Intrinsic value of Wendy's Co - WEN

Previous Close

$17.42

  Intrinsic Value

$6.65

stock screener

  Rating & Target

str. sell

-62%

Previous close

$17.42

 
Intrinsic value

$6.65

 
Up/down potential

-62%

 
Rating

str. sell

We calculate the intrinsic value of WEN 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 4.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  1,247
  1,276
  1,309
  1,346
  1,387
  1,431
  1,480
  1,533
  1,590
  1,651
  1,716
  1,786
  1,860
  1,939
  2,022
  2,111
  2,205
  2,304
  2,409
  2,519
  2,636
  2,759
  2,889
  3,026
  3,170
  3,322
  3,481
  3,649
  3,826
  4,012
Variable operating expenses, $m
  655
  665
  677
  690
  704
  721
  738
  757
  777
  799
  616
  641
  668
  696
  726
  758
  792
  827
  865
  905
  947
  991
  1,038
  1,087
  1,138
  1,193
  1,250
  1,311
  1,374
  1,441
Fixed operating expenses, $m
  379
  388
  396
  405
  414
  423
  432
  442
  451
  461
  471
  482
  492
  503
  514
  526
  537
  549
  561
  573
  586
  599
  612
  625
  639
  653
  668
  682
  697
  713
Total operating expenses, $m
  1,034
  1,053
  1,073
  1,095
  1,118
  1,144
  1,170
  1,199
  1,228
  1,260
  1,087
  1,123
  1,160
  1,199
  1,240
  1,284
  1,329
  1,376
  1,426
  1,478
  1,533
  1,590
  1,650
  1,712
  1,777
  1,846
  1,918
  1,993
  2,071
  2,154
Operating income, $m
  214
  224
  236
  251
  268
  288
  310
  334
  361
  390
  628
  663
  700
  739
  782
  827
  876
  928
  983
  1,041
  1,103
  1,169
  1,239
  1,314
  1,392
  1,475
  1,563
  1,656
  1,754
  1,858
EBITDA, $m
  756
  774
  795
  820
  848
  880
  915
  953
  995
  1,041
  1,090
  1,143
  1,200
  1,261
  1,326
  1,395
  1,469
  1,547
  1,631
  1,719
  1,813
  1,912
  2,017
  2,128
  2,245
  2,369
  2,500
  2,638
  2,784
  2,938
Interest expense (income), $m
  118
  149
  152
  157
  162
  167
  174
  181
  188
  197
  205
  215
  225
  236
  247
  260
  273
  286
  301
  316
  333
  350
  368
  387
  407
  428
  451
  474
  499
  525
  553
Earnings before tax, $m
  65
  72
  80
  89
  101
  114
  129
  146
  164
  185
  414
  438
  464
  492
  522
  555
  589
  627
  666
  709
  754
  802
  852
  906
  964
  1,025
  1,089
  1,157
  1,229
  1,306
Tax expense, $m
  18
  19
  22
  24
  27
  31
  35
  39
  44
  50
  112
  118
  125
  133
  141
  150
  159
  169
  180
  191
  203
  216
  230
  245
  260
  277
  294
  312
  332
  353
Net income, $m
  47
  52
  58
  65
  74
  83
  94
  107
  120
  135
  302
  319
  339
  359
  381
  405
  430
  457
  486
  517
  550
  585
  622
  662
  704
  748
  795
  845
  897
  953

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
  4,172
  4,268
  4,378
  4,501
  4,637
  4,787
  4,950
  5,127
  5,317
  5,521
  5,739
  5,972
  6,220
  6,484
  6,763
  7,060
  7,373
  7,705
  8,056
  8,426
  8,816
  9,228
  9,662
  10,120
  10,602
  11,109
  11,643
  12,205
  12,796
  13,417
Adjusted assets (=assets-cash), $m
  4,172
  4,268
  4,378
  4,501
  4,637
  4,787
  4,950
  5,127
  5,317
  5,521
  5,739
  5,972
  6,220
  6,484
  6,763
  7,060
  7,373
  7,705
  8,056
  8,426
  8,816
  9,228
  9,662
  10,120
  10,602
  11,109
  11,643
  12,205
  12,796
  13,417
Revenue / Adjusted assets
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
Average production assets, $m
  3,357
  3,434
  3,522
  3,621
  3,731
  3,852
  3,983
  4,125
  4,278
  4,442
  4,618
  4,805
  5,005
  5,217
  5,442
  5,680
  5,933
  6,200
  6,482
  6,779
  7,094
  7,425
  7,774
  8,142
  8,530
  8,938
  9,368
  9,820
  10,295
  10,796
Working capital, $m
  -20
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
Total debt, $m
  2,818
  2,901
  2,995
  3,101
  3,219
  3,347
  3,488
  3,639
  3,803
  3,978
  4,166
  4,366
  4,580
  4,806
  5,047
  5,302
  5,572
  5,857
  6,158
  6,477
  6,813
  7,167
  7,540
  7,934
  8,348
  8,784
  9,243
  9,726
  10,235
  10,769
Total liabilities, $m
  3,588
  3,671
  3,765
  3,871
  3,988
  4,117
  4,257
  4,409
  4,572
  4,748
  4,936
  5,136
  5,349
  5,576
  5,816
  6,071
  6,341
  6,626
  6,928
  7,246
  7,582
  7,936
  8,310
  8,703
  9,117
  9,554
  10,013
  10,496
  11,004
  11,539
Total equity, $m
  584
  598
  613
  630
  649
  670
  693
  718
  744
  773
  803
  836
  871
  908
  947
  988
  1,032
  1,079
  1,128
  1,180
  1,234
  1,292
  1,353
  1,417
  1,484
  1,555
  1,630
  1,709
  1,791
  1,878
Total liabilities and equity, $m
  4,172
  4,269
  4,378
  4,501
  4,637
  4,787
  4,950
  5,127
  5,316
  5,521
  5,739
  5,972
  6,220
  6,484
  6,763
  7,059
  7,373
  7,705
  8,056
  8,426
  8,816
  9,228
  9,663
  10,120
  10,601
  11,109
  11,643
  12,205
  12,795
  13,417
Debt-to-equity ratio
  4.830
  4.850
  4.890
  4.920
  4.960
  4.990
  5.030
  5.070
  5.110
  5.150
  5.190
  5.220
  5.260
  5.300
  5.330
  5.360
  5.400
  5.430
  5.460
  5.490
  5.520
  5.550
  5.570
  5.600
  5.620
  5.650
  5.670
  5.690
  5.710
  5.730
Adjusted equity ratio
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  52
  58
  65
  74
  83
  94
  107
  120
  135
  302
  319
  339
  359
  381
  405
  430
  457
  486
  517
  550
  585
  622
  662
  704
  748
  795
  845
  897
  953
Depreciation, amort., depletion, $m
  542
  550
  559
  569
  580
  592
  605
  619
  634
  651
  462
  481
  500
  522
  544
  568
  593
  620
  648
  678
  709
  743
  777
  814
  853
  894
  937
  982
  1,030
  1,080
Funds from operations, $m
  590
  602
  617
  634
  653
  675
  699
  726
  754
  786
  764
  800
  839
  881
  925
  973
  1,024
  1,077
  1,135
  1,195
  1,260
  1,328
  1,400
  1,476
  1,557
  1,642
  1,732
  1,827
  1,927
  2,033
Change in working capital, $m
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
Cash from operations, $m
  590
  603
  617
  635
  654
  676
  700
  726
  755
  787
  765
  801
  840
  882
  927
  974
  1,025
  1,079
  1,136
  1,197
  1,261
  1,330
  1,402
  1,478
  1,559
  1,644
  1,734
  1,829
  1,930
  2,036
Maintenance CAPEX, $m
  -329
  -336
  -343
  -352
  -362
  -373
  -385
  -398
  -412
  -428
  -444
  -462
  -481
  -500
  -522
  -544
  -568
  -593
  -620
  -648
  -678
  -709
  -743
  -777
  -814
  -853
  -894
  -937
  -982
  -1,030
New CAPEX, $m
  -65
  -77
  -88
  -99
  -110
  -120
  -131
  -142
  -153
  -164
  -176
  -187
  -200
  -212
  -225
  -238
  -252
  -267
  -282
  -298
  -314
  -331
  -349
  -368
  -388
  -408
  -430
  -452
  -476
  -500
Cash from investing activities, $m
  -394
  -413
  -431
  -451
  -472
  -493
  -516
  -540
  -565
  -592
  -620
  -649
  -681
  -712
  -747
  -782
  -820
  -860
  -902
  -946
  -992
  -1,040
  -1,092
  -1,145
  -1,202
  -1,261
  -1,324
  -1,389
  -1,458
  -1,530
Free cash flow, $m
  196
  190
  186
  183
  182
  182
  184
  186
  190
  195
  145
  152
  160
  169
  180
  192
  205
  219
  234
  251
  269
  289
  310
  333
  357
  383
  411
  441
  472
  506
Issuance/(repayment) of debt, $m
  64
  83
  94
  106
  117
  129
  140
  152
  164
  175
  188
  200
  213
  227
  241
  255
  270
  285
  301
  318
  336
  354
  373
  393
  414
  436
  459
  483
  508
  535
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
Cash from financing (excl. dividends), $m  
  64
  83
  94
  106
  117
  129
  140
  152
  164
  175
  188
  200
  213
  227
  241
  255
  270
  285
  301
  318
  336
  354
  373
  393
  414
  436
  459
  483
  508
  535
Total cash flow (excl. dividends), $m
  260
  272
  280
  289
  299
  311
  324
  338
  353
  370
  333
  352
  373
  396
  421
  447
  474
  504
  536
  569
  605
  643
  683
  726
  771
  819
  870
  924
  980
  1,041
Retained Cash Flow (-), $m
  -11
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
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
  21
  21
  22
  22
  23
  24
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
Cash available for distribution, $m
  249
  259
  265
  272
  280
  290
  301
  313
  327
  342
  302
  320
  339
  359
  381
  405
  431
  458
  487
  518
  550
  585
  623
  662
  704
  748
  795
  845
  898
  953
Discount rate, %
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.84
  17.69
  18.57
  19.50
  20.47
  21.50
  22.57
  23.70
  24.88
  26.13
  27.44
  28.81
  30.25
  31.76
  33.35
  35.02
  36.77
  38.60
  40.53
  42.56
  44.69
  46.92
PV of cash for distribution, $m
  224
  206
  186
  166
  146
  128
  111
  95
  80
  67
  46
  38
  30
  24
  18
  13
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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

The Wendy's Company is the parent company of subsidiary holding company Wendy's Restaurants, LLC (Wendy's Restaurants). Wendy's Restaurants is the parent company of Wendy's International, LLC (Wendy's), which is the owner and franchisor of the Wendy's restaurant system in the United States. Wendy's is a restaurant company specializing in the hamburger sandwich segment. Wendy's is engaged in the business of operating, developing and franchising a system of restaurants serving food. The Company operated approximately 6,080 Wendy's restaurants in operation in North America, as of January 1, 2017. Of these restaurants, 330 were operated by the Company and 5,768 by a total of 376 franchisees, as of January 1, 2017. In addition, as of January 1, 2017, there were 439 franchised Wendy's restaurants in operation in 29 countries and territories other than North America. Wendy's is also a partner in a restaurant real estate joint venture with a subsidiary of Restaurant Brands International Inc.

FINANCIAL RATIOS  of  Wendy's Co (WEN)

Valuation Ratios
P/E Ratio 33
Price to Sales 3
Price to Book 8.1
Price to Tangible Book
Price to Cash Flow 23.7
Price to Free Cash Flow 138.6
Growth Rates
Sales Growth Rate -23.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40.5%
Cap. Spend. - 3 Yr. Gr. Rate -7.7%
Financial Strength
Quick Ratio 8
Current Ratio 0.6
LT Debt to Equity 471%
Total Debt to Equity 475.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 20.3%
Return On Equity - 3 Yr. Avg. 13.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 48.2%
Gross Margin - 3 Yr. Avg. 39%
EBITDA Margin 30.9%
EBITDA Margin - 3 Yr. Avg. 25.5%
Operating Margin 21.9%
Oper. Margin - 3 Yr. Avg. 16.1%
Pre-Tax Margin 14.1%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 9.1%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 35.6%
Eff/ Tax Rate - 3 Yr. Avg. 38.6%
Payout Ratio 49.2%

WEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WEN stock intrinsic value calculation we used $1223 million for the last fiscal year's total revenue generated by Wendy's Co. The default revenue input number comes from 2017 income statement of Wendy's Co. 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 WEN 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 11.4%, whose default value for WEN is calculated based on our internal credit rating of Wendy's Co, 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 Wendy's Co.
    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 WEN stock the variable cost ratio is equal to 52.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $371 million in the base year in the intrinsic value calculation for WEN 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 Wendy's Co.

Corporate tax rate of 27% is the nominal tax rate for Wendy's Co. 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 WEN stock is equal to 1.7%.

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 WEN are equal to 269.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Wendy's Co 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 WEN is equal to -1.6%. 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 - $573 million for Wendy's Co - 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 242 million for Wendy's Co 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 Wendy's Co at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ [$$] Papa Johns Founder Recently Held Merger Talks With Wendys   [Jul-18-18 08:00PM  The Wall Street Journal]
▶ Edible Arrangements plucks Tropical Smoothie CEO   [Jul-10-18 11:33AM  American City Business Journals]
▶ Wendy's Twitter Feed Is Cooking Up Creative Genius   [Jul-06-18 02:21PM  TheStreet.com]
▶ This Is Americas Favorite Fast Food Restaurant   [Jul-05-18 01:25PM  Fortune]
▶ 3 Restaurant Stocks to Consider Buying Right Now   [Jul-02-18 10:28AM  InvestorPlace]
▶ At US$017.67, Is The Wendys Company (NASDAQ:WEN) A Buy?   [Jun-21-18 02:57PM  Simply Wall St.]
▶ Future of Fast Food: Wendy's CEO Dishes   [Jun-19-18 03:14PM  TheStreet.com]
▶ Tigerwatch US Open   [Jun-14-18 04:41PM  Yahoo Finance Video]
▶ Subway Rolling Back Breakfast Offerings   [04:30PM  TheStreet.com]
▶ McDonald's Plans More Corporate Job Cuts Amid Tech Push: Report   [Jun-07-18 04:11PM  Investor's Business Daily]
▶ Calorie count explodes with Jimmy John's new sandwich   [01:47PM  Yahoo Finance Video]
▶ Wendy's switching to greenhouse tomatoes by 2019   [02:33PM  American City Business Journals]
▶ Watch these four stocks   [May-31-18 01:57PM  CNBC Videos]
▶ California Chick-fil-A franchise offering $18 minimum wage   [May-29-18 10:20AM  Yahoo Finance Video]
▶ Coca-Cola adds McDonald's to 'exclusive drink' Rolodex (Video)   [May-22-18 02:13PM  American City Business Journals]
▶ Wendy's Is Making Life Sweeter for Kids with Cancer   [May-15-18 09:00AM  PR Newswire]
▶ Cramer: Shake Shack shares are too expensive right now   [May-14-18 06:54PM  CNBC Videos]
▶ Wendy's: 'We've been doing fresh every single day for the past 50 years'   [May-09-18 12:58PM  American City Business Journals]
▶ Wendy's: 1Q Earnings Snapshot   [04:18PM  Associated Press]
▶ Wendy's Stock Has Upside Potential of 20%   [May-01-18 12:19PM  Investopedia]
▶ P.F. Changs opens first store in China   [10:31AM  Yahoo Finance Video]
▶ Apple, Wendy's, Boeing, Ford & ExxonMobil   [Apr-25-18 02:19PM  CNBC Videos]
▶ Wendy's Unveils New Smart Family of Designs   [Apr-20-18 02:00PM  PR Newswire]
▶ Hawaii's 10th Wendy's restaurant planned for Windward Oahu site   [Apr-10-18 08:11PM  American City Business Journals]
▶ 3 Dow Stocks That Are Weaker Than the Market   [Apr-07-18 04:01PM  TheStreet.com]
▶ Lost toy flamingo goes viral for Chick-fil-A   [Apr-04-18 10:44AM  American City Business Journals]
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