Intrinsic value of Wendy's Company (The) - WEN

Previous Close

$19.16

  Intrinsic Value

$38.76

stock screener

  Rating & Target

str. buy

+102%

Previous close

$19.16

 
Intrinsic value

$38.76

 
Up/down potential

+102%

 
Rating

str. buy

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 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 4.4

 

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, %
  28.60
  26.24
  24.12
  22.20
  20.48
  18.94
  17.54
  16.29
  15.16
  14.14
  13.23
  12.41
  11.67
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.24
  6.11
Revenue, $m
  2,045
  2,581
  3,204
  3,915
  4,717
  5,610
  6,595
  7,669
  8,831
  10,080
  11,414
  12,830
  14,326
  15,902
  17,556
  19,286
  21,094
  22,979
  24,942
  26,984
  29,108
  31,315
  33,608
  35,991
  38,469
  41,044
  43,722
  46,508
  49,408
  52,427
Variable operating expenses, $m
  1,629
  2,002
  2,436
  2,931
  3,490
  4,112
  4,798
  5,546
  6,356
  7,226
  7,950
  8,937
  9,979
  11,077
  12,229
  13,434
  14,694
  16,007
  17,374
  18,796
  20,276
  21,813
  23,410
  25,071
  26,796
  28,590
  30,455
  32,396
  34,416
  36,519
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
  1,629
  2,002
  2,436
  2,931
  3,490
  4,112
  4,798
  5,546
  6,356
  7,226
  7,950
  8,937
  9,979
  11,077
  12,229
  13,434
  14,694
  16,007
  17,374
  18,796
  20,276
  21,813
  23,410
  25,071
  26,796
  28,590
  30,455
  32,396
  34,416
  36,519
Operating income, $m
  416
  579
  768
  984
  1,227
  1,498
  1,797
  2,123
  2,475
  2,854
  3,463
  3,893
  4,347
  4,825
  5,327
  5,852
  6,401
  6,972
  7,568
  8,188
  8,832
  9,502
  10,198
  10,921
  11,672
  12,454
  13,266
  14,112
  14,992
  15,908
EBITDA, $m
  735
  927
  1,151
  1,407
  1,695
  2,016
  2,369
  2,755
  3,173
  3,621
  4,101
  4,609
  5,147
  5,713
  6,307
  6,929
  7,578
  8,256
  8,961
  9,695
  10,457
  11,250
  12,074
  12,931
  13,821
  14,746
  15,708
  16,709
  17,751
  18,836
Interest expense (income), $m
  118
  150
  207
  272
  349
  436
  535
  645
  765
  897
  1,040
  1,194
  1,358
  1,531
  1,715
  1,909
  2,112
  2,325
  2,547
  2,778
  3,020
  3,270
  3,531
  3,802
  4,084
  4,377
  4,681
  4,998
  5,327
  5,669
  6,025
Earnings before tax, $m
  266
  373
  495
  635
  791
  963
  1,152
  1,357
  1,578
  1,814
  2,270
  2,535
  2,815
  3,110
  3,418
  3,740
  4,076
  4,426
  4,790
  5,168
  5,562
  5,970
  6,395
  6,837
  7,295
  7,772
  8,269
  8,785
  9,323
  9,883
Tax expense, $m
  72
  101
  134
  171
  214
  260
  311
  366
  426
  490
  613
  685
  760
  840
  923
  1,010
  1,100
  1,195
  1,293
  1,395
  1,502
  1,612
  1,727
  1,846
  1,970
  2,099
  2,233
  2,372
  2,517
  2,668
Net income, $m
  194
  272
  362
  463
  577
  703
  841
  991
  1,152
  1,324
  1,657
  1,851
  2,055
  2,270
  2,495
  2,730
  2,975
  3,231
  3,496
  3,773
  4,060
  4,358
  4,668
  4,991
  5,326
  5,674
  6,036
  6,413
  6,806
  7,214

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
  5,256
  6,636
  8,236
  10,065
  12,126
  14,423
  16,953
  19,714
  22,702
  25,913
  29,341
  32,981
  36,828
  40,879
  45,130
  49,579
  54,226
  59,072
  64,118
  69,368
  74,827
  80,500
  86,396
  92,523
  98,891
  105,511
  112,395
  119,557
  127,012
  134,774
Adjusted assets (=assets-cash), $m
  5,256
  6,636
  8,236
  10,065
  12,126
  14,423
  16,953
  19,714
  22,702
  25,913
  29,341
  32,981
  36,828
  40,879
  45,130
  49,579
  54,226
  59,072
  64,118
  69,368
  74,827
  80,500
  86,396
  92,523
  98,891
  105,511
  112,395
  119,557
  127,012
  134,774
Revenue / Adjusted assets
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
Average production assets, $m
  2,912
  3,676
  4,562
  5,575
  6,717
  7,989
  9,391
  10,920
  12,576
  14,354
  16,253
  18,269
  20,400
  22,644
  24,999
  27,464
  30,038
  32,722
  35,517
  38,425
  41,449
  44,592
  47,858
  51,252
  54,779
  58,446
  62,260
  66,227
  70,357
  74,656
Working capital, $m
  -61
  -77
  -96
  -117
  -142
  -168
  -198
  -230
  -265
  -302
  -342
  -385
  -430
  -477
  -527
  -579
  -633
  -689
  -748
  -810
  -873
  -939
  -1,008
  -1,080
  -1,154
  -1,231
  -1,312
  -1,395
  -1,482
  -1,573
Total debt, $m
  3,824
  5,045
  6,461
  8,080
  9,904
  11,936
  14,175
  16,619
  19,264
  22,105
  25,139
  28,361
  31,765
  35,350
  39,112
  43,050
  47,163
  51,451
  55,917
  60,563
  65,394
  70,415
  75,633
  81,055
  86,691
  92,550
  98,642
  104,981
  111,578
  118,448
Total liabilities, $m
  4,652
  5,873
  7,289
  8,907
  10,732
  12,764
  15,003
  17,447
  20,091
  22,933
  25,967
  29,188
  32,593
  36,178
  39,940
  43,878
  47,990
  52,279
  56,744
  61,391
  66,222
  71,243
  76,461
  81,883
  87,518
  93,377
  99,470
  105,808
  112,406
  119,275
Total equity, $m
  604
  763
  947
  1,157
  1,395
  1,659
  1,950
  2,267
  2,611
  2,980
  3,374
  3,793
  4,235
  4,701
  5,190
  5,702
  6,236
  6,793
  7,374
  7,977
  8,605
  9,258
  9,936
  10,640
  11,372
  12,134
  12,925
  13,749
  14,606
  15,499
Total liabilities and equity, $m
  5,256
  6,636
  8,236
  10,064
  12,127
  14,423
  16,953
  19,714
  22,702
  25,913
  29,341
  32,981
  36,828
  40,879
  45,130
  49,580
  54,226
  59,072
  64,118
  69,368
  74,827
  80,501
  86,397
  92,523
  98,890
  105,511
  112,395
  119,557
  127,012
  134,774
Debt-to-equity ratio
  6.330
  6.610
  6.820
  6.980
  7.100
  7.200
  7.270
  7.330
  7.380
  7.420
  7.450
  7.480
  7.500
  7.520
  7.540
  7.550
  7.560
  7.570
  7.580
  7.590
  7.600
  7.610
  7.610
  7.620
  7.620
  7.630
  7.630
  7.640
  7.640
  7.640
Adjusted equity ratio
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  194
  272
  362
  463
  577
  703
  841
  991
  1,152
  1,324
  1,657
  1,851
  2,055
  2,270
  2,495
  2,730
  2,975
  3,231
  3,496
  3,773
  4,060
  4,358
  4,668
  4,991
  5,326
  5,674
  6,036
  6,413
  6,806
  7,214
Depreciation, amort., depletion, $m
  318
  348
  383
  423
  468
  518
  572
  632
  697
  767
  637
  716
  800
  888
  980
  1,077
  1,178
  1,283
  1,393
  1,507
  1,625
  1,749
  1,877
  2,010
  2,148
  2,292
  2,442
  2,597
  2,759
  2,928
Funds from operations, $m
  512
  620
  745
  886
  1,045
  1,221
  1,414
  1,623
  1,849
  2,091
  2,294
  2,567
  2,855
  3,158
  3,475
  3,807
  4,153
  4,514
  4,889
  5,280
  5,685
  6,107
  6,545
  7,001
  7,474
  7,966
  8,478
  9,010
  9,565
  10,142
Change in working capital, $m
  -14
  -16
  -19
  -21
  -24
  -27
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -91
Cash from operations, $m
  526
  636
  763
  908
  1,069
  1,248
  1,443
  1,655
  1,884
  2,129
  2,334
  2,610
  2,900
  3,205
  3,525
  3,859
  4,208
  4,570
  4,948
  5,341
  5,749
  6,173
  6,614
  7,072
  7,548
  8,043
  8,558
  9,094
  9,652
  10,233
Maintenance CAPEX, $m
  -89
  -114
  -144
  -179
  -219
  -263
  -313
  -368
  -428
  -493
  -563
  -637
  -716
  -800
  -888
  -980
  -1,077
  -1,178
  -1,283
  -1,393
  -1,507
  -1,625
  -1,749
  -1,877
  -2,010
  -2,148
  -2,292
  -2,442
  -2,597
  -2,759
New CAPEX, $m
  -647
  -764
  -886
  -1,013
  -1,142
  -1,272
  -1,401
  -1,530
  -1,655
  -1,779
  -1,899
  -2,016
  -2,131
  -2,244
  -2,355
  -2,465
  -2,574
  -2,684
  -2,795
  -2,908
  -3,024
  -3,143
  -3,266
  -3,394
  -3,527
  -3,667
  -3,814
  -3,967
  -4,129
  -4,300
Cash from investing activities, $m
  -736
  -878
  -1,030
  -1,192
  -1,361
  -1,535
  -1,714
  -1,898
  -2,083
  -2,272
  -2,462
  -2,653
  -2,847
  -3,044
  -3,243
  -3,445
  -3,651
  -3,862
  -4,078
  -4,301
  -4,531
  -4,768
  -5,015
  -5,271
  -5,537
  -5,815
  -6,106
  -6,409
  -6,726
  -7,059
Free cash flow, $m
  -210
  -242
  -267
  -284
  -292
  -288
  -272
  -242
  -199
  -143
  -128
  -44
  53
  162
  282
  414
  556
  708
  870
  1,040
  1,218
  1,405
  1,599
  1,801
  2,011
  2,228
  2,453
  2,685
  2,925
  3,174
Issuance/(repayment) of debt, $m
  1,040
  1,221
  1,416
  1,618
  1,825
  2,032
  2,239
  2,444
  2,645
  2,842
  3,034
  3,221
  3,405
  3,585
  3,762
  3,938
  4,113
  4,288
  4,466
  4,646
  4,831
  5,021
  5,218
  5,422
  5,636
  5,859
  6,093
  6,339
  6,597
  6,870
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  
  1,040
  1,221
  1,416
  1,618
  1,825
  2,032
  2,239
  2,444
  2,645
  2,842
  3,034
  3,221
  3,405
  3,585
  3,762
  3,938
  4,113
  4,288
  4,466
  4,646
  4,831
  5,021
  5,218
  5,422
  5,636
  5,859
  6,093
  6,339
  6,597
  6,870
Total cash flow (excl. dividends), $m
  831
  979
  1,149
  1,334
  1,533
  1,744
  1,967
  2,201
  2,445
  2,699
  2,906
  3,177
  3,457
  3,746
  4,044
  4,352
  4,669
  4,997
  5,336
  5,686
  6,049
  6,426
  6,817
  7,224
  7,646
  8,087
  8,545
  9,023
  9,522
  10,043
Retained Cash Flow (-), $m
  -133
  -159
  -184
  -210
  -237
  -264
  -291
  -318
  -344
  -369
  -394
  -419
  -442
  -466
  -489
  -512
  -534
  -557
  -580
  -604
  -628
  -652
  -678
  -705
  -732
  -761
  -792
  -824
  -857
  -893
Prev. year cash balance distribution, $m
  177
  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
  874
  820
  965
  1,124
  1,296
  1,480
  1,676
  1,884
  2,102
  2,329
  2,512
  2,759
  3,015
  3,281
  3,556
  3,840
  4,135
  4,439
  4,755
  5,082
  5,422
  5,774
  6,139
  6,519
  6,914
  7,325
  7,754
  8,200
  8,665
  9,151
Discount rate, %
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
  792
  667
  697
  713
  715
  701
  673
  632
  581
  522
  449
  387
  325
  267
  214
  168
  128
  95
  68
  48
  32
  21
  14
  8
  5
  3
  2
  1
  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 Company (The) (WEN)

Valuation Ratios
P/E Ratio 36.3
Price to Sales 3.3
Price to Book 8.9
Price to Tangible Book
Price to Cash Flow 26.1
Price to Free Cash Flow 152.4
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 $1590 million for the last fiscal year's total revenue generated by Wendy's Company (The). The default revenue input number comes from 0001 income statement of Wendy's Company (The). 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 28.6% 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 10.4%, whose default value for WEN is calculated based on our internal credit rating of Wendy's Company (The), 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 Company (The).
    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 82.5%.

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 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 Company (The).

Corporate tax rate of 27% is the nominal tax rate for Wendy's Company (The). 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 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 WEN are equal to 142.4%.

Life of production assets of 25.5 years is the average useful life of capital assets used in Wendy's Company (The) 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 -3%. 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 - $648.449 million for Wendy's Company (The) - 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 230.307 million for Wendy's Company (The) 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 Company (The) at the current share price and the inputted number of shares is $4.4 billion.

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