YUM Investment Analysis Report & Stock Research, Yum! Brands, Inc.

Yum! Brands, Incorporated (YUM)

YUM Stock Report

2-Year Price History

View Larger YUM Chart
NYSE:YUM
$37.63
(3/16 4:00PM)
-0.1%
Open$37.7 Mkt Cap$17.7 Billion
High$37.73 52Wk High$37.68
Low$37.3 52Wk Low$27.08
Volume2.9 Million Avg Vol 10D4.8 Million

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YUM Revenue

For a long time, value investors have used the current share price relative to sales per share levels as an important valuation tool. We utilize a historical weighted average methodology that treats recent years more importantly in the calculation. When looking at YUM through this framework, we can see that our weighted average historical high and low Price to Sales per share ratios over the last 10 years are 1.96x and 1.28x respectively.

Utilizing this range we can see that YUM’s current Price to Sales per share ratio of 1.87x is well above its historical average. This means that YUM looks relatively expensive compared to its historical Price to Sales average, and thus it is more difficult to believe that there is significant price appreciation potential. In order for the stock to become more attractive, we would like to see a decline in the Price to Sales ratio of 15% just to return YUM to its historical average.

YUM Cash Earnings

As a value investment framework, Ockham Research is similar to a private equity firm in terms of our valuation methods. We are always on the lookout for value in the form of sales and cash numbers. In the case of YUM, Ockham views their current Cash Earnings as below their historical average multiples of Cash Earnings, as calculated by our proprietary analysis. It is incredibly important to understand that for YUM, the current level of Cash Earnings compared to its historical levels helps identify where YUM is in relation to what the investing community was willing to pay for this level of Cash Earnings in the past. With a historical high Cash Earnings per share ratio of 13.92 and a historical low Cash Earnings per share ratio of 9.08, an investor can relate where value becomes optimal.

So what does a Cash Earnings ratio below the historical norm mean for YUM? Generally, YUM's investors have paid slightly higher stock prices for this level of Cash Earnings, which bodes well as a return to historical norms is statistically likely. However, it is never a guarantee that history gives us proper direction, particularly in fluctuating market cycles. So by utilizing a long term view and incorporating other areas of analysis (like Sales, Dividends, and management analysis), each investor can gain a more complete view of YUM. Remember, that the average Cash Earnings level for YUM has been 11.50, so the current Cash Earnings level of 10.64 is a positive in our view, but by no means is it overwhelming.

YUM Dividends

When determining a company's future prospects for success, Ockham Research sees analysis of dividend payments as a key additional factor. Even though it isn't imperative for YUM to shell out a dividend in order to receive a positive rating, it can be helpful to further our analysis.

The estimated annual dividend for YUM is $0.84 producing a current dividend yield of 2.24%. Much like our evaluation of Sales and Cash Earnings per share, we review dividend yields from YUM against the historic high and low levels over all available dividend history. Because dividends are a decision made exclusively by management, we view a healthy and rising dividend as a sign of confidence and strength. The highest dividend yield from YUM over previous years was 3.35% while the lowest dividend yield was 0.00%. YUM’s current dividend yield is therefore significantly higher than its median dividend yield historically. In fact, the current yield is 33.73% above the median which weighs very positively on our analysis of YUM.

Peer Comparison

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Yum! Brands, Inc. Industry Grouping

(3/15/2010)
Company Ticker Market Cap (Ml) Latest
Price
Price/Cash Earnings Price/Sales 5-Yr. Rev.
Growth Rate
5-Yr.
Avg. ROE.
Current 10-Yr. Range* Current 10-Yr. Range*
Peer Company Averages (not including YUM) 39.68 3.70 » 719.40 3.02 0.47 » 578.64 132.09% 17.46%
*10 year range does not include current year values
Carnival Corp. CCL $23.0 Billion $37.15 12.75 3.29 » 21.57 3.01 0.80 » 5.91 6.23% 11.64%
Starbucks Corp. SBUX $18.2 Billion $24.42 15.97 5.48 » 29.68 1.69 0.54 » 3.87 13.05% 20.94%
Yum! Brands, Inc. YUM $17.7 Billion $37.68 10.64 5.42 » 13.97 1.87 0.66 » 1.95 0.88% 57.05%
Las Vegas Sands Corp. LVS $12.3 Billion $18.69 130.60 2.56 » 194.13 2.84 0.20 » 17.90 30.69% 8.80%
Priceline.com Inc. PCLN $10.9 Billion $238.86 19.83 3.27 » 3105.00 4.66 0.24 » 4.51 20.66% 32.84%
Wynn Resorts Limited WYNN $8.7 Billion $70.47 19.26 3.91 » 246.61 2.89 0.59 » 2861.00 589.81% 13.07%
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5:57P, Mar. 10,2010 YUM $36.88 Yum! Brands, Inc.
Fast Money

Fast Money Has News on YUM

As always, the latest news on YUM is available to Ockham clients through RazorWire, and it was mentioned recently on Fast Money.

As we analyze the results from RazorWire, one thing we do is rank each stock in terms of amount of news coverage. Recently, YUM has been less covered in the news compared to the rest of our universe of stocks. After factoring in the current fundamentals versus their historically normal ranges, we have established a Fairly Valued stance on YUM. The Motley Fool CAPS data suggests that investors believe Yum! Brands, Incorporated will beat the market in the foreseeable future.

“… So does YUM BRANDS. Y-u-m. > > I second that as a native long islander. > > if you like tech you've got to like dell. > > f. I. Networks. Keep an eye on it. …”

12:37P, Mar. 09,2010 YUM $36.89 Yum! Brands, Inc.
Fox Business

See Who is Talking About News from YUM on Fox Business

As always, the latest news on YUM is available to Ockham clients through RazorWire, and it was mentioned recently on Fox Business.

The Motley Fool CAPS data suggests that investors believe Yum! Brands, Incorporated will beat the market in the foreseeable future. After factoring in the current fundamentals versus their historically normal ranges, we have established a Fairly Valued stance on YUM. As we analyze the results from RazorWire, one thing we do is rank each stock in terms of amount of news coverage. Recently, YUM has been less covered in the news compared to the rest of our universe of stocks.

“… Everything from texas instruments to YUM BRANDS, names that have been on the move. Texas instruments seeing their profit and sales at high end of their forecast, and you can see ... …”

11:30A, Mar. 09,2010 YUM $36.79 Yum! Brands, Inc.
InBusiness With Margaret Brennan and Francine Lacqua

The Latest News for YUM Was Just on InBusiness With Margaret Brennan and Francine Lacqua

The latest news from InBusiness With Margaret Brennan and Francine Lacqua on YUM is available through Ockham's news analytics platform RazorWire.

As we analyze the results from RazorWire, one thing we do is rank each stock in terms of amount of news coverage. Recently, YUM has been less covered in the news compared to the rest of our universe of stocks. After factoring in the current fundamentals versus their historically normal ranges, we have established a Fairly Valued stance on YUM. The Motley Fool CAPS data suggests that investors believe Yum! Brands, Incorporated will beat the market in the foreseeable future.

“… YUM BRANDS moving ahead this morning -- the owner of pizza hut raised from neutral to buy, helping to account for that discretionary move today. …”

8:56A, Mar. 09,2010 YUM $36.11 Yum! Brands, Inc.
National Post Network Blogs

Looking at YUM's Technicals on National Post Network Blogs

For all those that pay attention to technicals, National Post Network Blogs discussed YUM from the technical perspective.

Yum! Brands, Incorporated receives our Fairly Valued rating in our latest report because the current price does not seem out of line with the fundamentals. Crowd sentiment is leaning to the bearish side, according to the robust data set collected by the Motley Fool CAPS survey. We noticed recently that in comparison to all other stocks we analyze in the news; YUM has received less coverage from the financial media in business television and blogs.

“… YUM BRANDS gained 2% after UBS upgraded the stock to a Buy. Cisco improved 1% in anticipation of news to be released at 11:00 AM EST. …”

7:56A, Mar. 09,2010 YUM $35.41 Yum! Brands, Inc.
Squawk Box

The Latest News for YUM Was Just on Squawk Box

Yum! Brands, Incorporated is one of the thousands of companies that Ockham has news analytics on, and it was recently discussed on Squawk Box.

Yum! Brands, Incorporated receives our Fairly Valued rating in our latest report because the current price does not seem out of line with the fundamentals. We noticed recently that in comparison to all other stocks we analyze in the news; YUM has received less coverage from the financial media in business television and blogs. Crowd sentiment is leaning to the bearish side, according to the robust data set collected by the Motley Fool CAPS survey.

“… YUM BRANDS upgraded to buy from neutral at ubs. Target increase to 44 from 38. Aetna, upgraded at bank of america. Cigna downgraded at merrill lynch. > > > …”

2:03P, Feb. 16,2010 YUM $33.50 Yum! Brands, Inc.
Fox Business

Yum! Brands, Incorporated Was Talked About by Fox Business

Yum! Brands, Incorporated is one of the thousands of companies that Ockham has news analytics on, and it was recently discussed on Fox Business.

As we analyze the results from RazorWire, one thing we do is rank each stock in terms of amount of news coverage. Recently, YUM has been less covered in the news compared to the rest of our universe of stocks. After factoring in the current fundamentals versus their historically normal ranges, we have established a Fairly Valued stance on YUM. The Motley Fool CAPS data suggests that investors believe Yum! Brands, Incorporated will beat the market in the foreseeable future.

“… YUM BRANDS, that's taco bell, up about 4%. And, of course, I always have to throw in mcdonald's, so many folks own that. …”

7:53A, Feb. 04,2010 YUM $34.90 Yum! Brands, Inc.
Imus In The Morning

A View of YUM's Growth on Imus In The Morning

RazorWire keeps tabs on the important news investors should be aware of; today, YUM growth was the focus on Imus In The Morning.

When taking into account the amount of news coverage each stock normally sees as a percentage of the total, Yum! Brands, Incorporated has actually sunk a bit in comparison to the others. The Ockham valuation currently has a Fairly Valued stance on YUM because it trades within the price range that we would expect given current market conditions and fundamentals. Crowd sentiment is favorable on this stock, as measured by the Motley Fool CAPS survey.

“… Taco bell and pizza hut seeing 17% sales growth in china and certainly that helps make up for falling sales in the u.S. Earnings coming in at 2 cents above the estimate. And another record for avatar. Avatar is now officially the …”

6:53A, Feb. 04,2010 YUM $34.90 Yum! Brands, Inc.
Imus In The Morning

Its All About Earnings: Imus In The Morning Talks About YUM

Any suprise in earnings can cause a major swing in stock prices, so we are always on the lookout for the freshest news available for earnings reports or expectations.

We noticed recently that in comparison to all other stocks we analyze in the news; YUM has received less coverage from the financial media in business television and blogs. Yum! Brands, Incorporated receives our Fairly Valued rating in our latest report because the current price does not seem out of line with the fundamentals. Crowd sentiment is leaning to the bearish side, according to the robust data set collected by the Motley Fool CAPS survey.

“… Bell and pizza hut and earnings came in at 50 cents a share for the fourth quarter, 2 cents above the estimate and revenue falling slightly at YUM BRANDS, $3. …”

4:48P, Jan. 20,2010 YUM $35.15 Yum! Brands, Inc.
Closing Bell

Slow Month for News Out of YUM But Closing Bell Mentions Them

It's been at least a month since we noticed any major news coverage of YUM, so the story in Closing Bell may get the ball rolling.

Crowd sentiment is favorable on this stock, as measured by the Motley Fool CAPS survey. The Ockham valuation currently has a Fairly Valued stance on YUM because it trades within the price range that we would expect given current market conditions and fundamentals. When taking into account the amount of news coverage each stock normally sees as a percentage of the total, Yum! Brands, Incorporated has actually sunk a bit in comparison to the others.

“… YUM BRANDS, the company says it is directing half a million dollars from that program directly into haiti. > > these are people who will never hear of taco bell. …”

12:25P, Dec. 11,2009 YUM $34.52 Yum! Brands, Inc.
Power Lunch

Debt a Topic of Conversation for Yum! Brands, Incorporated on Power Lunch

In the aftermath of the credit crisis, debt is a key area investors should understand. A recent news story on Power Lunch talks about YUM's debt load.

Crowd sentiment is favorable on this stock, as measured by the Motley Fool CAPS survey. At present, Ockham has a valuation stance of Undervalued on YUM, as we could see significant price appreciation based on current fundamentals like cash earnings and revenue. When taking into account the amount of news coverage each stock normally sees as a percentage of the total, Yum! Brands, Incorporated has actually sunk a bit in comparison to the others. It is also notable that we have recently upgraded this stock on Saturday, December 05, 2009 because YUM is more attractive in many of the valuation metrics we evaluate.

“… So YUM BRANDS basically is you get earnings visibility and it is a levered play on the same-store sales and the economy in the u. S. …”

View All Yum! Brands, Inc. Stock News

Key Fundamentals

YUM - Yum! Brands, Incorporated Fundamentals
Price (3/16 4:00PM) $37.63
Volume (3/16 4:00PM) 2.9 Million
Last Close Price $37.68
10 Day Average Volume 4.8 Million
13 Week Price Range $32.49 - $37.68
52 Week Price Range $27.08 - $37.68
LTM Revenue $9.4 Billion
 
Shares Outstanding (12/2009) 469.3 Million
Market Capitalization $17.7 Billion
Shares Held By Institutions 384.6 Million
Institutional Holders 791
% Shares Held By Institutions 82.40%
Earnings Per Share (EPS) $2.22
P/E Ratio 17.00
Book Value Per Share $2.18
 
Gross Margin 20.60%
Annual Dividend 0.84
Dividend Yield 2.20%
Beta 1.03
Fiscal Year Ends December

About Yum! Brands, Inc.

Yum! Brands, Incorporated is considered to operate in the Services sector. They specifically operate in the Restaurants business segment contained within the Leisure industry.

The Company develops, operates, franchises and licenses a worldwide system of restaurants which prepare, package and sell a menu of competitively priced food items.