The Wendy’s Company


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The Wendy’s Company: Initiation Of Coverage – Expansion Of Footprint In UK & US


This is our first report on Wendy’s Company. In Q4, Wendy’s global systemwide sales grew over 3%, supported by global same-restaurant sales growth and the benefit of global net unit growth. U.S. company-operated restaurant sales grew due to higher average check figures driven by cumulative pricing of around 4.5%. The U.S. company-operated restaurant margin contracted due to customer count declines, labor inflation, and mid-single-digit commodity inflation. This was partially offset by higher franchise royalty revenue, a decrease in the company’s incremental investment in breakfast advertising, and lower G&A expense.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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