By Mark Kalinowski
Published on August 18, 2020 at 12:00 AM
With this report, we introduce our quarterly EPS estimates for Starbucks’ (SBUX; Buy, $78.95) fiscal 2021E. Also, our full-fiscal 2021E EPS estimate also goes up by +5 cents, to $2.55, reflecting the 53rd fiscal week in fiscal 2021E. Starbucks’ fiscal year ends on the Sunday closest to September 30th. In 2020 this means September 27th; in 2021 this means October 3rd.
Read More
By Mark Kalinowski
Published on July 30, 2020 at 12:00 AM
Earlier today, Yum Brands (YUM; Neutral, $91.46) reported that its adjusted Q2 EPS came to $0.82, well ahead of our $0.55 forecast and sell-side consensus (according to Consensus Metrix) of $0.57. The $0.82 figure included a +21 cent benefit related to Yum’s investment in Grubhub (GRUB; Not Rated). Adjusted EPS would have been about $0.61 excluding the mark-to-market for this investment.
Read More
By Mark Kalinowski
Published on July 28, 2020 at 12:00 AM
Earlier today, McDonald’s (MCD; Buy, $199.26) reported Q2 EPS of $0.65, short of our $0.85 forecast and sell-side consensus (according to Consensus Metrix) of $0.73. There was a $31 million one-time payment to distribution centers for obsolete inventory, and an increase in bad debt reserve (related to rents and royalty deferrals) of $45 million. By our math, these items combined represent about 8 cents on an EPS basis. For more info see today’s 8-K at:
http://d18rn0p25nwr6d.cloudfront.net/CIK-0000063908/ fea3a523-303b-43df-830a-5228f5ee4148.pdf
Read More
