-17 08:33AM  GlobeNewswire]
▶ Story Stocks from Briefing.com   [11:30AM  Briefing.com]
▶ Texas Roadhouse Sizzles With Strong Sales Growth   [May-01-17 06:54PM  Motley Fool]
▶ Texas Roadhouse tops Street 1Q forecasts   [04:18PM  Associated Press]
▶ New Strong Sell Stocks for April 20th   [Apr-20-17 08:10AM  Zacks]
▶ Compensation was down for Texas Roadhouse execs this year here's why   [Apr-10-17 01:40PM  American City Business Journals]
▶ An Appetizing Restaurant Stock For Value Investors   [Mar-24-17 12:09PM  Benzinga]
Financial statements of TXRH
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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