Pizza Hut Improvements Will Take Time, Yum's Longer-Term Cash Flow Opportunity Remains Intriguing
In many ways, wide-moat Yum Brands' first-quarter update was a continuation of the themes introduced by Yum China (which reported results on May 1), with weakness in one segment (Pizza Hut international in this case) taking attention from solid systemwide results. And like Yum China, today's pullback could open up a buying opportunity for one of the more dynamic global consumer stories. We're not planning material changes to our $86 fair value estimate, and continue to see its unchanged 2018 gui...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.
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