YUM (Post-Call) Investment in GRUB Could Weigh on EPS Again in Q1

By Mark Kalinowski Published on February 7, 2019 at 12:00 AM

Earlier today, Yum Brands (YUM; Buy) reported adjusted Q4 EPS of $0.40, which includes a -$0.41 impact from mark-to-market related to the company’s investment in GrubHub (GRUB; Not Rated). Even adding this $0.41 back, EPS would have been short of our $0.99 forecast and the sell-side consensus (according to Consensus Metrix) of $0.97 (more on this shortly).

Tidbits re Taco Bell (owned by YUM), DPZ, and MCD

By Mark Kalinowski Published on February 4, 2019 at 12:00 AM

We briefly note the following tidbits regarding Taco Bell (owned by Yum Brands [YUM; Buy]), Domino’s (DPZ; Buy), and McDonald’s (MCD; Buy):

Updating our Q4E19 Kalinowski Quick-Service Pizza Same-Store Sales Index (Again)

By Mark Kalinowski Published on January 24, 2019 at 12:00 AM

With this report, we once again raise our data-driven Kalinowski Quick-Service Pizza Index for Q4E, this time from +1.2% to +2.4%. (In late November, we had already moved our Q4E index number from +0.3% to +1.2%, based on our checks regarding the first half of the fourth quarter.) Our latest increase is based on our latest proprietary checks/data as regards same-store sales performance for this segment during the second half of November and all of December.