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Financial Analysis: McDonald's
- 2. OUTLINE • Company Information • Market Data Review • Financial Analysis • Investment Recommendation
- 4. COMPANY INFORMATION -Leading global foodservice retailer -34,000 local restaurants -Serving approximately 69 million people in 118 countries each day.
- 6. 5 YEAR HISTORICAL STOCK PRICE image source: bloomberg.com
- 7. MARKET DATA P/E RATIO 17.56 MARKET CAP 97.21B EARNINGSPER-SHARE 5.54
- 9. FINANCIAL ANALYSIS • Historical Growth Rates • Competitive Analysis • Profitability, Efficiency, Liquidity, Solvency, Performance and Coverage
- 10. HISTORICAL GROWTH RATES FY 2012 FY 2011 FY 2010 Revenue 1.7% 12.7% 5% Operating Income 1% 14% 9% Net Income 0.7% 11% 9%
- 11. HISTORICAL GROWTH RATES Net Income Revenue Operating Income
- 12. HISTORICAL GROWTH RATES 5 YEAR DIVIDEND PAYOUT GROWTH OF 15.5%
- 15. PROFITABILITY Assumed figures are as of FY 2012 Mcdonald’s Burger King Yum! 31.2% 26.7% 16.8% 19.8% 5.9% 11.7% ROA 55.5% 9.4% 108.5% ROE 36.8% 10.0% 70% Operating Profit Margin Net Profit Margin
- 16. PROFITABILITY Operating Profit Margin Net Profit Margin
- 18. EFFICIENCY Assumed figures are as of FY 2012 Mcdonald’s Burger King Yum! Fixed Assets Turnover 116% 205.7% 328% Equity Turnover 185.7% 176.8% 654% Total Asset Turnover 80.6% 35.2% 644.5%
- 19. EFFICIENCY Fixed Assets Turnover Total Asset Turnover Equity Turnover
- 20. LIQUIDITY Assumed figures are as of FY 2012 Mcdonald’s Burger King Yum! Current Ratio 1.45x 2.2x 0.87x Quick Ratio 1.09x 1.8x 0.49x Cash Ratio 0.69x 1.3x 0.35x
- 21. LIQUIDITY Current Ratio Quick Ratio Cash Ratio
- 22. SOLVENCY Assumed figures are as of FY 2012 Mcdonald’s Burger King Yum! Debt-toAsset Ratio 0.58x 0.78x 0.74x Debt-toEquity Ratio 1.31x 3.73x 2.97x Financial Leverage Ratio 2.31x 4.73x 3.99x
- 23. SOLVENCY Debt-to-Asset Ratio Financial Leverage Ratio Debt-to-Equity Ratio
- 24. PERFORMANCE Assumed figures are as of FY 2012 Mcdonald’s Burger King Yum! Cash Flowto-Revenue 25.3% 11.4% 16.8% Cash ROA 20.4% 4.0% 108.5% Cash ROE 46.9% 20.1% 110.1%
- 26. COVERAGE Assumed figures are as of FY 2012 Mcdonald’s Burger King Yum! Debt Coverage 0.35x 0.05x 0.34x Debt Payment 16.64x 0.99x 15.40x
- 28. SUMMARY OF ANALYSIS • Market momentum • Very Liquid • Not overvalued • Strong Cash Flow • Highly Profitable • Can pay debts • Highly Efficient • Solvent
- 29. INVESTMENT RECOMMENDATION Fundamentally speaking, we recommend a strong BUY position in Mcdonald’s