The post-China spin-off Yum Brands offers a wide-moat, diversified-growth, capital-allocation story.
Wide-moat Yum's second-quarter update mostly continued first-quarter trends, with Taco Bell (up 4%), KFC (3%), and Pizza Hut International (0%-2%) following their recent comp trajectories and Pizza Hut U.S. (down 3%) still finding its footing as it embarks on its turnaround efforts. We believe Yum remains on track for its 2019 EPS goal of $3.75, and we don't plan to change our $76 fair value estimate beyond adjustments for the time value of money.While sluggish Pizza Hut U.S. comps have generat...
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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