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DENN: Denny’s Virtual NDR Updates Investors on Virtual Brands, 24/7 Operation

By Ryan D. Lavender Published on June 10, 2021 at 8:46 PM

Yesterday, Kalinowski Equity Research hosted Denny’s for a virtual non-deal roadshow (NDR). We thank our buyside participants, as well as the participants from Denny’s: (1) President Mark Wolfinger, (2) EVP and CFO Robert Verostek, (3) VP – Investor Relations and FP&A Curt Nichols, and (4) Director – Investor Relations and FP&A Kayla Money. This report details some of the highlights from the virtual NDR. We maintain our Neutral rating on Denny’s (DENN; Neutral, $17.75) and note the following:

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YUM 2019 Franchise Disclosure Document Review for Taco Bell

By Mark Kalinowski Published on July 15, 2019 at 12:00 AM

Not too long ago, the Taco Bell concept owned by Yum Brands (YUM; Buy) filed its 500+ page Franchise Disclosure Document (FDD) for 2019. In this report, we cite some of the highlights from that document following our review of it, including our review of it in comparison to last year’s Franchise Disclosure Document. For example, based on data provided, our best guess is that during 2018 U.S. companyowned traditional Taco Bells generated average sales of $1,810,474 and median sales of $1,578,925. And, our best guess is that during 2018, U.S. (single-brand) franchised traditional Taco Bells generated average sales of $1,572,481 and median sales of $1,513,671. We maintain our Buy rating on YUM and note the following:

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