WEN (Post-Call) 2019 Craves Some Digital Investments

By Mark Kalinowski Published on February 21, 2019 at 12:00 AM

Earlier today, Wendy’s (WEN; Neutral) reported Q4 2018 adjusted EPS of $0.16, one cent above our $0.15 forecast and the sell-side consensus (according to Consensus Metrix) of $0.15. Fourth-quarter adjusted EBITDA of $107.8 million was a little short of our $110.1 million projection and consensus of $108.4 million. Company-operated restaurant margins of 16.0% were short of our 17.5% forecast and consensus of 17.4%.

MCD (Post-Call) Lots of Moving McPieces…What do They All Add Up to

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

Earlier today, McDonald’s reported adjusted Q4 EPS of $1.97, ahead of our $1.91 forecast and sell-side consensus of $1.89. We calculate that the adjusted tax rate was about 19.1%, versus our 24.5% forecast and consensus of 24.4%. If the adjusted tax rate had matched consensus, then by our math adjusted EPS would have come in closer to $1.84. McDonald’s points out the following long-term targets in today’s 8-K:

DPZ Analyst Meeting Unveils 25,000 Store Target by Year-End 2025

By Mark Kalinowski Published on January 17, 2019 at 12:00 AM

Earlier today, we attended the annual Analyst Meeting for Domino’s (DPZ). This year’s theme was “What Matters.” We came away impressed with the company’s strategic plans, and reiterate our Buy rating on DPZ. We note the following: