Intrinsic value of Wendy's Co - WEN

Previous Close

$15.41

  Intrinsic Value

$4.40

stock screener

  Rating & Target

str. sell

-71%

  Value-price divergence*

0%

Previous close

$15.41

 
Intrinsic value

$4.40

 
Up/down potential

-71%

 
Rating

str. sell

 
Value-price divergence*

0%

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

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 3.7

 

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, %
  -23.26
  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
  1,435
  1,464
  1,497
  1,536
  1,579
  1,627
  1,679
  1,737
  1,799
  1,865
  1,937
  2,013
  2,095
  2,182
  2,275
  2,373
  2,477
  2,587
  2,703
  2,826
  2,956
  3,093
  3,238
  3,390
  3,550
  3,719
  3,897
  4,085
  4,282
  4,489
  4,707
Variable operating expenses, $m
 
  1,253
  1,280
  1,311
  1,346
  1,384
  1,427
  1,473
  1,523
  1,576
  1,634
  1,622
  1,687
  1,757
  1,832
  1,911
  1,995
  2,083
  2,177
  2,276
  2,381
  2,491
  2,607
  2,730
  2,859
  2,995
  3,139
  3,290
  3,448
  3,615
  3,791
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
  1,121
  1,253
  1,280
  1,311
  1,346
  1,384
  1,427
  1,473
  1,523
  1,576
  1,634
  1,622
  1,687
  1,757
  1,832
  1,911
  1,995
  2,083
  2,177
  2,276
  2,381
  2,491
  2,607
  2,730
  2,859
  2,995
  3,139
  3,290
  3,448
  3,615
  3,791
Operating income, $m
  315
  211
  217
  225
  233
  243
  253
  264
  276
  289
  303
  392
  408
  425
  443
  462
  482
  503
  526
  550
  575
  602
  630
  660
  691
  724
  759
  795
  833
  874
  916
EBITDA, $m
  439
  382
  391
  401
  412
  425
  439
  454
  470
  487
  506
  526
  547
  570
  594
  620
  647
  676
  706
  738
  772
  808
  846
  885
  927
  972
  1,018
  1,067
  1,118
  1,173
  1,230
Interest expense (income), $m
  118
  119
  122
  125
  130
  134
  140
  146
  152
  159
  167
  175
  183
  193
  202
  213
  224
  235
  248
  261
  275
  289
  305
  321
  338
  356
  375
  395
  416
  439
  462
Earnings before tax, $m
  202
  91
  96
  100
  104
  108
  113
  118
  124
  130
  136
  217
  224
  232
  240
  249
  258
  268
  278
  289
  301
  313
  325
  339
  353
  368
  383
  400
  417
  435
  454
Tax expense, $m
  72
  25
  26
  27
  28
  29
  30
  32
  33
  35
  37
  59
  61
  63
  65
  67
  70
  72
  75
  78
  81
  84
  88
  91
  95
  99
  103
  108
  113
  118
  123
Net income, $m
  130
  67
  70
  73
  76
  79
  82
  86
  90
  95
  99
  159
  164
  169
  175
  182
  189
  196
  203
  211
  219
  228
  237
  247
  258
  268
  280
  292
  304
  318
  332

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  198
  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
  3,939
  3,812
  3,899
  4,000
  4,112
  4,237
  4,374
  4,523
  4,684
  4,857
  5,044
  5,243
  5,456
  5,683
  5,923
  6,179
  6,450
  6,736
  7,040
  7,360
  7,698
  8,055
  8,431
  8,828
  9,246
  9,686
  10,149
  10,637
  11,150
  11,690
  12,258
Adjusted assets (=assets-cash), $m
  3,741
  3,812
  3,899
  4,000
  4,112
  4,237
  4,374
  4,523
  4,684
  4,857
  5,044
  5,243
  5,456
  5,683
  5,923
  6,179
  6,450
  6,736
  7,040
  7,360
  7,698
  8,055
  8,431
  8,828
  9,246
  9,686
  10,149
  10,637
  11,150
  11,690
  12,258
Revenue / Adjusted assets
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
Average production assets, $m
  2,542
  2,592
  2,652
  2,720
  2,796
  2,881
  2,974
  3,076
  3,185
  3,303
  3,430
  3,566
  3,710
  3,865
  4,028
  4,202
  4,386
  4,581
  4,787
  5,005
  5,235
  5,478
  5,734
  6,003
  6,288
  6,587
  6,902
  7,234
  7,583
  7,950
  8,336
Working capital, $m
  223
  51
  52
  54
  55
  57
  59
  61
  63
  65
  68
  70
  73
  76
  80
  83
  87
  91
  95
  99
  103
  108
  113
  119
  124
  130
  136
  143
  150
  157
  165
Total debt, $m
  2,512
  2,532
  2,610
  2,701
  2,802
  2,914
  3,037
  3,171
  3,316
  3,473
  3,640
  3,820
  4,011
  4,215
  4,432
  4,662
  4,906
  5,164
  5,437
  5,725
  6,029
  6,350
  6,689
  7,046
  7,422
  7,818
  8,235
  8,674
  9,136
  9,622
  10,134
Total liabilities, $m
  3,412
  3,431
  3,509
  3,600
  3,701
  3,813
  3,936
  4,070
  4,215
  4,372
  4,539
  4,719
  4,910
  5,114
  5,331
  5,561
  5,805
  6,063
  6,336
  6,624
  6,928
  7,249
  7,588
  7,945
  8,321
  8,717
  9,134
  9,573
  10,035
  10,521
  11,033
Total equity, $m
  528
  381
  390
  400
  411
  424
  437
  452
  468
  486
  504
  524
  546
  568
  592
  618
  645
  674
  704
  736
  770
  805
  843
  883
  925
  969
  1,015
  1,064
  1,115
  1,169
  1,226
Total liabilities and equity, $m
  3,940
  3,812
  3,899
  4,000
  4,112
  4,237
  4,373
  4,522
  4,683
  4,858
  5,043
  5,243
  5,456
  5,682
  5,923
  6,179
  6,450
  6,737
  7,040
  7,360
  7,698
  8,054
  8,431
  8,828
  9,246
  9,686
  10,149
  10,637
  11,150
  11,690
  12,259
Debt-to-equity ratio
  4.758
  6.640
  6.690
  6.750
  6.810
  6.880
  6.940
  7.010
  7.080
  7.150
  7.220
  7.290
  7.350
  7.420
  7.480
  7.550
  7.610
  7.670
  7.720
  7.780
  7.830
  7.880
  7.930
  7.980
  8.030
  8.070
  8.110
  8.150
  8.190
  8.230
  8.270
Adjusted equity ratio
  0.088
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  130
  67
  70
  73
  76
  79
  82
  86
  90
  95
  99
  159
  164
  169
  175
  182
  189
  196
  203
  211
  219
  228
  237
  247
  258
  268
  280
  292
  304
  318
  332
Depreciation, amort., depletion, $m
  124
  172
  174
  176
  179
  182
  186
  190
  194
  198
  203
  134
  139
  145
  151
  158
  165
  172
  180
  188
  197
  206
  216
  226
  236
  248
  259
  272
  285
  299
  313
Funds from operations, $m
  151
  238
  244
  249
  255
  261
  268
  276
  284
  293
  302
  293
  303
  315
  327
  340
  353
  368
  383
  399
  416
  434
  453
  473
  494
  516
  539
  564
  589
  617
  645
Change in working capital, $m
  -30
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Cash from operations, $m
  181
  237
  243
  248
  253
  260
  266
  274
  282
  291
  300
  290
  300
  312
  324
  336
  350
  364
  379
  395
  412
  429
  448
  468
  488
  510
  533
  557
  583
  609
  637
Maintenance CAPEX, $m
  0
  -96
  -97
  -100
  -102
  -105
  -108
  -112
  -116
  -120
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -216
  -226
  -236
  -248
  -259
  -272
  -285
  -299
New CAPEX, $m
  -150
  -50
  -60
  -68
  -77
  -85
  -93
  -101
  -110
  -118
  -127
  -136
  -145
  -154
  -164
  -174
  -184
  -195
  -206
  -218
  -230
  -243
  -256
  -270
  -284
  -299
  -315
  -332
  -349
  -367
  -386
Cash from investing activities, $m
  92
  -146
  -157
  -168
  -179
  -190
  -201
  -213
  -226
  -238
  -251
  -265
  -279
  -293
  -309
  -325
  -342
  -360
  -378
  -398
  -418
  -440
  -462
  -486
  -510
  -535
  -563
  -591
  -621
  -652
  -685
Free cash flow, $m
  273
  92
  85
  80
  75
  70
  65
  61
  57
  53
  49
  25
  22
  18
  15
  11
  8
  4
  1
  -3
  -6
  -10
  -14
  -18
  -22
  -26
  -30
  -34
  -38
  -43
  -48
Issuance/(repayment) of debt, $m
  -25
  45
  79
  90
  101
  112
  123
  134
  145
  156
  168
  179
  192
  204
  217
  230
  244
  258
  273
  288
  304
  321
  339
  357
  376
  396
  417
  439
  462
  486
  511
Issuance/(repurchase) of shares, $m
  -317
  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  
  -341
  45
  79
  90
  101
  112
  123
  134
  145
  156
  168
  179
  192
  204
  217
  230
  244
  258
  273
  288
  304
  321
  339
  357
  376
  396
  417
  439
  462
  486
  511
Total cash flow (excl. dividends), $m
  -65
  136
  164
  170
  176
  182
  188
  195
  202
  209
  217
  205
  213
  222
  231
  241
  251
  262
  273
  285
  298
  311
  325
  339
  355
  371
  387
  405
  424
  443
  463
Retained Cash Flow (-), $m
  225
  -26
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
Prev. year cash balance distribution, $m
 
  173
  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
 
  283
  156
  160
  165
  169
  175
  180
  186
  192
  198
  185
  192
  199
  207
  216
  224
  233
  243
  253
  264
  275
  287
  300
  313
  327
  341
  356
  372
  389
  407
Discount rate, %
 
  11.70
  12.29
  12.90
  13.54
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.04
  32.60
  34.23
  35.94
  37.73
  39.62
  41.60
  43.68
  45.87
  48.16
PV of cash for distribution, $m
 
  253
  123
  111
  99
  87
  76
  65
  55
  46
  37
  27
  22
  17
  13
  9
  7
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  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

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 29.2
Price to Sales 2.6
Price to Book 7.2
Price to Tangible Book
Price to Cash Flow 21
Price to Free Cash Flow 122.6
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 $1435 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 11.7%, 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 85.7%.

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 4.8% 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 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 177.1%.

Life of production assets of 26.6 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 3.5%. 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 - $528 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 241.356 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 $3.7 billion.

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COMPANY NEWS

▶ Wendy's and Burger King Double Down on Chicken   [Oct-12-17 08:59AM  Investopedia]
▶ Starbucks' Schultz on the 'seismic change' in consumer behavior   [Oct-10-17 03:16PM  Yahoo Finance Video]
▶ Wendy's has new chicken tenders, too, and sauce (at all restaurants)   [02:05PM  American City Business Journals]
▶ Ditch Chipotle, McDonalds, Starbucks: Stifel   [Oct-04-17 04:44PM  Investopedia]
▶ Stifel initiates coverage on the food stocks   [Oct-03-17 03:05PM  CNBC Videos]
▶ Whats Driving Fast Food Restaurant Stock Prices?   [Oct-02-17 03:00PM  Market Realist]
▶ Taco Bells hot, new Forever 21 fashion line   [Sep-29-17 01:02PM  Yahoo Finance Video]
▶ McDonalds sales are ripping higher in 'weed-legal' Colorado: RPT   [Sep-28-17 12:35PM  Yahoo Finance Video]
▶ Stocks With Rising Relative Strength: Wendy's   [Sep-27-17 03:00AM  Investor's Business Daily]
▶ McDonald's Corporation Just Increased Its Dividend   [Sep-25-17 08:33PM  Motley Fool]
▶ ETFs with exposure to The Wendys Co. : September 20, 2017   [Sep-19-17 10:49PM  Capital Cube]
▶ Wendy's Clears Key Benchmark, Hitting 80-Plus RS Rating   [03:00AM  Investor's Business Daily]
▶ Wendy's just destroyed Carl's Jr. in a brutal Twitter feud   [Sep-13-17 10:30AM  Business Insider]
▶ Stocks Showing Improved Relative Strength: Wendy's   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to The Wendys Co. : September 9, 2017   [Sep-09-17 01:26AM  Capital Cube]
▶ How you can pay with your smile at KFC   [Sep-01-17 12:49PM  Yahoo Finance Video]
▶ Burger beef: In-N-Out sues Smashburger   [Aug-30-17 01:29PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers - Aug 30th, 2017   [09:40AM  Yahoo Finance Video]
▶ ETFs with exposure to The Wendys Co. : August 28, 2017   [Aug-28-17 07:16PM  Capital Cube]
▶ Wendys on the Street: What the Analysts Are Recommending Now   [Aug-16-17 10:36AM  Market Realist]
▶ Why Wendys EBIT Margin Expanded in 2Q17   [10:36AM  Market Realist]
▶ What Really Drove Wendys Revenues in 2Q17   [05:06PM  Market Realist]
▶ Did Wendys 2Q17 Earnings Impress Investors?   [03:32PM  Market Realist]
▶ Company News For August 10, 2017   [Aug-10-17 10:02AM  Zacks]
▶ Big movers in the blitz   [01:49PM  CNBC Videos]
▶ Wendy's reports 2Q loss   [12:45PM  Associated Press]
▶ Wendys Co (WEN) Stock Pops on Earnings Beat   [11:46AM  InvestorPlace]
▶ Wendy's sales streak reaches 18 quarters, but earnings take a hit in Q2   [09:13AM  American City Business Journals]
▶ Wendy's shares rise after earnings beat   [07:44AM  MarketWatch]
▶ Analysts Expect Wendys EPS to Rise in 2Q17   [08:09AM  Market Realist]
▶ What to Expect from Wendys 2Q17 Revenue   [11:35AM  Market Realist]
▶ What the Clintonville Wendy's says (and doesn't say) about the chain's future   [Jul-26-17 10:22AM  American City Business Journals]
▶ What Analysts Expect from Dunkin Brands 2Q17 Revenue   [Jul-21-17 11:35AM  Market Realist]
Financial statements of WEN
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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