YUM Sometimes Delivery Ain’t What It’s Cracked Up to Be

By Mark Kalinowski Published on October 30, 2019 at 12:00 AM

Earlier today, Yum Brands (YUM; Buy) reported adjusted Q3 EPS of $0.80 — which included a -$0.15 hit related to the mark-to-market adjustment for Yum’s investment in Grubhub (GRUB; Not Rated). Excluding this GRUB-related adjustment, EPS would have been $0.95, matching our $0.95 forecast, although a penny shy of the sell-side consensus (according to Consensus Metrix) of 0.96.

DIN Examining the Risk Reward on DIN Shares

By Mark Kalinowski Published on October 10, 2019 at 12:00 AM

With this report, we upgrade the shares of Dine Brands (DIN) to Buy (from Neutral), as we believe the risk/reward has shifted in favor of longs with the shares having fallen from $94.35 as of June 27th to $68.65 (-27%) as of yesterday’s (October 9th’s) closing price.

DPZ (Post-Call) Updating EPS Estimates for G&A and Other Items

By Mark Kalinowski Published on October 8, 2019 at 12:00 AM

Earlier today, Domino’s (DPZ; Neutral) reported Q3 EPS of $2.05, a little short of our $2.09 forecast and sell-side consensus of $2.07. Tax rate (21.7% actual vs. our 20.0% projection) accounts for the difference between our EPS estimate and the actual.