By Mark Kalinowski
Published on June 10, 2020 at 12:00 AM
Earlier today, Yum Brands (YUM; Neutral, $94.25) filed an 8-K which included a business update. As a result, we raise our Q2E EPS estimate by +5 cents, to $0.55. Our full-year 2020E EPS forecast goes up by +10 cents, to $3.00. And, given this higher anticipated base of earnings coming off of this year, we raise our 2021E EPS projection by +5 cents, to $3.80.
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By Mark Kalinowski
Published on June 10, 2020 at 12:00 AM
Earlier today, Starbucks (SBUX; Buy, $82.37) provided a business update as part of an 8-K filing. Given the information in that 8-K, we lower our fiscal Q3E (calendar Q2E) EPS estimate by -53 cents to -$0.63, and we reduce our fiscal Q4E (calendar Q3E) EPS forecast by -12 cents to $0.27. These updates lower our full-fiscal 2020E EPS projection by -65 cents, to $0.75. In addition, given this lower anticipated base of earnings coming off of fiscal 2020E, we take down our fiscal 2021E EPS estimate by -50 cents to $2.25.
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By Mark Kalinowski
Published on May 6, 2020 at 12:00 AM
Earlier today regarding Papa John’s (PZZA; Buy, $76.16), we adjusted our 2020E EPS estimate downward by -40 cents to $1.15, reflecting: (1) a -50 cent hit for Q1A-Q3E adjustments to how Papa John’s records franchisee financial assistance (related to royalty relief and the discretionary marketing fund), with -26 cents of this having taken place in Q1, and our estimate of -12 cent hits each to Q2E and Q3E, and (2) +10 cents reflecting better-than-expected April North American same-store sales trends and the momentum resulting from this.
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