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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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DPZ 2019 Franchise Disclosure Document Review for Dominos

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

Not too long ago, Domino’s (DPZ; Buy) filed its 600+ 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, in 2018, the Advertising Fund spent $401,643,843. This was an +11.1% increase over what the Advertising Fund spend in 2017. On top of this, during 2018, the Advertising Fund spent 85.6% of this on Media Placement (or approximately $343,807,130), versus an 84.27% rate during 2017 (or approximately $304,044,399). In dollar terms, this was an increase of +13.1%. We maintain our Buy rating on DPZ and note the following:

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