MCD Detailed Results from Survey of 700+ McDonald’s Franchisees re Delivery

By Mark Kalinowski Published on January 28, 2019 at 12:00 AM

Recently, the National Owners Association (NOA) — the first-ever independent franchisee association for McDonald’s U.S. — surveyed McDonald’s U.S. franchisees regarding delivery and the economics surrounding delivery. In this report, you will find the results of that survey.

Read More

MCD Detailed Results from Online Poll of 1,000+ McDonald’s Franchisees

By Mark Kalinowski Published on January 7, 2019 at 12:00 AM

Recently, McDonald’s (MCD; Buy) National Leadership Council (NLC) — a group that represents McDonald’s franchisees — hired a top consulting firm to conduct an online poll “with 1,154 McDonald’s Owner Operators [franchisees].” We have obtained a copy of the detailed survey results, and include them in this report.

Read More

YUM (Post-Call) Spooky Good Taco Bell SameStore Sales Growth of +5%

By Mark Kalinowski Published on October 31, 2018 at 12:00 AM

Earlier today, Yum Brands (YUM; Buy) reported adjusted Q3 EPS of $1.04, exceeding our $0.83 forecast and sell-side consensus of $0.83. However, this $1.04 figure includes a $0.22 boost from an update in the fair value of Yum’s investment in GrubHub (GRUB; Not Rated), which led to $94 million of pre-tax investment income. Excluding this $0.22 boost, adjusted Q3 EPS would have been $0.82, one cent below our forecast and consensus. We do note that G&A/Revenues of 14.7% were higher than our 14.4% estimate.

Read More