New Sales Layers, Unit Development, and Cost Optimization Keep Yum's Medium-Term Targets On Track
We believe investors should walk away from Yum's third-quarter update with greater confidence in its longer-term growth algorithm, calling for 7% system sales and high-single-digit EBITDA/operating profit growth. Taco Bell (4% comps), KFC (3%), and Pizza Hut International (roughly 2%) each maintained or accelerated two-year comp trends, and early indications show that turnaround efforts at Pizza Hut are taking hold (most notably, advertising/operational changes to accelerate delivery). While add...Yum! Brands franchises or operates a system of quick service restaurants through its KFC, Pizza Hut and Taco Bell brands. The company's operating segments consist of the KFC Division, the Pizza Hut Division and the Taco Bell Division. KFC restaurants provides fried and non-fried chicken products such as sandwiches, chicken strips, chicken-on-the-bone and other chicken products marketed under a variety of names. Pizza Hut is engaged in the sale of ready-to-eat pizza products. Pizza Hut operates in the delivery, carryout and casual dining segments. Taco Bell is engaged in Mexican-style food products, including various types of tacos, burritos, quesadillas, salads, nachos and other related items.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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