Report
R.J. Hottovy
EUR 147.86 For Business Accounts Only

The post-spin-off Yum Brands offers a wide-moat, diversified-growth, capital-allocation story.

We are placing shares of Yum Brands under review ahead of the planned separation of Yum China. On Nov. 1, Yum Brands and Yum China are expected to begin trading as independent companies, with Yum Brands retaining the symbol YUM and Yum China trading under the ticker of YUMC, each on the New York Stock Exchange. Yum Brands shareholders will receive one share of Yum China common stock for each share held as of Oct. 19.

We will resume coverage of Yum Brands this week, including updated moat, uncer...
Underlying
Yum! Brands Inc.

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
R.J. Hottovy

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