Team Presentation - delivered as final project for Corporate Financial Modeling and Decision Tools class. Built as flexible and interactive model, so that if one value changes the rest of the spreadsheet will adjust accordingly to show potential market changes.

1. Ruby
Team Blue Jay
Analyst Team:
Henry Certain, Sae Young Lee, Kate Murphy, John Quinn, Abdullah

2. 









Executive Summary
Valuation Summary
Company Overview
Future Overview
Comparable Companies Analysis
Precedent Transactions (Strategic and Financial)
Discounted Cash Flow
Leveraged Buyout
Conclusion
Appendix

3. CompcC
o
EBITDA Multiple: 8.0x
Range: $9.96-$13.34
TEV: $971.1M
Current Performance
PT
DCF
LBO
EBITDA Multiple: 8.5x
Range: $10.86$14.23
TEV: $1,031.7M
EBITDA Multiple: 8.0x
Range: $7.91-$10.64
TEV: $848.8M
EBITDA Multiple: 8.0x
Range: $7.96-$9.63
TEV: $816.0M
0.6x LTM Sales
9.2x LTM EBITDA
$8.77 Stock Price
Valuation Date: 4/15/13

4. Implied Share Price
LBO
DCF
7.72
LBO
13.14
10.86
7.00
9.00
11.00
Range:$9.35 $10.86
15.00
$764.7
COMPS
14.23
13.00
$765.0
DCF
10.64
9.96
PT
5.00
9.35
7.91
COMPS
Implied TEV
PT
17.00
$867.0
$932.8
$874.0
$1,068.2
$928.6
$1,134.9
$600.0 $700.0 $800.0 $900.0$1,000.0
$1,100.0
$1,200.0
$1,300.0
Range:$867 - $1,134.9

5. 
Full Service Restaurant Industry

Market Cap: $530.9M

786 Total Ruby Tuesday Stores
o 709 Company Owned
o 77 Franchised

23 Lime Fresh Mexican Grill Stores

52 week range: $4.98 - $9.38

6. 
Restructuring
o New CEO
o Downscale Shift

Television Advertising

Closed Marlin & Rays

Will open 6-7 new Lime Fresh Mexican Grills in 2013

Same store sales expected to be flat

7. 35.00%
30.00%
25.00%
20.00%
15.00%
Rev Growth IBIS
10.00%
RT Rev Growth
5.00%
0.00%
1999
2002
2005
2008
2011
2014
2017
-5.00%
-10.00%
-15.00%
• Ruby Tuesday’s revenue growth has outperformed the industry 9/14
times
• Expected to underperform due to restructuring period

8. 450
400
350
300
250
RT US Equity
200
BNUSFSRS Index
150
100
50
0
1/31/2007
1/31/2008
1/31/2009
1/31/2010
1/31/2011
1/31/2012
1/31/2013
• Portrayal of historical performance of Ruby Tuesday vs. BNUSFSRS
which is the Bloomberg index for United States Full service
restaurants

10. 14.00
13.00
12.43
12.00
11.00
Implied Ranges
10.64
Low
10.00
TEV
9.20
9.47
9.00
8.00
7.91
7.00
6.00
6.60
5.00
BEAR
High
BASE
BULL
$9.27
$764.7M $932.8M
MVE
Share
Price
$486.2M $654.3M
$7.91
$10.64

11. Market
Bear Market
$9.27
Bull Market
12
$7.90
Projected
14
Share Price
$10.95
Projected
10
Revenue Growth -2.0%
EBIT Margin
Tax Rate
35.0%
D&A % Sales
8
2.4%
5.5%
CapEx % Sales 3.0%
6
4
Market Conditions
Bull
Bear
2
0
3/28
5/2
6/6
7/11
8/15
9/19
10/24
11/28
Revenue
Growth
EBIT Margin
-1.0%
4.8%
-3.5%
-0.2%

12. Total Debt
305.83
Total Equity
440.68
Discount Rate (WACC)
Risk Free
2%
Market Premium
7%
Beta
1.51
Cost of Debt
7.63%
Cost of Equity 12.27%
WACC
9.28%
Terminal Multiple
EBITDA
8.0x

14. Implied TEV
Implied Share Price
$22.0
$20.0
$1,700.0
$19.2
$19.1
$1,500.0
$18.0
$1,100.0
$1,429.2
$1,300.0
$16.0
$1,438.1
$14.0
$14.9
$13.1
$874.0
$12.0
$700.0
$10.0
$500.0
$8.0
$9.3
$6.0
LTM
TEV/Revenue
LTM TEV/
EBITDA
$1,068.2
$1,169.4
$1,018.1
$900.0
$14.8
$12.3
$10.0
$1,176.7
FYE+1
FYE+1 TEV/
TEV/Revenue
EBITDA
$833.0

15. 
Main metric: gross margin

17. Implied Share Price- Financial
Implied TEV Ranges
$16.0
$1,250.0
$1,200.0
$15.0
$1,150.5
$14.5
$14.2
$1,134.9
$1,150.0
$14.0
$1,100.0
$1,000.0
$12.0
$950.0
$900.0
$12.66
$13.0
$1038.8
$1,050.0
$941.3
$11.0
$928.6
$11.1
$10.9
$10.0
$850.0
$800.0
$9.0
LTM TEV/Revenue
LTM TEV/EBITDA
LTM TEV/Revenue
LTM TEV/ EBITDA

18. Implied Share Price- Strategic
Implied TEV Ranges
$28.0
$2,000.0
$1,900.0
$26.2
$1,869.6
$26.0
$1,800.0
$24.0
$1,700.0
$1578.1 $1,602.2
$1,600.0
$1,500.0
$20.0
$1,529.7
$21.9
$21.50
$22.0
$20.7
$1,400.0
$18.0
$1,300.0
$1,310.9
$1,200.0
$17.1
$16.0
LTM TEV/Revenue
LTM TEV/EBITDA
LTM TEV/Revenue
LTM TEV/ EBITDA

19. 
Full Service Chain Restaurant Industry

Geographical Location: United States

Transaction Type: Financial and Strategic completed
transactions

Private and public companies

Time Frame: 2006-Present

22. 
30 Day Control Premium: 18.8%

TEV/Revenue: 0.8x

TEV/EBITDA: 8.5x

Implied Share Price (Financial): $12.66

Implied TEV: $1038.8

24. SALE IN 2012
2012 EBITDA
EBITDA Multiple
Equity Purchase Price
Transaction Structure
Cash
$48.2
Total Debt
$459.0
Sponsor Equity
$371.0
Total Funding
$878.2
$102.0
8.0 x
$521.5
5.5%
52.3%
42.2%
100.0%
SALE OF COMPANY IN 2017
2017E EBITDA
$134.4
EBITDA Multiple
8.5 x
Equity to Sponsor
$790.0
IRR to Sponsor
16.0%
IRR to Lender
15.0%
Total Equity Value
$820.2

Total Enterprise Value - $816.0

Estimated Entity Value at 2017
$1,142.2

Equity Value at Sale - $820.2

25. 2017E EBITDA
16.0%
$114.4
$124.4
$134.4
$144.4
$154.4
IRR to
7.5 x
6.6%
9.4%
12.0%
14.3%
16.4%
Financial
8.0 x
8.8%
11.6%
14.1%
16.4%
18.5%

Estimated range of IRR to Sponsor
14.1% - 17.8%

Implied Share Price Range at 2017
$12.34 – $14.52

Expected Premium of 52% at 2017
Sponsor
8.5 x
10.8%
13.5%
16.0%
18.3%
20.4%
9.0 x
12.7%
15.4%
17.8%
20.1%
22.2%
9.5 x
14.4%
17.1%
19.5%
21.8%
23.9%

27. Implied Share Price
LBO
7.96
DCF
7.91
COMPS
5.00
9.63
LBO
13.14
10.86
7.00
9.00
11.00
Range:$9.35 $10.86
15.00
$764.7
COMPS
14.23
13.00
$765.0
DCF
10.64
9.96
PT
Implied TEV
PT
17.00
$867.0
$932.8
$874.0
$1,068.2
$928.6
$1,134.9
$600.0 $700.0 $800.0 $900.0$1,000.0
$1,100.0
$1,200.0
$1,300.0
Range:$867 - $1,134.9

29. Q&A

32. Implied MVE
$1,600.0
$1,500.0
$1,438.1
$1,429.2
$1,400.0
$1,300.0
$1,200.0
$1,176.7
$1,068.2
$1,100.0
$1,169.4
$1,018.1
$1,000.0
$900.0
$874.0
$800.0
$833.0
$700.0
$600.0
LTM TEV/Revenue
LTM TEV/EBITDA
FYE+1 TEV/Revenue
FYE+1 TEV/EBITDA

34. Multiples Range
Methodology
Latest Quarter (1)
TEV Range
MVE Range
Mid
High
Cash
Total
Debt
Min. Int
Pref.
Stock
1.17x
1.3x
1.43x
$31.8
$296.7
$0.0
$0.0
$1,529.7 $1,699.6 $1,869.6
$1,264.8 $1,434.7 $1,604.7
1.17x
Babson Retail
1.3x
1.43x
$31.8
$296.7
$0.0
$0.0
$1,520.2 $1,689.1 $1,858.0
$1,255.3 $1,424.2 $1,593.1
$1,046.0 $1,191.7 $1,337.3
Low
Low
Mid
High
Low
Mid
High
Comparable Public Companies (Minority Interest Value)
TEV / Revenue
LTM
$1,307.4
FYE + 1
$1.40
$1,299.3
TEV / EBITDA
LTM
$121.4
14.0000
10.80x
12.0x
13.20x
$31.8
$296.7
$0.0
$0.0
$1,310.9 $1,456.6 $1,602.2
FYE + 1
$123.4
12.0000
9.00x
10.0x
11.00x
$31.8
$296.7
$0.0
$0.0
$1,110.6 $1,234.0 $1,357.4
$845.7
($15.7)
28.0000
25.20x
28.0x
30.80x
$31.8
$296.7
$0.0
$0.0
($130.7) ($174.7) ($218.7)
($395.6) ($439.6) ($483.6)
$7.1
23.0000
23.40x
26.0x
28.60x
$31.8
$296.7
$0.0
$0.0
$431.0
$166.1
$969.1
$1,092.5
Price / Earnings or MVE/Net Income
LTM
FYE + 1
AVERAGE
$449.5
$468.0
$961.9 $1,059.0 $1,156.1
MEDIAN
$697.0
$184.6
$794.1
$203.1
$891.2
$1,210.8 $1,345.3 $1,479.8
$945.9 $1,080.4 $1,214.9
$1,529.7 $1,699.6 $1,869.6
$1,264.8 $1,434.7 $1,604.7
VALUATION SUMMARY
HIGH
LOW
($130.7) ($174.7) ($218.7)
($395.6) ($439.6) ($483.6)

37. Ruby Tuesday, Inc (NYSE:RT)
Business Description
Input Page
Ruby Tuesday, Inc., together with its subsidiaries, owns, develops,
operates, and franchises casual dining restaurants.
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Ruby Tuesday, Inc
Ticker
Prior
RT
Stock Exchange
NYSE
Fiscal Year Ending
2010A
6/5/2012
Sales
NA
COGS
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
3.51
98.7%
Gross Profit
SG&A
Other Expense / (Income)
EBIT
Interest Expense
Selected Market Data
Current Price
4/15/2013
% of 52-week High
52-week High Price
$8.77
96.8%
9.06
52-week Low Price
4.98
Dividend Per Share (MRQ)
-
Pre-tax Income
Income Taxes
Noncontrolling Interest
Preferred Dividends
Net Income
Effective Tax Rate
Fully Diluted Shares Outstanding
Stub
2011A
$1,194.8
2012A
$1,265.2
$1,325.8
Stub
LTM
11/29/2011
Fiscal Year Ending June 5,
Current
12/4/2012
12/4/2012
$953.9
2012A
$935.4
Cash and Cash Equivalents
Accounts Receivable
$1,307.4
344.5
365.7
380.5
279.1
254.5
355.9
$899.5
86.0
748.6
$945.3
114.5
826.1
$674.8
77.5
576.7
$680.9
111.8
555.5
$951.4
148.9
804.9
$74.1
16.4
$65.0
12.4
$4.7
19.6
$20.6
13.3
$13.5
20.6
($2.4)
26.9
$57.8
$52.6
($14.9)
$7.3
($7.0)
($29.3)
5.7
-
(14.8)
-
(2.9)
4.6
(10.6)
13.9
(22.5)
9.2
-
-
-
(0.9)
(1.1)
(0.2)
($0.2)
$6.6
($9.1)
($15.9)
$45.3
$46.9
21.5%
10.9%
98.7%
(40.0%)
61.9
$0.73
64.9
$0.72
62.9
($0.00)
63.5
$0.10
150.9%
76.6%
$536.0
Weighted Avg. Diluted Shares
Diluted EPS
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
296.7
(31.8)
Reported Gross Profit
62.0
($0.15)
61.4
($0.25)
Adjusted Income Statement
Less: Cash and Cash Equivalents
Enterprise Value
$800.9
61.3
$131.4
966.6
888.1
8.0
70.7
9.0
68.1
$1,173.5
$1,096.7
Accounts Payable
34.9
13.9
Accrued Liabilities
84.8
92.2
Other Current Liabilities
12.5
9.2
$132.2
$115.2
314.2
150.9
296.7
144.2
$597.3
$556.1
Property, Plant and Equipment, net
Goodwill and Intangible Assets
Other Assets
Total Current Liabilities
NFY
2013E
0.6x
$1,307.4
0.6x
$1,299.3
13.6x
NFY+1
2014E
0.6x
$1,302.6
7.7x
6.9x
$58.9
(330.3x)
$103.4
25.4x
$115.3
16.2x
Metric
($2.4)
$31.5
$49.3
P/E
Metric
(34.2x)
($0.26)
79.7x
$0.11
28.3x
$0.31
LTM Return on Investment Ratios
Non-recurring Items in COGS
-
$899.5
-
$945.3
-
$674.8
-
$680.9
-
$951.4
-
$850.3
$899.5
$945.3
$674.8
$680.9
$951.4
71.2%
71.1%
71.3%
70.7%
72.8%
72.8%
Reported EBIT
$74.1
$65.0
$4.7
$20.6
$13.5
Non-recurring Items in COGS
Other Non-recurring Items
(0.3%)
(2.8%)
(1.4%)
-
-
-
-
-
-
($2.4)
-
-
Preferred Stock
-
Shareholders' Equity
35.4%
5.0x
Net Debt/EBITDA
EBITDA/Interest Expense
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
60.940
2.124
Less: Shares Repurchased
(1.945)
$74.1
$65.0
$4.7
$20.6
$13.5
($2.4)
6.2%
5.1%
0.4%
2.2%
1.4%
(0.2%)
Net New Shares from Options
Plus: Shares from Convertible Securities
0.179
-
Fully Diluted Shares Outstanding
61.119
Depreciation & Amortization
Adjusted EBITDA
% margin
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
63.8
62.9
65.3
48.2
44.3
61.4
$137.9
11.5%
$127.9
10.1%
$70.0
5.3%
$68.9
7.2%
$57.8
6.2%
$58.9
4.5%
$45.3
$46.9
($0.2)
$6.6
($9.1)
($15.9)
-
0.6
-
0.8
-
-
-
0.1
-
Options/Warrants
Tranche
Tranche 1
Tranche 2
Tranche 3
Tranche 4
$45.3
$46.9
($0.2)
$7.2
($8.4)
($15.7)
3.7%
(0.0%)
0.8%
(0.9%)
(1.2%)
Total
$0.73
$0.72
($0.00)
$0.11
($0.14)
($0.26)
Sales
EBITDA
Adjusted Diluted EPS
Depreciation & Amortization
% sales
Capital Expenditures
% sales
Historical
4.8%
5.3%
(45.3%)
(28.8%)
Estimated
1-year
2-year CAGR
Long-term
(2.0%)
(0.9%)
47.8%
28.4%
(100.4%)
(3,781.3%)
-
-
Notes
Exercise
Price
In-the-Money
Shares
$8.03
-
2.124
2.124
-
Proceeds
$17.1
-
2.124
$17.1
Convertible Securities
Conversion
Price
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
63.8
5.3%
17.7
62.9
5.0%
26.7
65.3
4.9%
38.0
48.2
5.1%
29.1
44.3
4.7%
27.7
61.4
4.7%
36.6
Issue 2
Issue 3
Issue 4
-
-
-
-
1.5%
2.1%
2.9%
3.1%
3.0%
2.8%
Issue 5
-
-
-
-
Total
1-year
2-year CAGR
2.124
-
Amount
Cash Flow Statement Data
EPS
Number of
Shares
Tranche 5
3.8%
0.8x
Growth Rates
0.000
% margin
(0.1x)
EBIT/Interest Expense
$1,096.7
0.000
Calculation of Fully Diluted Shares Outstanding
4.5x
2.2x
(EBITDA-capex)/Interest Expense
540.6
$1,173.5
Total Liabilities and Equity
% margin
Debt/Total Capitalization
Total Debt/EBITDA
-
576.2
Balance Check
Adjusted Net Income
LTM Credit Statistics
-
Adjusted EBIT
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
Total Debt
Other Long-Term Liabilities
Noncontrolling Interest
$850.3
% margin
LTM
12/4/2012
Metric
EV/EBIT
46.4
$128.3
Total Current Assets
Total Liabilities
Adj. Gross Profit
Trading Multiples
EV/EBITDA
33.3
61.119
Equity Value
EV/Sales
Metric
Prepaids and Other Current Assets
5.1
29.0
Total Assets
12.4
-
$31.8
4.7
Inventories
$850.3
70.5
705.7
12/4/2012
$48.2
-

38. Panera Bread (NASDAQ:PNRA)
Business Description
Panera Bread Company (Panera) s a national bakery-cafe concept with
1,541 Company-owned and franchise-operated bakery-cafe locations in 42
states. Panera operates under the Panera Bread, Saint Louis Bread Co. and
Paradise Bakery & Cafe trademark names. The Company operates in three
business segments: Company bakery-cafe operations, franchise operations,
and fresh dough and other product operations.
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Panera Bread
Ticker
Prior
PNRA
Stock Exchange
NASDAQ
Fiscal Year Ending
12/25/2012
2010A
LTM
NA
2012A
Stub
2012A
12/25/2012
12/25/2012
NA
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
0.84
38.7%
Selected Market Data
Current Price
4/18/2013
% of 52-week High
52-week High Price
$179.49
102.4%
175.26
52-week Low Price
135.40
Dividend Per Share (MRQ)
-
$297.1
-
86.3
Inventories
-
19.7
Prepaids and Other Current Assets
-
75.7
-
$478.8
-
$1,542.5
$1,822.0
$2,130.1
-
-
$2,130.1
1,183.0
1,402.2
1,629.9
-
-
1,629.9
Gross Profit
SG&A
Other Expense / (Income)2
$359.5
101.5
73.0
$419.8
113.1
86.5
$500.2
117.9
99.4
-
-
$500.2
117.9
99.4
Property, Plant and Equipment, net
-
571.8
$185.1
4.9
$220.3
0.4
$282.9
(0.1)
-
-
$282.9
(0.1)
Goodwill and Intangible Assets
Other Assets 4
-
210.0
7.6
$180.2
$219.9
$283.0
-
-
$283.0
Total Assets
-
$1,268.2
84.0
-
109.5
-
-
-
109.5
-
Accounts Payable
-
9.4
-
-
Accrued Liabilities
Other Current Liabilities 5
-
268.2
Pre-tax Income
Income Taxes
Noncontrolling Interest
Preferred Dividends
68.6
(0.3)
-
-
-
-
Fully Diluted Shares Outstanding
Net Income
$111.9
$136.0
$173.4
-
-
$173.4
Effective Tax Rate
38.1%
38.2%
38.7%
NA
NA
38.7%
30.9
$3.62
29.9
$4.55
29.5
$5.89
NA
NA
29.5
NA
Total Current Assets
-
$5,311.3
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
-
Less: Cash and Cash Equivalents
(297.1)
Enterprise Value
$5,014.1
Weighted Avg. Diluted Shares
Diluted EPS
48.2
$446.2
Total Liabilities
Reported Gross Profit
Non-recurring Items in COGS
$359.5
-
$419.8
-
$500.2
-
-
-
-
$500.2
-
-
-
Noncontrolling Interest
Adjusted Income Statement
-
Preferred Stock
-
Shareholders' Equity
-
821.9
-
$1,268.2
LTM
12/25/2012
NFY
2013E
2.4x
$2,130.1
2.0x
$2,460.5
1.9x
$2,696.8
13.4x
11.3x
10.1x
Metric
EV/EBIT
$373.8
17.7x
$444.8
14.8x
$495.8
13.2x
Metric
$282.9
$338.4
$380.3
P/E
Metric
30.5x
$5.89
25.5x
$7.05
22.5x
$7.97
LTM Return on Investment Ratios
$419.8
$500.2
-
-
$500.2
23.3%
23.0%
23.5%
NA
NA
23.5%
Balance Check
Reported EBIT
NFY+1
2014E
$359.5
% margin
$185.1
$220.3
$282.9
-
-
$282.9
-
107.8%
42.2%
27.4%
-
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
29.568
0.035
$282.9
-
-
$282.9
Less: Shares Repurchased
(0.012)
% margin
12.0%
12.1%
13.3%
NA
NA
13.3%
Net New Shares from Options
Plus: Shares from Convertible Securities
0.023
0.000
Fully Diluted Shares Outstanding
29.591
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
% margin
Debt/Total Capitalization
Total Debt/EBITDA
-
-
0.000
$220.3
Adjusted EBITDA
% margin
-
0.000
$185.1
Adjusted Net Income
LTM Credit Statistics
-
Adjusted EBIT
Depreciation & Amortization
-
Total Liabilities and Equity
-
Calculation of Fully Diluted Shares Outstanding
-
Non-recurring Items in COGS
Other Non-recurring Items
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
68.7
79.9
90.9
-
-
$253.7
16.5%
$300.2
16.5%
$373.8
17.5%
NA
NA
$373.8
17.5%
$111.9
$136.0
$173.4
-
-
$173.4
-
-
-
-
-
90.9
-
$111.9
$136.0
$173.4
-
-
7.3%
7.5%
8.1%
NA
NA
$173.4
8.1%
$3.62
$4.55
$5.89
-
-
$5.89
Options/Warrants
Tranche
Tranche
Tranche
Tranche
Tranche
1
2
3
4
Number of
Shares
0.035
-
Tranche 5
Total
-
Exercise
Price
In-the-Money
Shares
$63.18
-
0.035
0.035
-
Proceeds
$2.2
-
0.035
$2.2
-
Adjusted Diluted EPS
Net Debt/EBITDA
EBITDA/Interest Expense
(EBITDA-capex)/Interest Expense
(1757.8x)
Cash Flow Statement Data
EBIT/Interest Expense
(2245.0x)
Depreciation & Amortization
% sales
Capital Expenditures
Convertible Securities
(0.8x)
(2966.7x)
Growth Rates
Sales
$398.0
-
Total Debt
Other Long-Term Liabilities
Adj. Gross Profit
Trading Multiples
EV/EBITDA
120.5
-
Total Current Liabilities
29.591
Equity Value
EV/Sales
Metric
12/25/2012
Cash and Cash Equivalents
Accounts Receivable3
EBIT
Interest Expense
Moody's Corporate Rating
Sales
COGS1
2011A
Current
Stub
Fiscal Year Ending December 25,
EBITDA
EPS
% sales
16.9%
17.5%
24.5%
21.4%
29.5%
27.6%
15.5%
12.5%
19.0%
15.2%
19.7%
16.3%
7.0%
Conversion
Ratio
16.8
90.9
4.3%
152.3
NA
-
NA
-
90.9
4.3%
152.3
Issue 2
Issue 3
Issue 4
-
-
-
5.3%
5.9%
7.2%
NA
NA
7.2%
Issue 5
-
-
-
Notes
(1)
(2)
(3)
(4)
(5)
(6)
(7)
$59.52
79.9
4.4%
107.9
Total
Estimated
1-year
2-year CAGR
Long-term
$0.0
68.7
4.5%
82.2
Historical
1-year
2-year CAGR
Conversion
Price
Amount
Issue 1
Includes Bakery-café expenses, Fresh dough and other product cost of sales to franchisees
Includes Depreciation and Amortization, pre opening expenses,
Includes Trade accounts receivable and Other accounts receivable
Includes Deposits and other
Includes Deferred rent and Deferred income taxes
Future estimates from Deutsche Bank's report by Jason West
Interest Expense only includes interest expense and other (income) expense net to stay consistent with analyst report
New
Shares
0.0
0.000

39. Ruth's Hospitality Group (NASDAQ:RUTH)
Business Description
Operates and franchises fine dining steak restaurants throughout the
country. Its more than 85 company-owned or franchised restaurants are
located in about 30 states, as well as Canada, Mexico, Hong Kong, and
Taiwan. The menu features steak dinners, seafood, and an extensive wine
list.
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Ruth's Hospitality Group
Ticker
Prior
RUTH
Stock Exchange
Stub
NASDAQ
2010A
2011A
2012A
Stub
LTM
NA
Fiscal Year Ending December 30,
Current
2012A
12/30/2012
12/30/2012
12/30/2012
Sales1
$353.0
$369.6
$398.6
-
-
$398.6
NA
COGS 2
278.0
292.9
313.4
-
-
313.4
Gross Profit
SG&A
Other Expense / (Income)3
$75.0
22.8
26.3
$76.7
22.8
29.8
$85.1
28.3
30.6
-
-
$85.1
28.3
30.6
EBIT
Interest Expense
Fiscal Year Ending
$25.8
4.2
$24.1
3.4
$26.3
3.2
-
-
$26.3
3.2
$21.6
$20.7
$23.1
-
-
$23.1
6.7
35.8
-
-
6.7
35.8
0.5
-
-
0.5
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
2.67
28.0%
Selected Market Data
Current Price
4/18/2013
% of 52-week High
52-week High Price
$9.11
91.3%
9.98
52-week Low Price
5.65
Dividend Per Share (MRQ)
-
Pre-tax Income
Income Taxes
Discontinued Operations 4
4.8
0.9
1.6
(0.5)
Preferred Dividends
2.2
2.5
Net Income
Effective Tax Rate
Fully Diluted Shares Outstanding
$13.8
$17.1
($19.9)
-
-
($19.9)
22.1%
7.7%
28.8%
NA
NA
28.8%
40.2
$0.34
43.3
$0.39
34.3
($0.58)
NA
NA
34.3
NA
$324.7
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
Weighted Avg. Diluted Shares
Diluted EPS
-
11.3
Inventories
Prepaids and Other Current Assets 5
-
7.9
-
4.9
-
$32.0
Property, Plant and Equipment, net
-
90.0
Goodwill and Intangible Assets 6
Other Assets 7
-
71.0
38.4
-
$231.4
-
13.1
-
23.1
Total Current Assets
Total Assets
Accounts Payable
Accrued Liabilities 8
Other Current Liabilities
Reported Gross Profit
$361.8
Non-recurring Items in COGS
Adj. Gross Profit
$75.0
-
$76.7
-
$85.1
-
-
-
-
-
$85.1
-
LTM
12/30/2012
NFY
2013E
0.9x
$398.6
0.9x
$412.1
NFY+1
2014E
0.8x
$429.0
8.9x
8.1x
7.7x
$40.8
13.8x
$44.4
12.1x
$47.2
11.2x
Metric
$26.3
$30.0
$32.2
P/E
Metric
19.6x
$0.46
16.0x
$0.57
14.0x
$0.65
LTM Return on Investment Ratios
$75.0
$76.7
$85.1
-
-
$85.1
% margin
Trading Multiples
21.2%
20.8%
21.4%
NA
NA
21.4%
Reported EBIT
$25.8
$24.1
$26.3
-
-
$26.3
-
-
Non-recurring Items in COGS
Other Non-recurring Items
-
38.4
Total Current Liabilities
-
$74.6
Total Debt
Other Long-Term Liabilities 10
43.9%
38.7%
13.8%
-
-
-
-
-
-
45.0
29.3
-
$149.0
-
Preferred Stock
-
Shareholders' Equity
-
82.4
-
$231.4
Total Liabilities and Equity
Balance Check
35.3%
1.1x
Net Debt/EBITDA
EBITDA/Interest Expense
35.572
1.197
(1.130)
$25.8
$24.1
$26.3
-
-
$26.3
Less: Shares Repurchased
% margin
7.3%
6.5%
6.6%
NA
NA
6.6%
Net New Shares from Options
Plus: Shares from Convertible Securities
15.4
14.9
14.6
-
-
14.6
Fully Diluted Shares Outstanding
$41.2
11.7%
$38.9
10.5%
$40.8
10.2%
NA
NA
$40.8
10.2%
$13.8
$17.1
-
-
($19.9)
-
-
35.8
-
Depreciation & Amortization
Adjusted EBITDA
% margin
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
(0.3)
-
(0.4)
-
($19.911)
35.849
-
Tranche
Tranche
Tranche
Tranche
Tranche
1
2
3
4
$13.5
$16.7
$15.938
-
-
$15.9
4.5%
4.0%
NA
NA
4.0%
Total
$0.33
$0.39
$0.46
-
-
$0.46
9.3x
Cash Flow Statement Data
EBIT/Interest Expense
8.3x
Depreciation & Amortization
% sales
Capital Expenditures
EPS
1.197
-
% sales
Historical
Exercise
Price
In-the-Money
Shares
$8.60
-
1.197
Proceeds
1.197
-
$10.3
-
-
-
1.197
$10.3
Convertible Securities
Conversion
Price
Amount
(EBITDA-capex)/Interest Expense
EBITDA
Number of
Shares
Tranche 5
3.8%
Adjusted Diluted EPS
0.067
35.639
Options/Warrants
0.9x
12.9x
Growth Rates
0.000
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
% margin
Debt/Total Capitalization
Total Debt/EBITDA
-
Calculation of Fully Diluted Shares Outstanding
Adjusted Net Income
LTM Credit Statistics
-
0.000
Adjusted EBIT
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
Sales
9
Noncontrolling Interest
Adjusted Income Statement
(7.9)
Enterprise Value
Metric
EV/EBIT
$7.9
Accounts Receivable
Total Liabilities
45.0
-
Less: Cash and Cash Equivalents
EV/EBITDA
-
35.639
Equity Value
EV/Sales
Metric
12/30/2012
Cash and Cash Equivalents
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
15.4
4.4%
6.1
14.9
4.0%
9.0
14.6
3.7%
11.5
NA
-
NA
-
14.6
3.7%
11.5
Issue 2
Issue 3
Issue 4
-
-
-
-
1.7%
2.4%
2.9%
NA
NA
2.9%
Issue 5
-
-
-
-
Total
1-year
2-year CAGR
7.9%
6.3%
4.8%
(0.5%)
20.3%
17.8%
Estimated
1-year
2-year CAGR
Long-term
3.4%
3.7%
8.8%
7.5%
22.7%
18.3%
3.5%
Notes
(1) Includes Restaurant sales, Franchise income, and Other operating income
(2) Includes Food and beverage costs, Restaurant operating expenses
(3) Includes Debt issuance costs written-off and Other income (expense,) Marketing and advertising, Depreciation and amortization expenses, Pre-opening costs, Loss on impairment and asset disposals,
Restructuring benfit, and Gain on the settlement of unclaimed property liabilities
(4) Loss (Income) from operations of discontinued restaurants, net of income tax benefit (expense): 2012-$40; 2011-($182); 2010-$455
(5) Includes Assets held for sale, Prepaid expenses and other, and Deferred income taxes
(6) Includes Goodwill, Franchise rights, Trademarks, and Other intangibles
(7) Includes Deferred income taxes and Other assets
(8) Includes Accrued payroll and Accrued expenses
(9) Includes Deferred revenue and Other current liabilities
(10) Future Estimates from Deutsche Bank's report by Jason West
(11) Interest Expense only includes interest expense and other (income) expense net to stay consistent with analyst report
-

40. Biglari Holdings (NYSE:BH)
Business Description
Biglari Holdings Inc.,along with its subsidiaries, is engaged in investment
management and the franchising/operating of restaurants. The Company's
wholly owned subsidiaries include Steak n Shake Operations, Inc. (Steak n
Shake), Western Sizzlin Corporation (Western) and Biglari Capital Corp.
(Biglari Capital). Biglari Holdings, as a capital allocating vehicle, is also in
the business of owning other businesses in whole and in part.
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Biglari Holdings
Ticker
Prior
BH
Stock Exchange
NYSE
Fiscal Year Ending
9/26/2012
Moody's Corporate Rating
NA
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
1.34
26.0%
2010A
1
Sales
COGS
2
Gross Profit
SG&A
Other Expense / (Income)3
EBIT
Interest Expense
Selected Market Data
Current Price
4/18/2013
$372.47
Pre-tax Income
% of 52-week High
52-week High Price
88.5%
420.93
Income Taxes
Noncontrolling Interest
52-week Low Price
326.55
Preferred Dividends
Dividend Per Share (MRQ)
-
Net Income
Effective Tax Rate
Fully Diluted Shares Outstanding
Stub
2011A
2012A
Stub
LTM
12/21/2011
Fiscal Year Ending September 26,
Current
2012A
12/19/2012
12/19/2012
Cash and Cash Equivalents
$673.8
$709.2
$740.2
$166.4
$166.5
$740.3
501.6
523.9
545.1
119.4
125.3
551.1
$172.2
41.6
87.4
$185.3
48.4
86.2
$195.1
64.3
91.4
$47.0
13.3
17.1
$41.2
13.6
20.0
$189.3
64.6
94.2
$43.3
1.9
$50.6
2.8
$39.4
8.2
$16.6
1.9
$7.7
1.7
$30.4
8.0
$41.4
$47.8
$31.2
$14.8
$5.9
$22.4
13.9
(0.6)
6.5
3.2
4.8
1.2
1.5
(0.2)
3.2
1.8
-
-
-
-
-
12.0
1.3
$28.094
$34.565
$21.593
$8.8
$4.6
$17.4
29.0%
29.0%
20.7%
32.3%
26.0%
14.5%
1.4
$19.99
1.3
$25.86
1.3
$16.15
1.3
$6.58
1.3
$3.42
1.3
$12.98
$32.1
Accounts Receivable
7.0
6.3
Inventories
Prepaids and Other Current Assets 4
6.6
6.7
275.0
309.7
$349.0
$354.8
356.6
352.6
Total Current Assets
Property, Plant and Equipment, net
Goodwill and Intangible Assets
Other Assets
33.8
34.4
33.6
32.6
$773.8
$773.6
Accounts Payable
33.2
40.0
Accrued Liabilities
53.9
42.4
Other Current Liabilities
37.2
46.1
$124.3
$128.4
Total Assets
Total Current Liabilities
1.436
Equity Value
$535.0
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
Weighted Avg. Diluted Shares
Diluted EPS
120.3
53.3
Enterprise Value
Adjusted Income Statement
(32.1)
Less: Cash and Cash Equivalents
Reported Gross Profit
$676.3
Non-recurring Items in COGS
LTM
12/19/2012
NFY
2013E
-
$185.3
-
$195.1
-
$47.0
-
$41.2
-
$189.3
-
$172.2
$185.3
$195.1
$47.0
$41.2
$189.3
25.6%
26.1%
26.4%
28.2%
24.7%
25.6%
Reported EBIT
NFY+1
2014E
120.3
128.0
$43.3
$50.6
$39.4
$16.6
$7.7
$30.4
0.000
Calculation of Fully Diluted Shares Outstanding
NA
NA
Adjusted EBIT
$43.3
$50.6
$39.4
$16.6
$7.7
$30.4
Less: Shares Repurchased
$56.5
22.2x
NA
NA
% margin
6.4%
7.1%
5.3%
10.0%
4.6%
4.1%
Net New Shares from Options
Plus: Shares from Convertible Securities
0.003
-
Metric
$30.4
-
-
29.3
28.4
26.4
6.3
5.9
26.1
Fully Diluted Shares Outstanding
1.436
P/E
Metric
28.7x
$12.98
$72.6
10.8%
$79.0
11.1%
$65.8
8.9%
$22.9
13.8%
$13.6
8.2%
$56.5
7.6%
$28.1
$34.6
$21.6
$8.8
$4.6
$17.4
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
7.2%
5.0%
2.2%
-
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
-
-
-
-
-
-
0.000
Balance Check
$773.6
12.0x
Reported Net Income
-
$773.8
Total Liabilities and Equity
345.2
Metric
EV/EBIT
LTM Return on Investment Ratios
-
-
349.1
EV/EBITDA
Adjusted EBITDA
% margin
-
53.3
-
Shareholders' Equity
0.9x
$780.0
18.8x
$19.85
-
52.1
Preferred Stock
0.9x
$760.0
Depreciation & Amortization
-
$375.1
0.9x
$740.3
22.3x
$16.67
Non-recurring Items in COGS
Other Non-recurring Items
120.3
126.4
$372.6
Noncontrolling Interest
$172.2
% margin
Trading Multiples
Total Debt
Other Long-Term Liabilities
Total Liabilities
Adj. Gross Profit
EV/Sales
Metric
12/19/2012
$60.4
-
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
Tranche
Tranche
Tranche
Tranche
Tranche
1
2
3
4
25.8%
2.1x
$28.1
$34.6
$21.6
$8.8
$4.6
$17.4
4.2%
4.9%
2.9%
5.3%
2.7%
2.3%
Total
$19.99
$25.86
$16.15
$6.58
$3.42
$12.98
Adjusted Diluted EPS
Net Debt/EBITDA
EBITDA/Interest Expense
(EBITDA-capex)/Interest Expense
6.0x
Cash Flow Statement Data
EBIT/Interest Expense
3.8x
Depreciation & Amortization
% sales
Capital Expenditures
Sales
EBITDA
EPS
0.010
-
% sales
In-the-Money
Shares
$277.43
-
0.010
Proceeds
0.010
-
$2.7
-
-
-
0.010
Conversion
Price
Amount
Historical
Exercise
Price
$2.7
Convertible Securities
1.6x
7.0x
Growth Rates
Number of
Shares
Tranche 5
% margin
Debt/Total Capitalization
Total Debt/EBITDA
(0.007)
Options/Warrants
Adjusted Net Income
LTM Credit Statistics
1.434
0.010
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
29.3
4.3%
8.7
28.4
4.0%
13.0
26.4
3.6%
8.7
6.3
3.8%
2.0
5.9
3.6%
1.2
26.1
3.5%
7.9
Issue 2
Issue 3
Issue 4
-
-
-
-
1.3%
1.8%
1.2%
1.2%
0.7%
1.1%
Issue 5
-
-
-
-
Total
1-year
2-year CAGR
4.4%
4.8%
(16.7%)
(4.8%)
(37.6%)
(10.1%)
Estimated
1-year
2-year CAGR
Long-term
2.7%
2.7%
(100.0%)
(100.0%)
3.2%
10.9%
-
Notes
(1) Includes Restaurant Operations and Investment Management Operations
(2) Includes Cost of sales, Restaurant operating costs
(3) Includes Interest, dividend and other investment income, Interest on obligations under leases, Loss on debt extinguishment, Realized investment gains/losses, Depreciation and amortization, Marketing,
Rent, Pre-opening costs, Asset impairments and provision for restaurant clsoings, Loss on disposal of assets, and Other operating (income) expense
(4) Includes Investments, Assets held for sale, and Other current assets
(5) Interest expense only includes interest expense
-

41. Bravo Brio Restaurant Group (NASDAQ:BBRG)
Business Description
Bravo Brio Restaurant Group, Inc. owns and operates BRAVO! Cucina
Italiana, a full-service Italian restaurant; BRIO Tuscan Grille, an Italian
chophouse restaurant; and Bon Vie, a full-service American-French bistro
restaurant. Its restaurants primarily offer Italian food and wine. As of
December 30, 2012, BBRG operated 48 BRAVO!, 54 BRIO, and 1 Bon Vie
restaurant in 31 states.
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Bravo Brio Restaurant Group
Ticker
Prior
BBRG
Stock Exchange
NASDAQ
Fiscal Year Ending
Stub
2010A
2011A
2012A
Stub
LTM
NA
Fiscal Year Ending December 30,
Current
2012A
12/30/2012
12/30/2012
12/30/2012
Cash and Cash Equivalents
-
$13.7
Accounts Receivable
-
7.7
Inventories
-
3.0
Prepaids and Other Current Assets
-
6.5
-
$31.0
Property, Plant and Equipment, net
-
176.0
Goodwill and Intangible Assets
Other Assets
-
56.4
Total Assets
-
$263.3
12/30/2012
Sales
$343.0
$369.2
$409.1
-
-
$409.1
NA
COGS
203.9
222.5
246.6
-
-
246.6
$139.1
37.5
96.4
$146.7
21.2
104.0
$162.4
23.7
115.6
-
-
$162.4
23.7
115.6
$5.1
6.1
$21.5
1.7
$23.2
1.4
-
-
$23.2
1.4
($1.0)
$19.8
$21.8
-
-
$21.8
Income Taxes
Noncontrolling Interest
0.2
-
(56.7)
-
5.7
-
-
-
5.7
-
Accounts Payable
-
10.7
Preferred Dividends
3.8
-
-
-
-
-
Accrued Liabilities
-
24.7
$16.1
-
-
$16.1
Other Current Liabilities
-
21.3
25.9%
NA
NA
25.9%
-
$56.8
20.6
$0.78
NA
NA
20.6
NA
-
20.4
85.9
Total Liabilities
-
$163.1
Noncontrolling Interest
-
Preferred Stock
-
Shareholders' Equity
-
100.3
-
$263.3
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
1.15
30.0%
Gross Profit
SG&A
Other Expense / (Income)
EBIT
Interest Expense
Selected Market Data
Current Price
4/18/2013
% of 52-week High
52-week High Price
$15.37
73.0%
21.06
52-week Low Price
12.28
Dividend Per Share (MRQ)
-
Pre-tax Income
Net Income
Effective Tax Rate
Fully Diluted Shares Outstanding
($5.0)
(22.8%)
$76.4
(286.9%)
$315.2
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
20.4
-
Less: Cash and Cash Equivalents
(13.7)
Enterprise Value
$321.9
Weighted Avg. Diluted Shares
Diluted EPS
9.3
($0.54)
20.6
$3.72
Adjusted Income Statement
Reported Gross Profit
Non-recurring Items in COGS
$139.1
-
$146.7
-
$162.4
-
-
-
-
-
$162.4
-
Adj. Gross Profit
LTM
12/30/2012
NFY
2013E
NFY+1
2014E
0.8x
$409.1
0.7x
$430.7
0.7x
$478.7
7.6x
6.5x
5.6x
Metric
EV/EBIT
$42.4
13.9x
$49.4
11.3x
$57.8
9.1x
Metric
$23.2
$28.6
$35.3
P/E
Metric
19.6x
$0.78
16.2x
$0.95
12.8x
$1.20
LTM Return on Investment Ratios
$139.1
$146.7
$162.4
-
-
$162.4
% margin
Trading Multiples
EV/EBITDA
Total Current Liabilities
20.507
Equity Value
EV/Sales
Metric
Total Current Assets
40.6%
39.7%
39.7%
NA
NA
39.7%
$5.1
$21.5
$23.2
-
-
$23.2
Reported EBIT
Non-recurring Items in COGS
Other Non-recurring Items
Adjusted EBIT
% margin
Depreciation & Amortization
Adjusted EBITDA
% margin
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
43.3%
32.2%
12.3%
-
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
Adjusted Net Income
LTM Credit Statistics
% margin
Debt/Total Capitalization
Total Debt/EBITDA
16.9%
0.5x
Net Debt/EBITDA
EBITDA/Interest Expense
-
-
-
-
Total Debt
Other Long-Term Liabilities
Total Liabilities and Equity
Balance Check
(EBITDA-capex)/Interest Expense
4.5x
-
-
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
19.608
0.992
$21.5
$23.2
-
-
$23.2
Less: Shares Repurchased
(0.094)
1.5%
5.8%
5.7%
NA
NA
5.7%
Net New Shares from Options
Plus: Shares from Convertible Securities
0.899
-
19.3
Fully Diluted Shares Outstanding
20.507
16.8
17.4
19.3
-
-
$21.9
6.4%
$38.8
10.5%
$42.4
10.4%
NA
NA
$42.4
10.4%
($5.0)
$76.4
$16.1
-
-
$16.1
-
-
-
-
-
-
Options/Warrants
Tranche
Tranche
Tranche
Tranche
Tranche
Growth Rates
Sales
EBITDA
EPS
($5.0)
$76.4
$16.1
-
-
$16.1
3.9%
NA
NA
3.9%
Total
($0.54)
$3.72
$0.78
-
-
$0.78
9.3%
39.3%
(78.9%)
-
Estimated
1-year
2-year CAGR
Long-term
5.3%
8.2%
16.4%
16.7%
21.3%
23.8%
-
0.992
-
% sales
Exercise
Price
In-the-Money
Shares
$1.45
-
0.992
0.992
-
Proceeds
$1.4
-
0.992
$1.4
Convertible Securities
Conversion
Price
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
16.8
4.9%
18.7
17.4
4.7%
35.5
19.3
4.7%
36.4
NA
-
NA
-
19.3
4.7%
36.4
Issue 2
Issue 3
Issue 4
-
-
-
-
5.5%
9.6%
8.9%
NA
NA
8.9%
Issue 5
-
-
-
-
Total
10.8%
9.2%
Number of
Shares
Tranche 5
20.7%
Historical
1-year
2-year CAGR
1
2
3
4
(1.5%)
Cash Flow Statement Data
Depreciation & Amortization
% sales
Capital Expenditures
0.000
$5.1
Amount
17.1x
EBIT/Interest Expense
-
Calculation of Fully Diluted Shares Outstanding
0.2x
31.4x
Adjusted Diluted EPS
0.000
-
Notes
(1) Interest expense only includes interest expense, net to stay consistent with analyst estimates
(2) Analyst report Stephen Anderson from Miller Tabak
-

42. BJ's Restaurants, Inc. (NasdaqGS:BJRI)
Business Description
BJ’s Restaurants, Inc. owns and operates casual dining restaurants in the
Unites States. Its restaurants offer pizzas, beers, appetizers, entrees,
pastas, sandwiches, salads, and desserts. The company operates its
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
BJ's Restaurants, Inc.
Ticker
Prior
BJRI
Stock Exchange
NasdaqGS
Fiscal Year Ending
Stub
2011A
2012A
2013A
Stub
LTM
NA
Fiscal Year Ending January 1,
Current
2012A
1/1/2013
1/1/2013
Cash and Cash Equivalents
Sales
$513.9
$620.9
$708.3
-
-
$708.3
NA
COGS
304.3
367.2
420.7
-
-
420.7
$209.6
34.6
144.8
$253.8
40.0
171.4
$287.6
45.1
201.6
-
-
$287.6
45.1
201.6
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
0.70
28.0%
Gross Profit
SG&A
Other Expense / (Income)
EBIT
Interest Expense
Selected Market Data
Current Price
4/18/2013
% of 52-week High
52-week High Price
$31.71
61.9%
51.23
52-week Low Price
28.94
Dividend Per Share (MRQ)
-
Pre-tax Income
Income Taxes
Noncontrolling Interest
Preferred Dividends
Net Income
Effective Tax Rate
Fully Diluted Shares Outstanding
$911.9
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
-
Less: Cash and Cash Equivalents
(15.1)
Enterprise Value
$896.8
457.5
4.7
19.8
4.7
22.0
$502.1
$566.9
25.7
$42.4
(1.3)
$40.9
(1.8)
-
-
$40.9
(1.8)
$30.8
$43.7
$42.7
-
-
$42.7
Total Assets
7.6
-
12.1
-
11.2
-
-
-
11.2
-
Accounts Payable
23.8
-
-
-
-
-
-
Accrued Liabilities
50.4
56.8
Other Current Liabilities
95.5
112.6
$169.6
$195.0
$23.2
$31.6
$31.4
-
-
$31.4
24.8%
27.7%
26.4%
NA
NA
26.4%
28.2
$0.82
29.1
$1.08
28.9
$1.09
NA
NA
28.9
NA
Goodwill and Intangible Assets
Other Assets
$82.7
390.6
Property, Plant and Equipment, net
42.7
$87.0
Total Current Assets
6.1
44.1
Prepaids and Other Current Assets
$30.2
(0.6)
Weighted Avg. Diluted Shares
Diluted EPS
Total Current Liabilities
Adjusted Income Statement
Reported Gross Profit
NFY
2014E
Non-recurring Items in COGS
-
$253.8
-
$287.6
-
-
-
-
-
$287.6
-
1.3x
$708.3
1.1x
$810.3
0.9x
$954.0
EV/EBITDA
10.8x
9.4x
7.7x
Metric
EV/EBIT
$83.2
21.4x
$95.8
18.1x
$116.6
14.4x
Metric
$41.8
$49.5
$62.2
P/E
Metric
28.5x
$1.11
25.2x
$1.26
20.1x
$1.58
LTM Return on Investment Ratios
$209.6
$253.8
$287.6
-
-
$287.6
40.8%
40.9%
40.6%
NA
NA
40.6%
Reported EBIT
NFY+1
2015E
$30.2
$42.4
$40.9
-
-
$40.9
2.0
1.0
-
-
1.0
Non-recurring Items in COGS
Other Non-recurring Items
12.5%
9.1%
6.0%
-
-
Shareholders' Equity
-
Net Debt/EBITDA
EBITDA/Interest Expense
-
332.4
371.8
$502.1
$566.9
0.000
Total Liabilities and Equity
Balance Check
0.000
Calculation of Fully Diluted Shares Outstanding
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
28.139
1.403
$44.4
$41.8
-
-
$41.8
Less: Shares Repurchased
(0.786
% margin
5.9%
7.2%
5.9%
NA
NA
5.9%
Net New Shares from Options
Plus: Shares from Convertible Securities
0.617
-
41.3
Fully Diluted Shares Outstanding
28.757
Adjusted EBITDA
% margin
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
28.9
34.1
41.3
-
-
$59.0
11.5%
$78.5
12.6%
$83.2
11.7%
NA
NA
$83.2
11.7%
$23.2
$31.6
$31.4
-
-
$31.4
-
-
-
2.0
(0.6)
1.0
(0.3)
1.0
(0.3)
Options/Warrants
Tranche
Number of
Shares
Tranche 1
Tranche 2
Tranche 3
Tranche 4
$23.2
$33.0
$32.1
-
-
$32.1
4.5%
5.3%
4.5%
NA
NA
4.5%
Total
$0.82
$1.13
$1.11
-
-
$1.11
1.403
-
Tranche 5
% margin
Debt/Total Capitalization
Total Debt/EBITDA
-
$30.2
Depreciation & Amortization
-
$195.0
-
Preferred Stock
Adjusted Net Income
LTM Credit Statistics
$169.6
-
Adjusted EBIT
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
-
Noncontrolling Interest
$209.6
% margin
LTM
1/1/2013
Total Debt
Other Long-Term Liabilities
Total Liabilities
Adj. Gross Profit
Trading Multiples
(0.2x)
(46.4x)
-
Exercise
Price
In-the-Money
Shares
$17.76
-
1.403
1.403
-
Proceeds
$24.9
-
1.403
-
$24.9
-
(EBITDA-capex)/Interest Expense
Adjusted Diluted EPS
13.1x
Cash Flow Statement Data
Depreciation & Amortization
% sales
Capital Expenditures
Growth Rates
EBITDA
EPS
Convertible Securities
% sales
Historical
14.1%
17.4%
6.0%
18.7%
(1.9%)
16.3%
Estimated
1-year
2-year CAGR
Long-term
14.4%
16.1%
15.2%
18.4%
13.3%
19.2%
-
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
28.9
5.6%
69.6
34.1
5.5%
91.5
41.3
5.8%
106.6
NA
-
NA
-
41.3
5.8%
106.6
Issue 2
Issue 3
Issue 4
-
-
-
-
13.5%
14.7%
15.1%
NA
NA
15.1%
Issue 5
-
-
-
-
Total
1-year
2-year CAGR
Conversion
Price
Amount
(23.4x)
EBIT/Interest Expense
Sales
18.9
6.0
28.757
Equity Value
EV/Sales
Metric
Inventories
$15.1
14.5
Accounts Receivable
1/1/2013
1/1/2013
$22.4
Notes
(1) Interest expense includes interest income, interest expense, gain on investment settlement, other income, net to stay consistent with analyst estimates
(2) Analyst report by Brian Bittner from Oppenheimer and Co
-

43. Texas Roadhouse, Inc. (NasdaqGS:TXRH)
Business Description
Texas Roadhouse, Inc., together with its subsidiaries, operates a full service
casual dining restaurant chain. The company operates its restaurants under
the Texas Roadhouse and Aspen Creek names. It also provides supervisory
and administrative services for other license and franchise restaurants. As of
February 26, 2013, the company operated 390 restaurants in 47 states and
internationally. Texas Roadhouse, Inc. was founded in 1993 and is based in
Louisville, Kentucky.
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Texas Roadhouse, Inc.
Ticker
Prior
TXRH
Stub
12/25/2012
12/25/2012
12/25/2012
$78.8
$81.7
Accounts Receivable
11.5
16.4
Inventories
10.7
10.9
Prepaids and Other Current Assets
11.0
13.4
$112.0
$122.5
531.7
Fiscal Year Ending
12/25/2012
Sales
$1,005.0
$1,109.2
$1,263.3
-
-
$1,263.3
NA
COGS
617.3
693.6
791.4
-
-
791.4
$387.7
52.5
246.0
$415.6
57.7
263.9
$472.0
70.6
290.7
-
-
$472.0
70.6
290.7
Property, Plant and Equipment, net
497.2
$89.3
2.2
$94.0
2.0
$110.6
1.9
-
-
$110.6
1.9
Goodwill and Intangible Assets
Other Assets
120.0
11.5
122.7
14.4
$87.1
$91.9
$108.7
-
-
$108.7
$740.7
$791.3
27.7
2.4
26.8
2.5
34.7
2.6
-
-
34.7
2.6
Accounts Payable
32.7
32.4
-
-
-
-
-
-
Accrued Liabilities
36.1
38.3
Other Current Liabilities
67.5
88.0
$136.4
$158.7
61.6
46.9
51.3
50.6
$244.8
$260.5
3.9
5.7
NA
0.95
32.8%
Gross Profit
SG&A
Other Expense / (Income)
EBIT
Interest Expense
Selected Market Data
Current Price
4/18/2013
% of 52-week High
52-week High Price
$19.81
97.2%
20.39
52-week Low Price
15.72
Dividend Per Share (MRQ)
0.46
Pre-tax Income
Income Taxes
Noncontrolling Interest
Preferred Dividends
Net Income
Effective Tax Rate
Fully Diluted Shares Outstanding
2012A
2011A
Cash and Cash Equivalents
NasdaqGS
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
2011A
LTM
Stock Exchange
Moody's Corporate Rating
2010A
Stub
NA
Fiscal Year Ending December 25,
Current
$57.0
$62.7
$71.3
-
-
$71.3
31.8%
29.1%
32.0%
NA
NA
32.0%
72.9
$0.78
72.3
$0.87
70.0
$1.02
NA
NA
70.0
NA
Total Current Assets
Total Assets
Total Current Liabilities
70.050
Equity Value
$1,387.7
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
51.3
5.7
Less: Cash and Cash Equivalents
(81.7)
Enterprise Value
$1,362.9
Weighted Avg. Diluted Shares
Diluted EPS
Total Debt
Other Long-Term Liabilities
Total Liabilities
Adjusted Income Statement
Reported Gross Profit
Non-recurring Items in COGS
Noncontrolling Interest
$387.7
-
$415.6
-
$472.0
-
-
-
-
-
$472.0
-
Preferred Stock
-
Shareholders' Equity
LTM
12/25/2012
EV/Sales
Metric
NFY
2013E
1.1x
$1,263.3
EV/EBITDA
1.0x
$1,413.5
NFY+1
2014E
0.9x
$1,534.2
8.7x
7.9x
7.3x
Metric
EV/EBIT
$157.3
12.3x
$173.6
11.1x
$187.8
10.3x
Metric
$110.6
$122.7
$132.7
P/E
Metric
19.4x
$1.02
17.2x
$1.15
15.8x
$1.25
LTM Return on Investment Ratios
$415.6
$472.0
-
-
$472.0
38.6%
37.5%
37.4%
NA
NA
37.4%
Balance Check
Reported EBIT
$89.3
$94.0
$110.6
-
-
$110.6
-
22.8%
14.0%
9.3%
9.3%
-
-
-
Adjusted EBIT
$89.3
$94.0
$110.6
% margin
8.9%
8.5%
8.8%
Depreciation & Amortization
Adjusted EBITDA
% margin
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
-
-
NA
NA
$110.6
8.8%
41.3
42.7
46.7
-
-
$130.5
13.0%
$136.7
12.3%
$157.3
12.5%
NA
NA
$157.3
12.5%
$57.0
$62.7
$71.3
-
-
$71.3
-
-
(1.4)
0.4
(1.3)
0.4
0.1
(0.0)
46.7
0.1
(0.0)
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
69.301
2.259
Less: Shares Repurchased
(1.510)
Net New Shares from Options
Plus: Shares from Convertible Securities
0.749
-
Fully Diluted Shares Outstanding
70.050
Options/Warrants
Tranche
Tranche
Tranche
Tranche
Tranche
1
2
3
4
Adjusted Net Income
$56.1
$61.8
$71.4
-
-
$71.4
5.6%
5.6%
5.7%
NA
NA
5.7%
Total
$0.77
$0.86
$1.02
-
-
$1.02
Debt/Total Capitalization
Total Debt/EBITDA
8.9%
0.3x
Net Debt/EBITDA
EBITDA/Interest Expense
(0.2x)
82.0x
(EBITDA-capex)/Interest Expense
37.7x
Cash Flow Statement Data
EBIT/Interest Expense
57.6x
Depreciation & Amortization
% sales
Capital Expenditures
Growth Rates
Sales
EBITDA
EPS
Adjusted Diluted EPS
15.1%
9.8%
19.2%
15.2%
Estimated
1-year
2-year CAGR
Long-term
11.9%
10.2%
10.3%
9.3%
12.8%
10.7%
-
-
% sales
Exercise
Price
In-the-Money
Shares
$13.24
-
2.259
2.259
-
Proceeds
$29.9
-
2.259
$29.9
Convertible Securities
Conversion
Price
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
41.3
4.1%
45.1
42.7
3.9%
81.8
46.7
3.7%
84.9
NA
-
NA
-
46.7
3.7%
84.9
Issue 2
Issue 3
Issue 4
-
-
-
-
4.5%
7.4%
6.7%
NA
NA
6.7%
Issue 5
-
-
-
-
Total
13.9%
12.1%
2.259
-
Amount
Historical
1-year
2-year CAGR
Number of
Shares
Tranche 5
% margin
LTM Credit Statistics
0.000
Calculation of Fully Diluted Shares Outstanding
-
Non-recurring Items in COGS
Other Non-recurring Items
Total Liabilities and Equity
$791.3
0.000
$387.7
% margin
525.1
$740.7
Adj. Gross Profit
Trading Multiples
-
491.9
Notes
(1) Interest expense includes interest expense, equity income from investments in unconsolidated affliates
(2) Analyst report Jason West from DB
(3) Adjustments: unrealized gain (loss) on derivatives
-

44. Bloomin' Brands, Inc. (NasdaqGS:BLMN)
Business Description
Bloomin' Brands, Inc. owns and operates casual, upscale casual, and fine
dining restaurants primarily in the United States. The company operates
restaurants under various concepts, including Outback Steakhouse, a
casual dining steakhouse; Carrabba’s Italian Grill, an Italian casual dining
restaurant; Bonefish Grill, a casual seafood restaurant; Fleming’s Prime
Steakhouse and Wine Bar, an upscale, contemporary prime steakhouse;
and Roy’s, an upscale dining restaurant.
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Ticker
Prior
BLMN
NasdaqGS
Fiscal Year Ending
12/31/2012
Sales
NA
COGS
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
B+
NA
16.5%
2010A
Gross Profit
SG&A
Other Expense / (Income)
EBIT
Interest Expense
Selected Market Data
Current Price
4/18/2013
% of 52-week High
52-week High Price
$20.51
108.0%
18.99
52-week Low Price
11.52
Dividend Per Share (MRQ)
-
Pre-tax Income
Income Taxes
Noncontrolling Interest
Preferred Dividends
Net Income
Effective Tax Rate
Fully Diluted Shares Outstanding
2011A
$3,628.3
$3,841.3
Stub
LTM
NA
2012A
Current
Stub
Fiscal Year Ending December 31,
Stock Exchange
2011A
12/31/2012
12/31/2012
$3,987.8
-
-
Cash and Cash Equivalents
$3,987.8
20.6
4.8
Inventories
69.2
78.2
2,186.4
2,320.2
2,398.6
-
-
2,398.6
$1,521.0
291.1
1,019.2
$1,589.2
326.5
1,074.0
-
-
$1,589.2
326.5
1,074.0
$173.5
88.4
$210.8
82.6
$188.7
107.7
-
-
$188.7
107.7
$85.0
$128.2
$81.0
-
-
$81.0
Total Assets
21.3
6.2
21.7
9.2
12.1
11.3
-
-
12.1
11.3
-
-
-
-
-
-
$97.3
$57.5
-
-
$57.5
25.0%
16.9%
15.0%
NA
NA
15.0%
106.0
$0.54
106.7
$0.91
114.8
$0.50
NA
NA
114.8
NA
$2,588.1
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
1,471.4
5.9
-
Less: Cash and Cash Equivalents
(261.7)
Enterprise Value
$3,803.8
Weighted Avg. Diluted Shares
Diluted EPS
Prepaids and Other Current Assets
136.3
Goodwill and Intangible Assets
Other Assets
1,506.0
834.9
174.8
822.8
200.0
$3,353.9
$3,016.6
Accounts Payable
97.4
131.8
Accrued Liabilities
226.5
207.1
Other Current Liabilities
632.5
352.5
$956.4
$691.4
1,751.9
605.3
1,471.4
633.5
$3,313.6
$2,796.3
Total Current Liabilities
Total Debt
Other Long-Term Liabilities
Reported Gross Profit
Non-recurring Items in COGS
Noncontrolling Interest
$1,441.9
-
$1,521.0
-
$1,589.2
-
-
-
-
-
-
-
$1,589.2
-
LTM
12/31/2012
NFY
2013E
NFY+1
2014E
1.0x
$3,987.8
0.9x
$4,169.6
0.9x
$4,452.5
Shareholders' Equity
10.8x
9.1x
8.1x
Metric
EV/EBIT
$351.7
19.4x
$418.9
14.0x
$471.7
12.0x
Metric
$196.2
$272.1
$316.1
P/E
Metric
36.9x
$0.56
19.3x
$1.06
16.7x
$1.23
LTM Return on Investment Ratios
14.4%
52.1%
2.0%
-
30.9
214.3
0.000
0.000
39.7%
39.6%
39.9%
NA
NA
39.9%
Balance Check
Reported EBIT
$173.5
$210.8
$188.7
-
-
$188.7
Calculation of Fully Diluted Shares Outstanding
7.5
-
-
7.5
-
-
$196.2
Adjusted EBIT
% margin
Depreciation & Amortization
Adjusted EBITDA
% margin
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
4.6
(2.7)
$178.0
$208.0
$196.2
4.9%
5.4%
4.9%
NA
NA
155.5
-
-
155.5
$351.7
8.8%
NA
NA
$351.7
8.8%
$57.5
$97.3
$57.5
-
-
$57.5
-
-
7.5
(1.2)
Tranche
Tranche
Tranche
Tranche
Tranche
1
2
3
4
87.3%
4.2x
$61.3
$95.0
$63.8
-
-
$63.8
2.5%
1.6%
NA
NA
1.6%
Total
$0.58
$0.89
$0.56
-
-
$0.56
Adjusted Diluted EPS
(EBITDA-capex)/Interest Expense
1.6x
Cash Flow Statement Data
EBIT/Interest Expense
1.8x
Depreciation & Amortization
% sales
Capital Expenditures
EBITDA
EPS
3.8%
4.8%
(2.8%)
2.6%
Estimated
1-year
2-year CAGR
Long-term
4.6%
5.7%
19.1%
15.8%
(37.6%)
(2.0%)
90.7%
48.8%
-
-
% sales
Exercise
Price
In-the-Money
Shares
$7.41
-
7.293
7.293
-
Proceeds
$54.0
-
7.293
$54.0
Conversion
Price
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
156.3
4.3%
60.5
153.7
4.0%
120.9
155.5
3.9%
178.7
NA
-
NA
-
155.5
3.9%
178.7
Issue 2
Issue 3
Issue 4
-
-
-
-
1.7%
3.1%
4.5%
NA
NA
4.5%
Issue 5
-
-
-
-
Total
1-year
2-year CAGR
7.293
-
Amount
Historical
126.188
Convertible Securities
3.4x
3.3x
Growth Rates
Number of
Shares
Tranche 5
1.7%
Net Debt/EBITDA
EBITDA/Interest Expense
4.658
-
Options/Warrants
% margin
Debt/Total Capitalization
Total Debt/EBITDA
(2.635)
Fully Diluted Shares Outstanding
153.7
$361.7
9.4%
7.5
(1.2)
121.529
7.293
Less: Shares Repurchased
Net New Shares from Options
Plus: Shares from Convertible Securities
156.3
(2.7)
0.4
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
4.9%
$334.3
9.2%
4.6
(0.8)
Total Liabilities and Equity
$3,016.6
$1,589.2
Adjusted Net Income
LTM Credit Statistics
5.9
$3,353.9
$1,521.0
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
-
9.4
Preferred Stock
$1,441.9
Non-recurring Items in COGS
Other Non-recurring Items
$1,589.2
-
% margin
Trading Multiples
Sales
$487.8
1,635.9
Property, Plant and Equipment, net
143.1
$708.3
Total Current Assets
Total Liabilities
Adjusted Income Statement
Adj. Gross Profit
EV/EBITDA
$261.7
Accounts Receivable
$1,441.9
252.8
1,015.6
$57.5
12/31/2012
$482.1
126.188
Equity Value
EV/Sales
Metric
Balance Sheet Data
Bloomin' Brands, Inc.
Notes
(1) Interest expense includes loss on extinguishment and modification of debt, other expense (income) net, interest expense net to maintain consistency
(2) Analyst: Jason West from DB
(3) Adjustment: foreign currency translation
-

45. Brinker International, Inc. (NYSE:EAT)
Business Description
Brinker International, Inc. owns, develops, operates, and franchises various
restaurant brands primarily in the United States. It operates the restaurants
under the Chili’s Grill & Bar and Maggiano's Little Italy brand names. As of
October 24, 2012, the company owned, operated, and franchised 1,585
restaurants, including 1,540 restaurants under the Chili's Grill & Bar names
and 45 restaurants under the name of Maggiano's Little Italy.
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Brinker International, Inc.
Ticker
Prior
EAT
Stock Exchange
NYSE
Fiscal Year Ending
Stub
2010A
2011A
2012A
Stub
LTM
12/28/2011
Fiscal Year Ending June 27,
Current
2012A
12/26/2012
12/26/2012
Cash and Cash Equivalents
$93.1
Accounts Receivable
43.4
80.5
Inventories
25.4
26.3
Prepaids and Other Current Assets
67.0
62.7
$194.8
$262.6
1,043.6
1,038.0
6/27/2012
Sales
$2,858.5
$2,761.4
$2,820.7
$1,350.3
$1,373.3
$2,843.7
Ba1
COGS
1,742.5
1,628.8
1,661.6
1,122.7
1,130.6
1,669.5
$1,116.0
136.3
825.2
$1,132.5
132.8
794.3
$1,159.1
143.4
783.9
$227.6
64.0
68.1
$242.7
68.3
66.3
$1,174.2
147.7
782.1
$154.5
22.5
$205.4
22.1
$231.8
23.0
$95.5
11.6
$108.1
12.4
$244.4
23.8
$132.0
$183.3
$208.8
$83.9
$95.7
$220.6
28.3
-
42.3
-
57.6
-
24.6
-
30.6
-
63.6
-
Accounts Payable
100.5
83.7
-
-
-
-
-
-
Accrued Liabilities
273.9
304.5
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
BBB1.44
27.6%
Gross Profit
SG&A
Other Expense / (Income)
EBIT
Interest Expense
Selected Market Data
Current Price
4/18/2013
% of 52-week High
52-week High Price
$38.01
102.3%
37.17
52-week Low Price
26.50
Dividend Per Share (MRQ)
0.80
Pre-tax Income
Income Taxes
Noncontrolling Interest
Preferred Dividends
Fully Diluted Shares Outstanding
Net Income
$103.7
$141.1
$151.2
$59.3
$65.0
$157.0
Effective Tax Rate
21.4%
23.1%
27.6%
29.3%
32.0%
28.8%
103.0
$1.01
92.3
$1.53
80.7
$1.87
82.6
$0.72
75.6
$0.86
73.7
$2.02
Total Current Assets
Property, Plant and Equipment, net
Goodwill and Intangible Assets
Other Assets
125.6
72.1
125.6
75.0
$1,436.1
Total Assets
$1,501.2
Other Current Liabilities
27.3
43.2
$401.7
$431.4
587.9
136.6
684.2
132.7
$1,126.2
$1,248.2
Total Current Liabilities
71.983
Equity Value
$2,736.1
Weighted Avg. Diluted Shares
Diluted EPS
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
684.2
-
Adjusted Income Statement
Less: Cash and Cash Equivalents
(93.1)
Reported Gross Profit
Enterprise Value
$3,327.2
Total Debt
Other Long-Term Liabilities
Total Liabilities
Non-recurring Items in COGS
Adj. Gross Profit
Noncontrolling Interest
$1,116.0
-
$1,132.5
-
$1,159.1
-
$227.6
$242.7
-
-
$1,174.2
-
-
Preferred Stock
-
Shareholders' Equity
LTM
12/26/2012
NFY
2013E
NFY+1
2014E
1.2x
$2,843.7
1.2x
$2,873.5
1.1x
$2,980.7
8.9x
8.1x
7.5x
Metric
EV/EBIT
$372.8
13.6x
$411.1
12.0x
$446.4
11.0x
Metric
$244.4
$277.6
$302.8
P/E
Metric
17.8x
$2.13
16.3x
$2.33
13.8x
$2.75
EV/EBITDA
LTM Return on Investment Ratios
29.1%
55.8%
10.7%
8.4%
$1,436.1
0.000
$1,159.1
$227.6
$242.7
$1,174.2
41.0%
41.1%
16.9%
17.7%
41.3%
Balance Check
Reported EBIT
$154.5
$205.4
$231.8
$95.5
$108.1
$244.4
Calculation of Fully Diluted Shares Outstanding
Non-recurring Items in COGS
Other Non-recurring Items
Adjusted EBIT
% margin
Depreciation & Amortization
Adjusted EBITDA
% margin
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
% margin
Debt/Total Capitalization
Total Debt/EBITDA
73.0%
1.8x
Net Debt/EBITDA
EBITDA/Interest Expense
-
-
-
-
-
-
Total Liabilities and Equity
$1,501.2
0.000
$1,132.5
39.0%
Adjusted Net Income
LTM Credit Statistics
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
70.782
2.981
Less: Shares Repurchased
(1.780)
$154.5
$205.4
$231.8
$95.5
$108.1
$244.4
5.4%
7.4%
8.2%
7.1%
7.9%
8.6%
Net New Shares from Options
Plus: Shares from Convertible Securities
1.201
-
Fully Diluted Shares Outstanding
71.983
135.8
128.4
125.1
62.3
65.6
128.3
$290.3
10.2%
$333.9
12.1%
$356.9
12.7%
$157.8
11.7%
$173.7
12.6%
$372.8
13.1%
$103.7
$141.1
$151.2
$59.3
$65.0
$157.0
34.0
-
-
-
-
-
-
$137.7
$141.1
$151.2
$59.3
$65.0
$157.0
4.8%
5.1%
5.4%
4.4%
4.7%
5.5%
$1.34
$1.53
$1.87
$0.72
$0.86
$2.13
Options/Warrants
Tranche
Tranche
Tranche
Tranche
Tranche
Adjusted Diluted EPS
9.7x
Cash Flow Statement Data
Depreciation & Amortization
% sales
Capital Expenditures
Growth Rates
Sales
EBITDA
EPS
Total
% sales
6.9%
10.9%
22.7%
18.4%
Estimated
1-year
2-year CAGR
Long-term
1.9%
2.8%
15.2%
11.8%
24.3%
21.1%
-
In-the-Money
Shares
$22.69
-
2.981
2.981
-
Proceeds
$67.6
-
2.981
$67.6
Convertible Securities
Conversion
Price
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
128.4
4.7%
70.4
125.1
4.4%
125.2
62.3
4.6%
53.5
65.6
4.8%
69.8
128.3
4.5%
141.5
Issue 2
Issue 3
Issue 4
-
-
-
-
2.1%
2.5%
4.4%
4.0%
5.1%
5.0%
Issue 5
-
-
-
-
Total
2.1%
(0.7%)
-
Exercise
Price
135.8
4.8%
60.9
Historical
1-year
2-year CAGR
2.981
-
Amount
10.2x
EBIT/Interest Expense
1
2
3
4
Number of
Shares
Tranche 5
1.6x
15.6x
(EBITDA-capex)/Interest Expense
253.0
$1,116.0
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
-
309.9
% margin
Trading Multiples
EV/Sales
Metric
12/26/2012
$59.1
Notes
(1) Interest expense includes interest expense and other net to maintain consistency with analyst report
(2) Analyst John Ivankoe from JP Morgan
-

46. McDonalds (NYSE:MCD)
Business Description
Input Page
Company operates and franchises resturants at varing degrees of quality all
around the world. They focus on being quick and efficient.
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
McDonalds
Ticker
Prior
MCD
Stock Exchange
NYSE
Fiscal Year Ending
12/31/2012
Moody's Corporate Rating
A2
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
A
0.39
31.0%
Current Price
4/18/2013
% of 52-week High
52-week High Price
$101.91
101.5%
100.42
52-week Low Price
99.03
Dividend Per Share (MRQ)
2.87
LTM
2012A
NA
12/31/2012
12/31/2012
$103,151.1
$2,336.1
Accounts Receivable
-
1,375.3
Inventories
-
121.7
Prepaids and Other Current Assets
-
1,089.0
-
$4,922.1
Property, Plant and Equipment, net
-
24,677.2
Goodwill and Intangible Assets
Other Assets
-
2,804.0
2,983.2
2012A
Sales
COGS1
$24,074.6
$27,006.0
$27,567.0
-
-
$27,567.0
13,059.5
14,837.9
15,223.7
-
-
15,223.7
Gross Profit
SG&A
Other Expense / (Income)
$11,015.1
2,333.3
1,208.7
$12,168.1
2,393.7
1,244.7
$12,343.3
2,455.2
1,283.5
-
-
$12,343.3
2,455.2
1,283.5
$7,473.1
472.8
$8,529.7
517.5
$8,604.6
525.6
-
-
$8,604.6
525.6
$7,000.3
$8,012.2
$8,079.0
-
-
$8,079.0
Total Assets
-
$35,386.5
2,054.0
-
2,509.1
-
2,614.2
-
-
-
2,614.2
-
Accounts Payable
-
1,141.9
-
-
Accrued Liabilities
-
1,374.8
-
-
Other Current Liabilities
-
886.4
-
$3,403.1
-
13,632.5
3,057.3
Total Liabilities
-
$20,092.9
Noncontrolling Interest
-
Preferred Stock
-
Shareholders' Equity
-
15,293.6
-
$35,386.5
Pre-tax Income
Income Taxes
Noncontrolling Interest
Preferred Dividends
Net Income
Weighted Avg. Diluted Shares
Diluted EPS
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
13,632.5
-
-
-
-
-
$4,946.3
$5,503.1
$5,464.8
$5,464.8
29.3%
31.3%
32.4%
NA
NA
32.4%
1,080.3
$4.58
1,044.9
$5.27
1,020.2
$5.36
NA
NA
1,020.2
NA
Adjusted Income Statement
Less: Cash and Cash Equivalents
(2,336.1)
Reported Gross Profit
Enterprise Value
$114,447.5
Non-recurring Items in COGS
Adj. Gross Profit
Trading Multiples
% margin
LTM
12/31/2012
NFY
2013E
4.2x
$27,567.0
EV/EBITDA
-
Total Current Assets
Total Current Liabilities
1,012.178
Equity Value
EV/Sales
Metric
4.0x
$28,619.0
NFY+1
2014E
3.8x
$30,394.0
11.3x
10.9x
10.2x
Metric
EV/EBIT
$10,093.1
13.3x
$10,484.0
12.8x
$11,210.0
11.9x
Metric
$8,604.6
$8,951.0
$9,630.0
P/E
Metric
19.0x
$5.36
17.7x
$5.76
16.0x
$6.37
Reported EBIT
Non-recurring Items in COGS
Other Non-recurring Items
Adjusted EBIT
% margin
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
64.7%
71.5%
30.9%
11.3%
Depreciation & Amortization
$11,015.1
-
$12,168.1
-
$12,343.3
-
$11,015.1
$12,168.1
$12,343.3
45.8%
45.1%
44.8%
$7,473.1
$8,529.7
$8,604.6
-
-
-
-
-
-
-
-
-
NA
NA
-
-
-
-
$7,473.1
$8,529.7
$8,604.6
-
-
31.0%
31.6%
31.2%
NA
NA
$12,343.3
$12,343.3
44.8%
$8,604.6
$8,604.6
1,488.5
-
-
$10,093.1
36.6%
NA
NA
$10,093.1
36.6%
$4,946.3
$5,503.1
$5,464.8
-
-
$5,464.8
-
-
Adjusted Net Income
LTM Credit Statistics
% margin
Debt/Total Capitalization
Total Debt/EBITDA
47.1%
1.4x
Net Debt/EBITDA
EBITDA/Interest Expense
13.4x
16.4x
Depreciation & Amortization
% sales
Capital Expenditures
-
$4,946.3
$5,503.1
$5,464.8
-
-
20.5%
20.4%
19.8%
NA
NA
$5,464.8
19.8%
$4.58
$5.27
$5.36
-
-
$5.36
Cash Flow Statement Data
EBIT/Interest Expense
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
Growth Rates
EBITDA
EPS
Adjusted Diluted EPS
1.5%
7.4%
1.7%
8.2%
Estimated
1-year
2-year CAGR
Long-term
3.8%
5.0%
3.9%
5.4%
7.5%
9.0%
3.5%
1,012.178
Options/Warrants
Tranche
Tranche 1
Tranche 2
Tranche 3
Tranche 4
Number of
Shares
17.100
-
Tranche 5
Total
-
Exercise
Price
In-the-Money
Shares
$45.97
-
17.100
-
-
17.100
Proceeds
$786.1
-
17.100
$786.1
Convertible Securities
Conversion
Price
Conversion
Ratio
New
Shares
-
-
-
-
1,276.2
5.3%
2,135.5
1,415.0
5.2%
2,729.8
1,488.5
5.4%
3,049.2
NA
-
NA
-
1,488.5
5.4%
3,049.2
Issue 2
Issue 3
Issue 4
-
-
-
-
8.9%
10.1%
11.1%
NA
NA
11.1%
Issue 5
-
-
-
-
Total
2.1%
7.0%
9.386
-
Issue 1
Historical
1-year
2-year CAGR
0.000
(7.714)
Amount
% sales
-
1,002.792
17.100
Less: Shares Repurchased
1.1x
19.2x
(EBITDA-capex)/Interest Expense
-
-
Calculation of Fully Diluted Shares Outstanding
Fully Diluted Shares Outstanding
1,415.0
$9,944.7
36.8%
-
0.000
1,488.5
1,276.2
$8,749.3
36.3%
-
Total Liabilities and Equity
Balance Check
Net New Shares from Options
Plus: Shares from Convertible Securities
Adjusted EBITDA
% margin
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
Total Debt
Other Long-Term Liabilities
31.2%
Reported Net Income
LTM Return on Investment Ratios
Sales
12/31/2012
Cash and Cash Equivalents
2011A
Effective Tax Rate
Fully Diluted Shares Outstanding
Stub
2010A
EBIT
Interest Expense
Selected Market Data
Stub
Fiscal Year Ending December 31,
Current
Notes
(1) food & paper, payroll & employee benefits, occupancy & other operating expenses
(2) Interest expense includes interest expense and other for sake of consistency
(3) Analyst: Jason West from DB
-

47. Chipotle (NYSE:CMG)
Business Description
Input Page
Aims to be a fast casual experience. Serving mexican food with slightly
higher than average quality. Operates all across the U.S.
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Chipotle
Ticker
Prior
CMG
Stock Exchange
NYSE
Fiscal Year Ending
Stub
2010A
2011A
2012A
Stub
LTM
NA
Fiscal Year Ending December 31,
Current
2012A
12/31/2012
12/31/2012
-
$322.6
Accounts Receivable
-
16.8
Inventories
-
11.1
Prepaids and Other Current Assets
-
196.2
-
$546.6
Property, Plant and Equipment, net
-
866.7
Goodwill and Intangible Assets
Other Assets
-
21.9
233.4
12/31/2012
Sales
$1,835.9
$2,269.5
$2,731.2
-
-
$2,731.2
NA
COGS
1,014.7
1,281.8
1,532.8
-
-
1,532.8
Gross Profit
SG&A
Other Expense / (Income)
$821.2
118.6
414.8
$987.7
149.4
487.7
$1,198.4
183.4
559.1
-
-
$1,198.4
183.4
559.1
EBIT
Interest Expense
$287.8
(1.2)
$350.6
0.9
$455.9
(1.8)
-
-
$455.9
(1.8)
$289.1
$349.7
$457.7
-
-
$457.7
Total Assets
-
$1,668.7
110.1
-
134.8
-
179.7
-
-
-
179.7
-
Accounts Payable
-
58.7
-
-
Accrued Liabilities
-
56.3
Other Current Liabilities
-
71.9
-
$186.9
-
235.9
Total Liabilities
-
$422.7
Noncontrolling Interest
-
Preferred Stock
-
Shareholders' Equity
-
1,245.9
-
$1,668.7
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
0.86
39.3%
Selected Market Data
Current Price
4/18/2013
$328.36
Pre-tax Income
% of 52-week High
52-week High Price
74.2%
442.40
Income Taxes
Noncontrolling Interest
52-week Low Price
233.82
Preferred Dividends
Dividend Per Share (MRQ)
-
-
-
-
-
Fully Diluted Shares Outstanding
Net Income
$179.0
$214.9
$278.0
-
-
$278.0
Effective Tax Rate
38.1%
38.5%
39.3%
NA
NA
39.3%
31.7
$5.64
31.8
$6.76
31.8
$8.75
NA
NA
31.8
NA
Total Current Assets
Total Current Liabilities
31.071
Equity Value
$10,202.5
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
-
Less: Cash and Cash Equivalents
(322.6)
Enterprise Value
$9,880.0
Weighted Avg. Diluted Shares
Diluted EPS
Adjusted Income Statement
Reported Gross Profit
Non-recurring Items in COGS
$821.2
-
$987.7
-
$1,198.4
-
-
-
-
-
$1,198.4
-
NFY
2013E
3.6x
$2,731.2
EV/EBITDA
3.1x
$3,177.6
2.7x
$3,691.5
18.3x
16.0x
13.3x
Metric
EV/EBIT
$540.0
21.7x
$619.4
18.9x
$744.8
15.5x
Metric
$455.9
$523.5
$635.5
P/E
Metric
37.5x
$8.75
32.0x
$10.27
26.0x
$12.65
LTM Return on Investment Ratios
$987.7
$1,198.4
-
-
44.7%
43.5%
43.9%
NA
NA
43.9%
Balance Check
Reported EBIT
NFY+1
2014E
$821.2
% margin
LTM
12/31/2012
$287.8
$350.6
$455.9
-
-
$455.9
-
98.7%
44.6%
33.3%
-
-
-
-
0.000
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
31.032
0.068
(0.029)
$287.8
$350.6
$455.9
-
-
$455.9
Less: Shares Repurchased
15.7%
15.4%
16.7%
NA
NA
16.7%
Net New Shares from Options
Plus: Shares from Convertible Securities
0.039
-
Fully Diluted Shares Outstanding
31.071
Depreciation & Amortization
Adjusted EBITDA
% margin
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
% margin
Debt/Total Capitalization
Total Debt/EBITDA
-
Net Debt/EBITDA
EBITDA/Interest Expense
(EBITDA-capex)/Interest Expense
(188.4x)
(250.5x)
Depreciation & Amortization
% sales
Capital Expenditures
74.9
84.1
-
-
$425.5
18.7%
$540.0
19.8%
NA
NA
$540.0
19.8%
$179.0
$214.9
$278.0
-
-
$278.0
-
-
-
-
-
84.1
-
Options/Warrants
Tranche
Tranche 1
Tranche 2
Tranche 3
Tranche 4
$179.0
$214.9
$278.0
-
-
$278.0
9.5%
10.2%
NA
NA
10.2%
Total
$5.64
$6.76
$8.75
-
-
$8.75
Number of
Shares
0.068
-
Tranche 5
9.7%
Cash Flow Statement Data
EBIT/Interest Expense
68.9
$356.8
19.4%
(0.6x)
(296.7x)
-
Exercise
Price
In-the-Money
Shares
$139.05
-
0.068
0.068
-
Proceeds
$9.5
-
0.068
$9.5
-
Growth Rates
Sales
0.000
% margin
Adjusted Net Income
LTM Credit Statistics
-
Adjusted EBIT
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
-
Total Liabilities and Equity
-
Calculation of Fully Diluted Shares Outstanding
-
Non-recurring Items in COGS
Other Non-recurring Items
$1,198.4
Total Debt
Other Long-Term Liabilities
Adj. Gross Profit
Trading Multiples
EV/Sales
Metric
12/31/2012
Cash and Cash Equivalents
EBITDA
EPS
Adjusted Diluted EPS
Convertible Securities
% sales
26.9%
23.0%
29.3%
24.5%
Estimated
1-year
2-year CAGR
Long-term
16.3%
16.3%
14.7%
17.4%
17.4%
20.3%
-
New
Shares
-
-
-
74.9
3.3%
151.1
84.1
3.1%
197.0
NA
-
NA
-
84.1
3.1%
197.0
Issue 2
Issue 3
Issue 4
-
-
-
-
6.2%
6.7%
7.2%
NA
NA
7.2%
Issue 5
-
-
-
-
Total
20.3%
22.0%
Conversion
Ratio
-
68.9
3.8%
113.2
Historical
1-year
2-year CAGR
Conversion
Price
Amount
Issue 1
Notes
(1) Interest expense includes interest expense
(2) Analyst report by Jason West from DB
-

48. Jack in the Box (NASDAQ:JACK)
Business Description
Input Page
The company focuses on a fast casual restaurant experience, and operates
in 42 states across the U.S.. The company owns Quodoba Mexican Grill.
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Jack in the Box
Ticker
Prior
JACK
Stub
1/20/2013
1/20/2013
1/20/2013
$8.5
$9.5
Accounts Receivable
78.8
40.5
Fiscal Year Ending
9/30/2012
Sales
$1,899.6
$1,662.3
$1,545.0
$457.9
$465.5
$1,552.6
NA
COGS
1,035.8
875.3
754.2
228.9
220.2
745.4
Gross Profit
SG&A
Other Expense / (Income)
$863.8
243.5
497.6
$787.1
224.7
418.5
$790.9
227.0
456.7
$229.0
65.7
139.0
$245.4
67.3
141.6
$807.2
228.6
459.3
EBIT
Interest Expense
$122.7
15.9
$143.9
16.9
$107.2
18.9
$24.3
6.1
$36.4
5.4
$119.3
18.2
$106.8
$127.1
$88.3
$18.2
$31.0
$101.1
36.6
-
46.5
-
30.6
-
6.2
-
10.4
-
34.8
-
Accounts Payable
94.7
38.2
-
-
-
-
-
-
Accrued Liabilities
164.6
150.6
NA
0.86
32.7%
Selected Market Data
Current Price
4/18/2013
% of 52-week High
52-week High Price
$35.47
101.0%
35.12
52-week Low Price
22.04
Dividend Per Share (MRQ)
-
Pre-tax Income
Income Taxes
Noncontrolling Interest
Preferred Dividends
Net Income
Effective Tax Rate
Fully Diluted Shares Outstanding
2012A
2012A
Cash and Cash Equivalents
NASDAQ
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
2011A
LTM
Stock Exchange
Moody's Corporate Rating
2010A
Stub
1/22/2012
Fiscal Year Ending September 30,
Current
$70.2
$80.6
$57.7
$12.0
$20.7
$66.4
34.3%
36.6%
34.7%
34.3%
33.4%
34.4%
55.8
$1.26
50.1
$1.61
44.9
$1.28
44.7
$0.27
44.4
$0.47
44.6
$1.48
Inventories
7.8
8.2
32.8
20.5
$127.8
$78.8
Property, Plant and Equipment, net
820.8
799.1
Goodwill and Intangible Assets
Other Assets
157.8
357.3
147.3
352.1
$1,463.7
$1,377.3
Prepaids and Other Current Assets
Total Current Assets
Total Assets
Other Current Liabilities
16.0
21.0
$275.3
$209.8
405.3
371.2
374.9
367.4
$1,051.8
$952.1
Total Current Liabilities
44.731
Equity Value
$1,586.6
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
374.9
-
Less: Cash and Cash Equivalents
(9.5)
Enterprise Value
$1,952.0
Weighted Avg. Diluted Shares
Diluted EPS
Total Debt
Other Long-Term Liabilities
Total Liabilities
Adjusted Income Statement
Reported Gross Profit
Non-recurring Items in COGS
Noncontrolling Interest
$863.8
-
$787.1
-
$790.9
-
$229.0
-
$245.4
-
$807.2
-
-
Preferred Stock
-
Shareholders' Equity
$1,463.7
$1,377.3
0.000
EV/Sales
Metric
NFY
2013E
1.3x
$1,552.6
EV/EBITDA
1.3x
$1,540.1
NFY+1
2014E
1.2x
$1,586.0
0.000
9.0x
8.5x
7.6x
Metric
EV/EBIT
$217.8
16.4x
$230.7
14.4x
$257.5
12.3x
Metric
$119.3
$135.2
$159.2
P/E
Metric
24.7x
$1.44
21.5x
$1.65
17.3x
$2.05
LTM Return on Investment Ratios
$863.8
$787.1
$790.9
$229.0
$245.4
$807.2
45.5%
47.3%
51.2%
50.0%
52.7%
52.0%
Balance Check
Reported EBIT
$122.7
$143.9
$107.2
$24.3
$36.4
$119.3
Calculation of Fully Diluted Shares Outstanding
Non-recurring Items in COGS
Other Non-recurring Items
Adjusted EBIT
% margin
Depreciation & Amortization
Adjusted EBITDA
% margin
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
14.9%
15.3%
4.5%
-
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
-
-
-
-
-
-
Total Liabilities and Equity
425.2
% margin
LTM
1/20/2013
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
43.521
3.709
Less: Shares Repurchased
(2.499)
$122.7
$143.9
$107.2
$24.3
$36.4
$119.3
6.5%
8.7%
6.9%
5.3%
7.8%
7.7%
Net New Shares from Options
Plus: Shares from Convertible Securities
1.210
-
Fully Diluted Shares Outstanding
44.731
101.5
96.1
98.0
29.5
30.0
98.4
$224.2
11.8%
$240.1
14.4%
$205.1
13.3%
$53.8
11.7%
$66.4
14.3%
$217.8
14.0%
$70.2
$80.6
$57.7
$12.0
$20.7
$66.4
-
-
-
-
(3.3)
1.1
(3.3)
1.1
Options/Warrants
Tranche
Tranche 1
Tranche 2
Tranche 3
Tranche 4
Adjusted Net Income
Debt/Total Capitalization
Total Debt/EBITDA
46.9%
1.7x
Net Debt/EBITDA
EBITDA/Interest Expense
$70.2
$80.6
$57.7
$12.0
$18.5
$64.2
3.7%
4.8%
3.7%
2.6%
4.0%
4.1%
Total
$1.26
$1.61
$1.28
$0.27
$0.42
$1.44
1.7x
12.0x
Adjusted Diluted EPS
7.9x
Cash Flow Statement Data
EBIT/Interest Expense
6.6x
Depreciation & Amortization
% sales
Capital Expenditures
Sales
EBITDA
EPS
% sales
(14.6%)
(4.4%)
(20.3%)
1.0%
Estimated
1-year
2-year CAGR
Long-term
(0.3%)
1.3%
12.5%
12.0%
28.6%
26.4%
2.0%
In-the-Money
Shares
$23.90
-
3.709
3.709
-
Proceeds
$88.7
-
3.709
$88.7
Convertible Securities
Conversion
Price
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
96.1
5.8%
129.3
98.0
6.3%
80.2
29.5
6.4%
26.9
30.0
6.4%
21.4
98.4
6.3%
74.6
Issue 2
Issue 3
Issue 4
-
-
-
-
5.0%
7.8%
5.2%
5.9%
4.6%
4.8%
Issue 5
-
-
-
-
Total
(7.1%)
(9.8%)
-
Exercise
Price
101.5
5.3%
95.6
Historical
1-year
2-year CAGR
3.709
-
Amount
(EBITDA-capex)/Interest Expense
Growth Rates
Number of
Shares
Tranche 5
% margin
LTM Credit Statistics
-
411.9
Adj. Gross Profit
Trading Multiples
-
Notes
(1) Interest expense includes interest expense
-

49. Red Robin Gourmet Burgers (NASDAQ:RRGB)
Business Description
Input Page
Offers casual dining experience, offering a diverse menu. They operate in
the U.S. and Canada. They have been around since 1979.
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Red Robin Gourmet Burgers
Ticker
Prior
RRGB
Stock Exchange
NASDAQ
Fiscal Year Ending
Stub
2010A
2011A
2012A
Stub
LTM
NA
Fiscal Year Ending December 30,
Current
2012A
12/30/2012
12/30/2012
12/30/2012
Sales
$864.3
$914.9
$977.1
-
-
$977.1
NA
COGS
507.5
530.6
565.7
-
-
565.7
$356.8
93.0
254.0
$384.3
103.1
253.2
$411.4
110.8
258.1
-
-
$411.4
110.8
258.1
$9.8
5.1
$28.0
5.9
$42.5
5.7
-
-
$42.5
5.7
$4.7
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
1.63
23.1%
Gross Profit
SG&A
Other Expense / (Income)
EBIT
Interest Expense
Selected Market Data
Current Price
4/18/2013
% of 52-week High
52-week High Price
$44.03
93.8%
46.94
52-week Low Price
27.18
Dividend Per Share (MRQ)
-
Pre-tax Income
$625.4
Preferred Dividends
Net Income
Weighted Avg. Diluted Shares
Diluted EPS
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
134.2
-
-
16.4
Inventories
-
18.4
Prepaids and Other Current Assets
-
17.3
-
$74.5
Property, Plant and Equipment, net
-
413.3
Goodwill and Intangible Assets
Other Assets
-
99.7
9.6
Total Current Assets
$22.1
$36.9
-
-
$36.9
Total Assets
-
$597.1
(2.6)
-
1.5
-
8.5
-
-
-
8.5
-
Accounts Payable
-
18.9
-
-
-
-
-
-
Accrued Liabilities
-
54.4
Other Current Liabilities
-
29.0
-
$102.3
-
134.2
53.7
-
$290.2
Noncontrolling Interest
-
Preferred Stock
-
Shareholders' Equity
-
306.9
-
$597.1
$7.3
$20.6
$28.3
-
-
$28.3
(54.3%)
6.8%
23.1%
NA
NA
23.1%
15.7
$0.46
15.4
$1.34
14.7
$1.93
NA
NA
14.7
NA
Adjusted Income Statement
Less: Cash and Cash Equivalents
(22.4)
Reported Gross Profit
Enterprise Value
$737.1
Non-recurring Items in COGS
$356.8
-
$384.3
-
$411.4
-
-
-
-
-
$411.4
-
Adj. Gross Profit
LTM
12/30/2012
NFY
2013E
0.8x
$977.1
0.7x
$1,017.9
NFY+1
2014E
0.7x
$1,098.4
7.5x
7.3x
6.3x
Metric
EV/EBIT
$98.0
17.3x
$101.4
17.1x
$116.9
14.4x
Metric
$42.5
$43.0
$51.2
P/E
Metric
22.8x
$1.93
21.4x
$2.06
18.0x
$2.45
LTM Return on Investment Ratios
$356.8
$384.3
$411.4
-
-
$411.4
% margin
Trading Multiples
EV/EBITDA
$22.4
Accounts Receivable
Total Current Liabilities
14.203
Equity Value
EV/Sales
Metric
-
Total Liabilities
Income Taxes
Noncontrolling Interest
Effective Tax Rate
Fully Diluted Shares Outstanding
41.3%
42.0%
42.1%
NA
NA
42.1%
$9.8
$28.0
$42.5
-
-
$42.5
-
-
Reported EBIT
Non-recurring Items in COGS
Other Non-recurring Items
Adjusted EBIT
% margin
Depreciation & Amortization
Adjusted EBITDA
% margin
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
20.3%
18.5%
9.5%
-
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
Adjusted Net Income
LTM Credit Statistics
% margin
Debt/Total Capitalization
Total Debt/EBITDA
30.4%
1.4x
Net Debt/EBITDA
EBITDA/Interest Expense
-
-
-
-
Total Debt
Other Long-Term Liabilities
Total Liabilities and Equity
Balance Check
Adjusted Diluted EPS
6.7x
7.5x
Depreciation & Amortization
% sales
Capital Expenditures
EBITDA
EPS
% sales
Historical
14.025
0.435
(0.257)
$9.8
$28.0
$42.5
-
-
$42.5
Less: Shares Repurchased
3.1%
4.4%
NA
NA
4.4%
Net New Shares from Options
Plus: Shares from Convertible Securities
0.178
-
55.5
Fully Diluted Shares Outstanding
14.203
56.7
55.3
55.5
-
-
$66.6
7.7%
$83.2
9.1%
$98.0
10.0%
NA
NA
$98.0
10.0%
$7.3
$20.6
$28.3
-
-
$28.3
-
-
-
-
-
-
Options/Warrants
Tranche
Tranche 1
Tranche 2
Tranche 3
Tranche 4
$7.3
$20.6
$28.3
-
-
$28.3
2.2%
2.9%
NA
NA
2.9%
Total
$0.46
$1.34
$1.93
-
-
$1.93
6.8%
6.3%
17.7%
21.3%
44.1%
103.9%
Estimated
1-year
2-year CAGR
Long-term
4.2%
6.0%
3.4%
9.2%
6.7%
12.6%
6.0%
Number of
Shares
0.435
-
Tranche 5
0.8%
-
Notes
Exercise
Price
In-the-Money
Shares
$26.01
-
0.435
0.435
-
Proceeds
$11.3
-
0.435
$11.3
Convertible Securities
Conversion
Price
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
56.7
6.6%
35.0
55.3
6.0%
44.1
55.5
5.7%
60.0
NA
-
NA
-
55.5
5.7%
60.0
Issue 2
Issue 3
Issue 4
-
-
-
-
4.0%
4.8%
6.1%
NA
NA
6.1%
Issue 5
-
-
-
-
Total
1-year
2-year CAGR
0.000
1.1%
Cash Flow Statement Data
EBIT/Interest Expense
-
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
Amount
(EBITDA-capex)/Interest Expense
Growth Rates
0.000
-
Calculation of Fully Diluted Shares Outstanding
1.1x
17.3x
Sales
12/30/2012
Cash and Cash Equivalents
-

50. Cracker Barrel (Nasdaq:CBRL)
Business Description
Cracker Barrel Old Country Store, Inc. develops and operates the Cracker
Barrel Old Country Store restaurant and retail concept in the United States.
Its restaurants provide breakfast, lunch, and dinner. The company’s gift
shops offer various decorative and functional items
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Ticker
Prior
CBRL
Stock Exchange
2010A
6/27/2012
Sales
NA
COGS
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
0.85
29.5%
Gross Profit
SG&A
Other Expense / (Income)
EBIT
Interest Expense
Selected Market Data
Current Price
4/18/2013
$80.47
% of 52-week High
52-week High Price
98.6%
81.60
52-week Low Price
54.77
Dividend Per Share (MRQ)
0.97
Pre-tax Income
Income Taxes
Noncontrolling Interest
Preferred Dividends
Net Income
Effective Tax Rate
Fully Diluted Shares Outstanding
2011A
$2,404.5
$2,434.4
$2,580.2
Stub
LTM
1/27/2012
2012A
Current
Stub
Fiscal Year Ending June 27,
Nasdaq
Fiscal Year Ending
2/1/2013
2/1/2013
$1,271.7
2012A
$1,330.1
Cash and Cash Equivalents
Accounts Receivable
$2,638.6
745.8
772.5
827.5
421.7
442.0
847.8
$1,658.7
145.9
1,348.1
$1,662.0
139.2
1,355.6
$1,752.7
146.2
1,415.6
$850.0
73.9
684.1
$888.1
69.5
716.1
$1,790.8
141.8
1,447.5
$164.7
49.0
$167.2
51.5
$191.0
44.7
$92.0
22.2
$102.5
21.0
$201.5
43.5
$115.7
$115.7
$146.3
$69.8
$81.5
$158.0
30.5
-
30.5
-
43.2
-
20.4
-
23.1
-
46.0
-
-
-
-
-
-
-
$85.3
$85.2
$103.1
$49.4
$58.4
$112.0
26.3%
26.3%
29.5%
29.2%
28.4%
29.1%
23.6
$3.62
23.6
$3.61
23.4
$4.40
23.2
$2.13
23.9
$2.45
24.0
$4.72
$1,927.8
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
512.5
-
Less: Cash and Cash Equivalents
(187.0)
Enterprise Value
$2,253.3
Weighted Avg. Diluted Shares
Diluted EPS
Prepaids and Other Current Assets
13.3
143.3
Inventories
139.6
27.5
28.4
$337.3
$368.4
1,022.4
1,017.9
59.3
59.3
$1,419.0
$1,445.6
Accounts Payable
101.3
85.1
Accrued Liabilities
39.8
36.4
178.0
184.2
$319.1
$305.7
525.0
192.2
512.5
193.1
$1,036.3
$1,011.3
Total Current Assets
Property, Plant and Equipment, net
Goodwill and Intangible Assets
Other Assets
Total Assets
Other Current Liabilities
Total Current Liabilities
Total Debt
Other Long-Term Liabilities
Reported Gross Profit
Non-recurring Items in COGS
Noncontrolling Interest
$1,658.7
-
$1,662.0
-
$1,752.7
-
$850.0
-
$888.1
-
$1,790.8
-
-
Preferred Stock
-
Shareholders' Equity
LTM
2/1/2013
NFY
2013E
0.9x
$2,638.6
0.8x
$2,734.2
0.8x
$2,852.1
8.4x
7.6x
7.0x
Metric
EV/EBIT
$267.0
11.2x
$295.6
10.0x
$320.2
9.0x
Metric
$201.5
$225.7
$250.2
P/E
Metric
17.3x
$4.66
13.2x
$6.10
11.6x
$6.93
LTM Return on Investment Ratios
$1,419.0
0.000
$1,662.0
$1,752.7
$850.0
$888.1
$1,790.8
69.0%
68.3%
67.9%
66.8%
66.8%
67.9%
Balance Check
$164.7
$167.2
$191.0
$92.0
$102.5
$201.5
Calculation of Fully Diluted Shares Outstanding
Non-recurring Items in COGS
Other Non-recurring Items
Adjusted EBIT
% margin
Depreciation & Amortization
Adjusted EBITDA
% margin
26.6%
27.4%
7.8%
4.8%
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
-
-
-
-
-
-
54.1%
1.9x
$92.0
$102.5
$201.5
7.4%
7.2%
7.7%
7.6%
Net New Shares from Options
Plus: Shares from Convertible Securities
0.199
-
Fully Diluted Shares Outstanding
23.957
61.0
62.8
64.5
31.3
32.4
65.5
$225.7
9.4%
$230.0
9.4%
$255.4
9.9%
$123.3
9.7%
$134.9
10.1%
$267.0
10.1%
$85.3
$85.2
$103.1
$49.4
$58.4
$112.0
-
-
-
-
-
-
$85.2
$103.1
$49.4
$58.4
$112.0
3.5%
4.0%
3.9%
4.4%
4.2%
$3.62
$3.61
$4.40
$2.13
$2.45
$4.66
4.5x
Cash Flow Statement Data
EBIT/Interest Expense
4.6x
Depreciation & Amortization
% sales
Capital Expenditures
Options/Warrants
Tranche
Tranche 1
Tranche 2
Tranche 3
Tranche 4
Growth Rates
EBITDA
EPS
% sales
Total
11.1%
6.4%
22.1%
10.4%
Estimated
1-year
2-year CAGR
Long-term
6.0%
5.1%
15.7%
12.0%
38.5%
25.4%
-
-
Exercise
Price
In-the-Money
Shares
$33.62
-
0.342
0.342
-
Proceeds
$11.5
-
0.342
$11.5
Convertible Securities
Conversion
Price
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
61.0
2.5%
70.1
62.8
2.6%
78.0
64.5
2.5%
80.9
31.3
2.5%
38.8
32.4
2.4%
29.7
65.5
2.5%
71.8
Issue 2
Issue 3
Issue 4
-
-
-
-
2.9%
3.2%
3.1%
3.1%
2.2%
2.7%
Issue 5
-
-
-
-
Total
6.0%
3.6%
0.342
-
Amount
Historical
1-year
2-year CAGR
Number of
Shares
Tranche 5
1.2x
6.1x
(EBITDA-capex)/Interest Expense
(0.143)
$191.0
6.9%
3.5%
Adjusted Diluted EPS
Less: Shares Repurchased
$167.2
$85.3
Net Debt/EBITDA
EBITDA/Interest Expense
23.758
0.342
6.8%
% margin
Debt/Total Capitalization
Total Debt/EBITDA
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
$164.7
Adjusted Net Income
LTM Credit Statistics
Total Liabilities and Equity
$1,445.6
0.000
$1,658.7
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
434.3
Reported EBIT
NFY+1
2014E
-
382.7
% margin
Sales
$187.0
14.6
Total Liabilities
Adjusted Income Statement
Adj. Gross Profit
Trading Multiples
EV/EBITDA
2/1/2013
$152.0
23.957
Equity Value
EV/Sales
Metric
Balance Sheet Data
Cracker Barrel
Notes
(1) Interest expense includes interest expense
(2) Analyst Stephen Anderson Miller Tabak & Co
-

51. Del Frisco (NasdaqGS:DFRG)
Business Description
Del Frisco's Restaurant Group, Inc. develops, owns, and operates restaurants in the
United States. The company operates restaurants under Del Frisco’s Double Eagle
Steak House, Sullivan’s Steakhouse, and Del Frisco’s Grille names. Its restaurants
offer steaks; and other menu selections, such as chops and fresh seafood.
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Del Frisco
Ticker
Prior
DFRG
Stock Exchange
NasdaqGS
Fiscal Year Ending
12/25/2012
Sales
NA
COGS
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
0.36
27.7%
2010A
Gross Profit
SG&A
Other Expense / (Income)
EBIT
Interest Expense
Selected Market Data
Current Price
4/18/2013
% of 52-week High
52-week High Price
$16.21
85.3%
19.00
52-week Low Price
11.73
Dividend Per Share (MRQ)
-
Pre-tax Income
2011A
$162.9
$198.6
LTM
NA
2012A
Stub
2012A
12/25/2012
12/25/2012
$232.4
-
-
$232.4
49.5
60.7
71.1
-
-
71.1
$113.4
7.5
85.3
$137.9
10.6
104.0
$161.3
13.4
123.3
-
-
$161.3
13.4
123.3
$20.6
11.9
$23.3
9.0
$24.6
4.5
-
-
$24.6
4.5
$8.7
$385.7
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
-
Less: Cash and Cash Equivalents
(10.8)
Enterprise Value
$374.9
Accounts Receivable
-
3.3
Inventories
-
12.1
Prepaids and Other Current Assets
-
6.8
-
$33.0
Property, Plant and Equipment, net
-
105.6
Goodwill and Intangible Assets
Other Assets
-
111.8
8.1
Total Current Assets
Preferred Dividends
Net Income
$14.3
$20.2
-
-
$20.2
Total Assets
-
$258.4
4.7
-
5.6
-
-
-
5.6
-
Accounts Payable
-
8.8
-
-
-
-
-
-
Accrued Liabilities
-
6.3
$8.8
$9.6
$14.6
-
-
$14.6
Other Current Liabilities
-
18.7
(1.0%)
32.5%
27.7%
NA
NA
27.7%
-
$33.8
Weighted Avg. Diluted Shares
Diluted EPS
18.0
$0.49
18.0
$0.54
20.4
$0.71
NA
NA
20.4
NA
-
46.7
-
$80.5
Noncontrolling Interest
-
Preferred Stock
-
Shareholders' Equity
-
177.9
-
$258.4
Adjusted Income Statement
Reported Gross Profit
Non-recurring Items in COGS
$113.4
-
$137.9
-
$161.3
-
-
-
-
-
$161.3
-
LTM
12/25/2012
NFY
2013E
1.6x
$232.4
1.3x
$280.8
1.2x
$308.3
9.7x
8.6x
7.7x
Metric
EV/EBIT
$38.8
12.4x
$43.8
11.4x
$48.4
10.3x
Metric
$30.1
$32.8
$36.3
P/E
Metric
17.2x
$0.94
17.1x
$0.95
15.7x
$1.03
$137.9
$161.3
-
-
$161.3
69.6%
69.4%
69.4%
NA
NA
69.4%
Reported EBIT
NFY+1
2014E
$113.4
% margin
$20.6
$23.3
$24.6
-
-
$24.6
5.5
-
-
5.5
Non-recurring Items in COGS
Other Non-recurring Items
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
36.1%
21.7%
14.9%
-
Adjusted EBIT
-
-
$20.6
$23.3
$30.1
-
-
$30.1
12.6%
11.7%
13.0%
NA
NA
13.0%
6.5
7.0
8.7
-
-
$27.1
16.6%
$30.3
15.2%
$38.8
16.7%
NA
NA
$38.8
16.7%
Reported Net Income
LTM Return on Investment Ratios
$8.8
$9.6
$14.6
-
-
$14.6
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
(0.0)
-
(0.7)
-
-
-
% margin
Depreciation & Amortization
Adjusted EBITDA
% margin
Adjusted Net Income
LTM Credit Statistics
% margin
Debt/Total Capitalization
Total Debt/EBITDA
-
Net Debt/EBITDA
EBITDA/Interest Expense
Total Current Liabilities
5.5
(0.8)
-
8.7
5.5
(0.8)
-
Total Debt
Other Long-Term Liabilities
Total Liabilities and Equity
Balance Check
-
0.000
0.000
Calculation of Fully Diluted Shares Outstanding
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
23.795
-
Less: Shares Repurchased
-
Net New Shares from Options
Plus: Shares from Convertible Securities
-
Fully Diluted Shares Outstanding
23.795
Options/Warrants
Tranche
Number of
Shares
Exercise
Price
In-the-Money
Shares
Proceeds
Tranche 1
Tranche 2
Tranche 3
Tranche 4
-
-
-
-
-
-
-
-
-
$8.7
$9.0
$19.3
-
-
$19.3
Tranche 5
-
5.4%
4.5%
8.3%
NA
NA
8.3%
Total
-
$0.49
$0.50
$0.94
-
-
$0.94
(0.3x)
8.7x
Adjusted Diluted EPS
1.2x
Cash Flow Statement Data
EBIT/Interest Expense
6.8x
Depreciation & Amortization
% sales
Capital Expenditures
Growth Rates
EBITDA
EPS
Convertible Securities
% sales
28.2%
19.8%
89.2%
39.4%
Estimated
1-year
2-year CAGR
Long-term
20.8%
15.2%
12.8%
11.7%
0.7%
4.5%
-
New
Shares
Issue 1
-
-
-
-
7.0
3.5%
20.1
8.7
3.7%
33.6
NA
-
NA
-
8.7
3.7%
33.6
Issue 2
Issue 3
Issue 4
-
-
-
-
3.4%
10.1%
14.5%
NA
NA
14.5%
Issue 5
-
-
-
-
Total
17.0%
19.5%
Conversion
Ratio
6.5
4.0%
5.6
Historical
1-year
2-year CAGR
Conversion
Price
Amount
(EBITDA-capex)/Interest Expense
Sales
$10.8
(0.1)
-
Adj. Gross Profit
Trading Multiples
EV/EBITDA
-
23.795
Equity Value
EV/Sales
Metric
12/25/2012
Cash and Cash Equivalents
Total Liabilities
Income Taxes
Noncontrolling Interest
Effective Tax Rate
Fully Diluted Shares Outstanding
Stub
Fiscal Year Ending December 25,
Current
Notes
(1) Interest expense includes interest expense-affiliates, interest expense-other, writeoff of debt issuance costs, other
(2) Analyst: Jason West from DB
(3) Adjustment: discontinued operations
-

52. Dine Equity (NYSE:DIN)
Business Description
DineEquity, Inc., through its subsidiaries, develops, franchises, and
operates full-service restaurant chains in the United States and
internationally.
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Dine Equity
Ticker
Prior
DIN
Stock Exchange
NYSE
Fiscal Year Ending
Stub
2010A
2011A
2012A
Stub
LTM
NA
Fiscal Year Ending December 31,
Current
2012A
12/31/2012
12/31/2012
12/31/2012
Cash and Cash Equivalents
-
$64.5
Accounts Receivable
-
128.6
Inventories
-
101.3
-
$294.4
12/31/2012
Sales
$1,333.6
$1,075.2
$849.9
-
-
$849.9
NA
COGS
903.8
667.6
458.0
-
-
458.0
Prepaids and Other Current Assets
Gross Profit
SG&A
Other Expense / (Income)
$429.8
160.3
110.0
$407.6
155.8
14.1
$391.9
163.2
(80.5)
-
-
$391.9
163.2
(80.5)
Property, Plant and Equipment, net
-
294.4
EBIT
Interest Expense
$159.5
171.5
$237.7
132.7
$309.3
114.3
-
-
$309.3
114.3
Goodwill and Intangible Assets
Other Assets
-
1,503.6
323.0
-
$2,415.4
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
2.50
34.5%
Selected Market Data
Current Price
4/18/2013
% of 52-week High
52-week High Price
$68.30
87.1%
78.39
52-week Low Price
41.49
Dividend Per Share (MRQ)
-
Pre-tax Income
($12.1)
$105.0
$194.9
-
-
$194.9
Income Taxes
Noncontrolling Interest
(9.3)
(1.2)
29.8
1.9
67.2
2.7
-
-
67.2
2.7
Accounts Payable
Preferred Dividends
28.4
2.6
2.5
-
-
2.5
Accrued Liabilities
Net Income
($30.0)
$70.7
$122.5
-
-
$122.5
Effective Tax Rate
Fully Diluted Shares Outstanding
Total Current Assets
76.9%
28.4%
34.5%
NA
NA
34.5%
17.2
($1.74)
18.2
$3.89
18.9
$6.49
NA
NA
18.9
NA
Total Assets
30.8
-
Other Current Liabilities
$1,329.5
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
1,202.1
-
Less: Cash and Cash Equivalents
(64.5)
Enterprise Value
$2,467.1
Total Current Liabilities
-
Weighted Avg. Diluted Shares
Diluted EPS
Total Debt
Other Long-Term Liabilities
Total Liabilities
Reported Gross Profit
Non-recurring Items in COGS
$429.8
-
$407.6
-
$391.9
-
-
-
-
-
$391.9
-
-
Noncontrolling Interest
Adjusted Income Statement
-
Preferred Stock
-
Shareholders' Equity
LTM
12/31/2012
NFY
2013E
2.9x
$849.9
3.9x
$636.0
3.7x
$666.0
7.1x
10.2x
9.9x
Metric
EV/EBIT
$348.8
8.0x
$242.9
11.0x
$250.0
10.7x
Metric
$309.3
$223.6
$230.9
P/E
Metric
10.5x
$6.49
20.0x
$3.41
18.2x
$3.76
LTM Return on Investment Ratios
$429.8
$407.6
$391.9
-
-
$391.9
32.2%
37.9%
46.1%
NA
NA
46.1%
Balance Check
Reported EBIT
NFY+1
2014E
$159.5
$237.7
$309.3
-
-
$309.3
42.8%
39.7%
10.1%
-
-
-
-
-
-
Total Liabilities and Equity
79.6%
3.4x
(0.313)
$159.5
$237.7
$309.3
-
-
$309.3
Less: Shares Repurchased
12.0%
22.1%
36.4%
NA
NA
36.4%
Net New Shares from Options
Plus: Shares from Convertible Securities
0.288
-
Fully Diluted Shares Outstanding
19.465
Depreciation & Amortization
Adjusted EBITDA
% margin
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
61.4
50.2
39.5
-
-
$220.9
16.6%
$287.9
26.8%
$348.8
41.0%
NA
NA
$348.8
41.0%
($30.0)
$70.7
$122.5
-
-
$122.5
-
-
-
-
-
39.5
-
Options/Warrants
Tranche
Tranche 1
Tranche 2
Tranche 3
Tranche 4
($30.0)
$70.7
$122.5
-
-
$122.5
6.6%
14.4%
NA
NA
14.4%
Total
($1.74)
$3.89
$6.49
-
-
$6.49
Adjusted Diluted EPS
2.9x
Cash Flow Statement Data
EBIT/Interest Expense
2.7x
Depreciation & Amortization
% sales
Capital Expenditures
21.1%
25.7%
66.8%
-
Estimated
1-year
2-year CAGR
Long-term
(25.2%)
(11.5%)
(30.4%)
(15.3%)
(47.4%)
(23.9%)
-
-
% sales
Notes
Exercise
Price
In-the-Money
Shares
$35.57
-
0.602
0.602
-
Proceeds
$21.4
-
0.602
$21.4
Convertible Securities
Conversion
Price
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
61.4
4.6%
18.7
50.2
4.7%
26.3
39.5
4.7%
17.0
NA
-
NA
-
39.5
4.7%
17.0
Issue 2
Issue 3
Issue 4
-
-
-
-
1.4%
2.4%
2.0%
NA
NA
2.0%
Issue 5
-
-
-
-
Total
(21.0%)
(20.2%)
0.602
-
Amount
Historical
1-year
2-year CAGR
Number of
Shares
Tranche 5
(2.2%)
(EBITDA-capex)/Interest Expense
EPS
0.000
% margin
3.3x
3.1x
EBITDA
$2,415.4
Adjusted EBIT
Net Debt/EBITDA
EBITDA/Interest Expense
Growth Rates
0.000
19.177
0.602
% margin
Debt/Total Capitalization
Total Debt/EBITDA
-
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
Adjusted Net Income
LTM Credit Statistics
-
Calculation of Fully Diluted Shares Outstanding
-
Non-recurring Items in COGS
Other Non-recurring Items
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
$2,106.7
308.7
% margin
Sales
$267.8
1,202.1
636.8
Adj. Gross Profit
Trading Multiples
EV/EBITDA
237.0
19.465
Equity Value
EV/Sales
Metric
-
-

53. Buffalo Wild Wings Inc. (NYSE:BWLD)
Business Description
Buffalo Wild Wings, Inc. engages in the ownership, operation, and franchise
of restaurants primarily in the United States. It offers chicken and various
food and beverage items, as well as serves bottled beers, wines, and liquor.
As of December 30, 2012, the company owned and operated 381 companyowned restaurants, and franchised an additional 510 Buffalo Wild Wings
Input Page
($ in millions, except per share data)
General Information
Reported Income Statement
Company Name
Balance Sheet Data
Buffalo Wild Wings Inc.
Prior
Ticker
BWLD
Stock Exchange
NYSE
2010A
Stub
Fiscal Year Ending
2011A
2012A
Stub
LTM
NA
Fiscal Year Ending December 30,
Current
2012A
12/30/2012
12/30/2012
12/30/2012
Sales
$613.3
$784.5
$1,040.5
-
-
$1,040.5
NA
COGS
453.3
572.6
788.4
-
-
788.4
$160.0
54.0
47.6
$211.9
72.7
64.5
$252.1
84.1
82.1
-
-
$252.1
84.1
82.1
Moody's Corporate Rating
S&P Corporate Rating
Predicted Beta
Marginal Tax Rate
NA
1.01
30.6%
Gross Profit
SG&A
Other Expense / (Income)
EBIT
Interest Expense
Selected Market Data
Current Price
4/18/2013
$91.48
% of 52-week High
52-week High Price
NA
101.8%
89.90
52-week Low Price
NA
68.71
Dividend Per Share (MRQ)
Pre-tax Income
Income Taxes
Noncontrolling Interest
Preferred Dividends
Net Income
Effective Tax Rate
Fully Diluted Shares Outstanding
$1,711.4
Plus: Total Debt
Plus: Preferred Stock
Plus: Noncontrolling Interest
-
Less: Cash and Cash Equivalents
(21.3)
Enterprise Value
$1,690.1
$21.3
Accounts Receivable
-
20.2
Inventories
-
7.8
Prepaids and Other Current Assets
-
76.2
-
$125.5
Property, Plant and Equipment, net
-
386.6
Goodwill and Intangible Assets
Other Assets
-
32.4
46.6
Total Current Assets
$58.4
(0.7)
$74.7
(0.1)
$85.9
(0.8)
-
-
$85.9
(0.8)
$59.1
$74.8
$86.7
-
-
$86.7
Total Assets
-
$591.1
18.6
-
22.5
-
26.1
-
-
-
26.1
-
Accounts Payable
-
36.4
-
-
-
-
-
-
Accrued Liabilities
-
64.0
Other Current Liabilities
-
40.5
-
$140.9
-
66.8
$207.7
$40.5
$52.3
$60.6
-
-
$60.6
31.5%
30.1%
30.1%
NA
NA
30.1%
Weighted Avg. Diluted Shares
Diluted EPS
18.3
$2.21
18.5
$2.83
18.7
$3.24
NA
NA
18.7
NA
Total Current Liabilities
Total Liabilities
Reported Gross Profit
Non-recurring Items in COGS
$160.0
-
$211.9
-
$252.1
-
-
-
-
-
$252.1
-
NFY
2013E
1.6x
$1,040.5
1.3x
$1,269.8
1.1x
$1,476.5
11.3x
9.4x
7.9x
Metric
EV/EBIT
$150.1
19.7x
$179.1
17.5x
$215.2
14.2x
Metric
$85.9
$96.4
$119.1
P/E
Metric
28.2x
$3.24
25.6x
$3.57
21.6x
$4.23
LTM Return on Investment Ratios
$211.9
$252.1
-
-
$252.1
26.1%
27.0%
24.2%
NA
NA
24.2%
Reported EBIT
NFY+1
2014E
$160.0
% margin
LTM
12/30/2012
$58.4
$74.7
$85.9
-
-
$85.9
-
-
Non-recurring Items in COGS
Other Non-recurring Items
47.4%
31.6%
20.5%
-
-
-
-
-
-
Preferred Stock
-
Shareholders' Equity
-
383.4
-
$591.1
Total Liabilities and Equity
Balance Check
Basic Shares Outstanding
Plus: Shares from In-the-Money Options
18.636
0.152
(0.080)
$58.4
$74.7
$85.9
-
-
$85.9
Less: Shares Repurchased
% margin
9.5%
9.5%
8.3%
NA
NA
8.3%
Net New Shares from Options
Plus: Shares from Convertible Securities
0.072
-
64.2
Fully Diluted Shares Outstanding
18.708
Depreciation & Amortization
Adjusted EBITDA
% margin
Non-recurring Items in COGS
Other Non-recurring Items
Non-operating Non-rec. Items
Tax Adjustment
38.6
49.0
64.2
-
-
$97.0
15.8%
$123.7
15.8%
$150.1
14.4%
NA
NA
$150.1
14.4%
$40.5
$52.3
$60.6
-
-
$60.6
-
-
-
-
-
-
Options/Warrants
Tranche
Tranche
Tranche
Tranche
Tranche
1
2
3
4
-
Net Debt/EBITDA
EBITDA/Interest Expense
$40.5
$52.3
$60.6
-
-
$60.6
6.6%
6.7%
5.8%
NA
NA
5.8%
Total
$2.21
$2.83
$3.24
-
-
$3.24
(0.1x)
(187.6x)
0.152
-
Exercise
Price
In-the-Money
Shares
$47.97
-
0.152
0.152
-
Proceeds
$7.3
-
0.152
$7.3
-
(EBITDA-capex)/Interest Expense
Adjusted Diluted EPS
(24.5x)
Cash Flow Statement Data
Depreciation & Amortization
% sales
Capital Expenditures
Growth Rates
EBITDA
EPS
Convertible Securities
% sales
Historical
32.6%
30.3%
21.3%
24.4%
14.6%
21.0%
Estimated
1-year
2-year CAGR
Long-term
22.0%
19.1%
19.3%
19.7%
10.2%
14.2%
-
Notes
Conversion
Ratio
New
Shares
Issue 1
-
-
-
-
38.6
6.3%
73.4
49.0
6.2%
130.1
64.2
6.2%
130.5
NA
-
NA
-
64.2
6.2%
130.5
Issue 2
Issue 3
Issue 4
-
-
-
-
12.0%
16.6%
12.5%
NA
NA
12.5%
Issue 5
-
-
-
-
Total
1-year
2-year CAGR
Conversion
Price
Amount
(107.4x)
EBIT/Interest Expense
Sales
Number of
Shares
Tranche 5
% margin
Debt/Total Capitalization
Total Debt/EBITDA
0.000
Calculation of Fully Diluted Shares Outstanding
Adjusted Net Income
LTM Credit Statistics
0.000
-
Adjusted EBIT
Reported Net Income
Return on Invested Capital
Return on Equity
Return on Assets
Implied Annual Dividend Per Share
Total Debt
Other Long-Term Liabilities
Noncontrolling Interest
Adjusted Income Statement
Adj. Gross Profit
Trading Multiples
EV/EBITDA
-
18.708
Equity Value
EV/Sales
Metric
12/30/2012
Cash and Cash Equivalents
-