Yum! Brands Inc


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SKU: YUM Category:


Yum! Brands ended the year on a high note, opening a total of 4,180 gross units and 3,057 net new units, resulting in a 6%-unit growth for the full year of 2021. The company achieved 13% system sales growth thanks to a strong 10% same-store sales growth, resulting in an 18% increase in full-year core operating profit. This is an outstanding result given the challenges their brands faced in the back half of the year, particularly in Q4, with inflation, labour, supply chain, and consumer mobility as a result of the Omicron variant. The management expects their re-franchising proceeds to offset their new store investments in the long run, just as they have in the past. However, in the near term, new store investments may outpace re-franchising by $50 million to $100 million per year, owing to their strategy to grow The Habit equity estate faster. Overall, we maintain our ‘Hold’ rating on Yum Brands with a revised target price.

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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