Financials The Wendy's Company

Equities

WEN

US95058W1009

Restaurants & Bars

Market Closed - Nasdaq Other stock markets 04:00:00 2024-04-26 pm EDT			5-day change	1st Jan Change
20.14 ^USD	+1.61%		+4.62%	+3.39%

Apr. 25	The Accountability Board Submits a Shareholder Proposal to The Wendy's Company	CI
Apr. 11	The Accountability Board Submits a Shareholder Proposal to The Wendy's Company	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,109	4,913	5,262	4,821	4,018	4,136	-	-
Enterprise Value (EV) ¹	7,581	7,371	7,366	6,926	6,264	6,442	6,529	6,630
P/E ratio	38.3 x	42.2 x	26.8 x	27.6 x	20.1 x	20.3 x	18.1 x	16.3 x
Yield	1.89%	1.32%	1.8%	-	5.13%	5.11%	5.46%	5.85%
Capitalization / Revenue	2.99 x	2.83 x	2.77 x	2.3 x	1.84 x	1.83 x	1.75 x	1.68 x
EV / Revenue	4.44 x	4.25 x	3.88 x	3.31 x	2.87 x	2.85 x	2.77 x	2.69 x
EV / EBITDA	18.4 x	17.5 x	15.8 x	13.9 x	11.7 x	12 x	11.6 x	10.8 x
EV / FCF	35.3 x	34.2 x	27.5 x	39.7 x	24.1 x	22.9 x	21.5 x	23.2 x
FCF Yield	2.83%	2.92%	3.64%	2.52%	4.16%	4.36%	4.64%	4.31%
Price to Book	9.59 x	8.94 x	12.3 x	10.4 x	12.9 x	17.7 x	23 x	30 x
Nbr of stocks (in thousands)	230,047	224,119	220,634	213,027	206,259	205,360	-	-
Reference price ²	22.21	21.92	23.85	22.63	19.48	20.14	20.14	20.14
Announcement Date	2/26/20	3/3/21	3/1/22	3/1/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,709	1,734	1,897	2,096	2,182	2,263	2,358	2,466
EBITDA ¹	412.8	420.1	467	497.8	535.9	537.2	565.1	612.8
EBIT ¹	281.1	287.3	341.4	362	382	382.9	411.7	449.2
Operating Margin	16.45%	16.57%	18%	17.27%	17.51%	16.92%	17.46%	18.21%
Earnings before Tax (EBT) ¹	171.5	152.8	240.6	243.5	279.4	268	298.7	318.3
Net income ¹	136.9	117.8	200.4	177.4	204.4	201.7	224.1	239.6
Net margin	8.01%	6.8%	10.56%	8.46%	9.37%	8.91%	9.5%	9.72%
EPS ²	0.5800	0.5200	0.8900	0.8200	0.9700	0.9908	1.113	1.237
Free Cash Flow ¹	214.5	215.4	267.8	174.4	260.4	280.8	303.1	286
FCF margin	12.55%	12.42%	14.12%	8.32%	11.94%	12.41%	12.85%	11.6%
FCF Conversion (EBITDA)	51.96%	51.27%	57.34%	35.03%	48.59%	52.26%	53.64%	46.67%
FCF Conversion (Net income)	156.62%	182.8%	133.63%	98.3%	127.37%	139.19%	135.25%	119.36%
Dividend per Share ²	0.4200	0.2900	0.4300	-	1.000	1.028	1.099	1.179
Announcement Date	2/26/20	3/3/21	3/1/22	3/1/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	470.3	473.2	488.6	537.8	532.6	536.5	528.8	561.6	550.6	540.7	540.7	582.4	576	564.5	560.5
EBITDA ¹	112.2	102.7	106.9	132.9	134.5	123.5	125.6	144.5	139.2	126.6	124.2	144	139.8	129.1	130.9
EBIT ¹	81.24	70.45	74.88	96.28	99.34	89.45	84.48	109.3	101.6	86.63	86.44	105.7	101	89.75	93.17
Operating Margin	17.28%	14.89%	15.32%	17.9%	18.65%	16.67%	15.98%	19.46%	18.45%	16.02%	15.99%	18.15%	17.54%	15.9%	16.62%
Earnings before Tax (EBT) ¹	54.37	50.96	50.83	65.39	69.13	58.15	55.28	78.88	77.96	67.29	58.2	77.23	72.94	63.56	66.45
Net income ¹	41.17	52.13	37.4	48.15	50.54	41.28	39.82	59.63	58.05	46.94	43.46	57.68	54.52	46.78	49.87
Net margin	8.76%	11.02%	7.65%	8.95%	9.49%	7.69%	7.53%	10.62%	10.54%	8.68%	8.04%	9.9%	9.47%	8.29%	8.9%
EPS ²	0.1800	0.2400	0.1700	0.2200	0.2400	0.1900	0.1900	0.2800	0.2800	0.2300	0.2130	0.2827	0.2673	0.2323	0.2436
Dividend per Share ²	0.1200	0.1200	0.1250	0.1250	0.1250	-	0.2500	0.2500	0.2500	0.2500	0.2571	0.2571	0.2571	0.2614	0.2638
Announcement Date	11/10/21	3/1/22	5/11/22	8/10/22	11/9/22	3/1/23	5/10/23	8/9/23	11/2/23	2/15/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,472	2,458	2,104	2,106	2,246	2,306	2,393	2,494
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.988 x	5.852 x	4.505 x	4.23 x	4.191 x	4.292 x	4.234 x	4.071 x
Free Cash Flow ¹	214	215	268	174	260	281	303	286
ROE (net income / shareholders' equity)	23.5%	24.2%	37.2%	39.3%	53.2%	77%	122%	136%
ROA (Net income/ Total Assets)	2.95%	2.57%	3.61%	3.35%	3.86%	3.86%	4.42%	4.9%
Assets ¹	4,643	4,579	5,545	5,300	5,298	5,223	5,066	4,892
Book Value Per Share ²	2.320	2.450	1.940	2.190	1.510	1.140	0.8800	0.6700
Cash Flow per Share ²	1.230	1.250	1.540	1.200	1.630	1.800	2.010	2.330
Capex ¹	74.5	69	78	85.5	85	94.2	92.6	98.7
Capex / Sales	4.36%	3.98%	4.11%	4.08%	3.9%	4.16%	3.93%	4%
Announcement Date	2/26/20	3/3/21	3/1/22	3/1/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Wendy's Company

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

20.14 USD

Average target price

20.96 USD

Spread / Average Target

+4.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Quick Service Restaurants

	1st Jan change	Capi.
THE WENDY'S COMPANY	+3.39%	4.14B
CHIPOTLE MEXICAN GRILL, INC.	+39.35%	87.54B
YUM! BRANDS, INC.	+8.50%	39.89B
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP	-5.41%	23.95B
RESTAURANT BRANDS INTERNATIONAL INC.	-5.52%	23.36B
DOMINO'S PIZZA INC.	+21.07%	17.38B
YUM CHINA HOLDINGS, INC.	-6.55%	15.49B
WINGSTOP INC.	+49.10%	11.24B
AMERICANA RESTAURANTS INTERNATIONAL PLC	+4.47%	7.5B
MCDONALD'S HOLDINGS COMPANY (JAPAN), LTD.	+12.44%	5.8B

Quick Service Restaurants