By Ryan D. Lavender
Published on February 16, 2021 at 5:03 PM
After today’s (Tuesday’s) market close, Denny’s reported adjusted Q4 EPS of -$0.05, lower than our +$0.01 projection and sell-side consensus (according to Consensus Metrix) of -$0.04. Relative to our model, we attribute the Q4 EPS shortfall primarily to Payroll and Benefits/Company Restaurant Sales (44.4% actual vs. 41.5% projected).
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By Ryan D. Lavender
Published on February 8, 2021 at 2:57 PM
With this note, we change our rating on Denny’s (DENN; $17.41) to Neutral (from Buy). This change reflects: (1) lowered EPS estimates for 2021E and 2022E, and (2) a reduced same-store sales forecast for Q1E 2021, despite what appears to be some meaningful help from a calendar-shift effect related to Denny’s 2020 being a 53-week fiscal year, and (3) being mindful of DENN shares’ run-up from their 52-week low of $4.50 (intraday March 19, 2020) to $17.41 as of this past Friday’s market close. (FYI, the stock is also up +18.6% year-to-date.)
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By Mark Kalinowski
Published on December 21, 2020 at 12:00 AM
With this report, we lower our Q4E 2020 EPS estimate for McDonald’s by -24 cents, to $1.72. Our change reflects two factors: (1) reductions in our Q4E samestore sales forecasts for both the International Operated Markets and International Developmental Licensed Markets business segments, and (2) what we believe is an improved understanding of G&A expenses slated for Q4 (leading us to bump up our Q4E G&A projection to about $755 million.
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