project

ACCT 510 – DuPont Analysis

Due Date: December 7, 2020 at 11:59 PM.

Submit via e-mail any time before then.

Overview

In this assignment, you will be performing DuPont Analysis (discussed below), which focuses on return on equity, for a chosen firm from the restaurant industry. In the accompanying dataset to this assignment, you will find financial statement information for more than 50 restaurant firms over the years 2014-2017. You will analyze this data using the DuPont Method to draw inferences regarding firm performance. Afterwards, you will write a short memo regarding your findings.

The DuPont Analysis

The DuPont analysis is a method of evaluating the performance of a company and was named after the DuPont corporation, who first utilized the method in the 1920s. The analysis starts with the ratio, return on equity (ROE):

ROE =

where average shareholders’ equity is the average of a firm’s beginning and ending shareholders’ equity in any given year. Return on equity (ROE) tells us how much return a company generates on its shareholders’ behalf. Said another way, it tells us how much net income a company generates for each dollar invested by its shareholders. While ROE is obviously an important metric for shareholders, it would be naïve to make judgments and decisions based on this metric alone, as it provides little detail as to what factors are causing changes in a company’s ROE. To provide additional insight, we can decompose ROE into smaller components using the DuPont Method. In turn, we can gain a better understanding of what is driving ROE. We can first decompose ROE into two major drivers, return on assets (ROA) and financial leverage, where:

ROA = and Financial Leverage =

Notice that if we multiply ROA by Financial Leverage, the product is mathematically equivalent to ROE. ROA indicates how much net income is generated for each dollar of total assets that the company acquires. That is, it measures how effectively and efficiently a company uses its resources to generate profit and provides an indication of operating performance. The second component of ROE in this decomposition is financial leverage, which captures the degree to which a company’s assets are financed with equity, as opposed to debt. Thus, by decomposing ROE into ROA and financial leverage, we can determine to what extent a company’s financing and/or operating activities are driving the change in ROE.

Similar to the decomposition of ROE into 2 smaller components, we can gain further insight into a company’s operating performance when we break down ROA into 2 smaller components, return on sales (ROS) and asset turnover, where:

ROS = Asset Turnover =

Again, notice that if we multiply ROS by Asset Turnover, it is mathematically equivalent to ROA. ROS is a measure of probability and represents the amount of profit a company earns on each dollar of sales. Asset turnover is a measure of efficiency. It represents the magnitude of sales that a company generates for each dollar of assets. Thus, we can see to what extent a company’s change in profitability is driven by its ability to generate sales, as opposed to the profitability of its sales. Bringing everything together, we can now see that:

ROE = Return on Sales × Asset Turnover × Financial Leverage

or

ROE = Profitability × Efficiency × Leverage

This decomposition of ROE allows us to better determine which aspects of the company’s operations are driving ROE, and thus determine the advantages and disadvantages of the company. Generally, it is not desirable for the change in ROE to be largely driven by leverage, since a firm’s operating activities are, by nature, the most important aspect of a company’s ability to generate profits. In other words, if a company cannot operate its business well over a long-term period, they will eventually go bankrupt; it does not matter how they finance their activities. [While we could further perform financial ratio analysis to further investigate factors driving the 3 above components of ROE, this assignment is only intended to introduce financial analysis].

Last, but not least, any lesson in financial statement analysis stresses the importance of comparing financial numbers to draw insights. To provide a meaningful analysis, we need to be able to benchmark a company’s performance. For example, while a company may report a ROE of 15%, it may be the case that its competitors, on average, performed very well in a particular year. Therefore, a 15% ROE may be sub-par relative to the performance of a company’s competitors. There are several approaches to determining the competitors of a company to draw comparisons. The method we will use in this assignment is to compare your chosen firm to other firms in the same industry. To make these comparisons, you will calculate the mean of each financial ratio (discussed above) for each year.

Instructions

1. In the accompanying dataset to this assignment, you will find financial data for more than 50 firms from the restaurant industry. You will need to perform a DuPont analysis on all the firms to calculate the industry average for ROE and its 3 components, with respect to the Dupont Analysis, for each year from 2015 to 2017. In other words, you may first calculate industry averages to benchmark your chosen firm’s performance against.

a. Note that you have annual data for many restaurant industry firms from 2014 to 2017. You only have data for the year of 2014 so that you may calculate average shareholders’ equity and average total assets in 2015.

2. Pick one firm from the dataset.

3. Compare your chosen firm’s performance relative to the industry.

a. Using data visualizations (e.g. charts and graphs) will help you to analyze the data and identify patterns.

4. Write a memorandum describing your analysis and findings.

a. In a tabular format, present ROE in each year and the decomposition of ROE for your chosen firm. Do the same for the industry average.

b. Discuss your findings from the DuPont analysis in a memo. Your memo should, at a minimum, discuss the following points:

· How your chosen company’s ROE (as well its components) compares to the industry average?

· What factors are driving your chosen company’s ROE? To what extent are these factors driving ROE desirable or undesirable?

· Brainstorm regarding other factors that may drive the 3 components of ROE. In other words, we could further investigate the 3 components of ROE to gain even more detailed insight on the company’s performance. No calculations are necessary for this portion of the assignment; simply discuss some general factors that may be driving the 3 components of ROE (i.e., Return on sales, Asset Turnover, Leverage).

· For example, if return on sales increases, what factors could lead to an increase in return on sales?

5. Turn in the table and memo from steps 4a and 4b, respectively, to me via e-mail. Late submissions will not be accepted.

a. Peer evaluation forms [Optional, found on Canvas]:

i. If a single member of your group wishes to fill out a peer evaluation form, each member of the group will be required to fill one out.

ii. If you wish to turn in a peer evaluation form, you may do so discretely by e-mailing it to me, along with the contact information for the members of your group. I will then contact all members in the group to fill out a peer evaluation form.

iii. If I do not receive any peer evaluation forms from your group, every member will receive the same grade. If I do receive a peer evaluation form, each student’s grade will be commensurate to the evaluation from their peers. For example, if your group receives a grade of a 100%, but a member receives an average overall peer rating of ¾, then that member will receive a grade of ¾ of 100% = 75%.

Dataset variables

· Most variables in the accompanying dataset to this assignment are self-explanatory. Some variables are not, and are explained below:

· Global Company Key (GVKEY): unique identifier given to each firm; not necessary for the analysis

· Data Date: the end of the company’s fiscal year

· Feel free to ask me about any other variables you are unsure of.

Guidelines for the memorandum

· It is important to be able to write concisely, yet effectively to convey your points. The memorandum should be:

· No more than 3-typed pages (double spaced)

· Exhibits do not count towards the page limit.

· 12-point font

· Minimum of 1” margins from all sides.

· Failure to follow these guidelines may result in point deductions. The formatting requirements above are to make sure everyone has the same amount of space with which to convey their analysis.

· It is possible to write very concisely and complete the assignment in less than a page. DO NOT unnecessarily write to fill up 3 pages.

· The use of data visualizations (e.g. charts, graphs, or tables) is highly recommended. You can attach as exhibits any computations or other analyses used in your analysis. However, simply referring to data visualizations without any discussion is unacceptable.

Additional Resources to Help Advance Your Written Assignment:

· You are strongly encouraged to utilize the writing assistance resources on campus. The Department of English offers a writing center that is available to all CSUF students. More information is available online at http://english.fullerton.edu/writing_center/ and you can schedule appointments for writing assistance at https://fullerton.mywconline.com/.

· Visit the “Tutoring Center” at the Mihaylo College of Business and Economics for writing suggestions on your work.

Location: SGMH 2404 West Pavilion

Hours: Mon – Thurs: 10:00am – 7:00pm

Phone: (657) 278-2704 Email: mcbetutoring@fullerton.edu

Webpage: http://business.fullerton.edu/StudentServices/Tutoring/default.htm

· “Effective Writing: A Handbook for Accountants”, Claire B. May and Gordon S. May, 10th ed., Publisher: Pearson (ISBN: 0-13-357949-2).

Sheet: Sheet1

Global Company Key

Data Date

Data Year – Fiscal

Company Name

Total Assets

Cash and Short-Term Investments

Current Liabilities – Total

Total Liabilities

and Stockholders Equity

Total Liabilities

Net Income (Loss)

Operating Activities – Net Cash Flow

Total Receivables

Net Sales

Total Interest and Related Expense

003570

CRACKER BARREL OLD CTRY STOR

1432.248

119.361

344.438

1432.248

903.607

132.128

177.625

25.677

2683.677

17.557

003570
CRACKER BARREL OLD CTRY STOR

1576.208

265.455

445.611

1576.208

1037.94

163.903

2842.284

16.267

003570
CRACKER BARREL OLD CTRY STOR

1497.664

150.966

368.817

1497.664

971.221

189.299

271.378

35.573

2912.351

14.052

003570
CRACKER BARREL OLD CTRY STOR

1521.942

161.001

375.828

1521.942

977.435

201.899

320.767

22.381

2926.289

14.271

003708

WENDY’S CO

4145.842

284.447

340.224

4145.842

2428.266

121.434

254.776

7

3.358

2061.063

52.192

003708
WENDY’S CO

268.774

4108.72

3355.806

161.142

212.48

104.854

187

0.29

7

86.067

003708
WENDY’S CO

3939.314

255.852

23

0.0

81

3939.314

3411.578

129.624

181.408

98.825

1435.418

114.802

003708
WENDY’S CO

4096.938

204.08

227.162

4096.938

352

3.735

194.029

1223.408

118.059

004759

FLANIGANS ENTERPRISES INC

53.103

8.099

10.49

53.103

22.038

2.765

8.251

0.522

89.802

0.736

004759
FLANIGANS ENTERPRISES INC

54.622

9.267

1

0.6

49

54.622

20.823

3.461

11.14

0.571

99.121

0.61

004759
FLANIGANS ENTERPRISES INC

56.564

10.174

11.456

56.564

8.767

0.689

103.618

0.557

004759
FLANIGANS ENTERPRISES INC

60.509

9.885

11.011

60.509

22.333

3.02

8.254

0.496

106.822

0.6

006831

LUBYS INC

275.435

2.788

49.966

275.435

100.411

-3.447

20.439

4.112

394.381

1.247

006831
LUBYS INC

264.258

1.501

44.548

264.258

89.599

-2.074

10.316

2.336

006831
LUBYS INC

252.225

1.339

41.703

252.225

86.472

-10.346

13.859

5.9

19

402.639

2.247

006831
LUBYS INC

22

6.45

7

1.096

44.38

226.457

82.405

-23.262

9.64

8.011

376.031

2.709

011538

J. ALEXANDER’S HOLDINGS INC

150.908

13.301

22.9

62

150.908

54.019

8.515

17.955

0.25

202.233

2.908

011538
J. ALEXANDER’S HOLDINGS INC

156.193

13.424

2

2.55

3

156.193

16.01

0.418

217.914

1.158

011538
J. ALEXANDER’S HOLDINGS INC

163.038

6.632

27.704

163.038

58.718

7.043

16.417

1.555

219.582

0.662

011538
J. ALEXANDER’S HOLDINGS INC

169.651

10.7

11

30.027

169.651

55.79

7.3

34

21.26

1.446

233.255

0.816

011872

ARK RESTAURANTS CORP

65.363

8.662

16.728

65.363

26.471

3.706

139.357

0.201

011872
ARK RESTAURANTS CORP

66.567

9.735

17.633

66.567

25.336

5.39

11.301

3.978

145.863

0.238

011872
ARK RESTAURANTS CORP

68.255

7.239

1

6.654

68.255

25.551

4.03

7.602

4.367

150.152

0.416

011872
ARK RESTAURANTS CORP

80.067

1.406

26.155

80.067

37.627

4.039

10.35

3.761

153.877

0.753

013759

MERITAGE HOSPITALITY GROUP

24.576

85.53

7

2.49

8

2.758

8.016

0.238

160.213

2.06

013759
MERITAGE HOSPITALITY GROUP

109.523

6.588

32.919

109.523

88.99

7.026

15.597

0.428

209.996

2.693

013759
MERITAGE HOSPITALITY GROUP

137.023

9.836

39.5

137.023

110.897

6.45

15.664

0.739

235.771

3.358
013759
MERITAGE HOSPITALITY GROUP

235.292

12.917

76.952

235.292

196.822

8.961

27.806

5.872

015092

CEC ENTERTAINMENT INC

1864.143

110.994

117.195

1864.143

1571.557

-61.384

832.824

62.103

015092
CEC ENTERTAINMENT INC

1733.035

50.654

1

14.1

13

1733.035

1524.489

-1

2.51

100.613

25.936

922.589

7

0.58

2

015092
CEC ENTERTAINMENT INC

171

0.11

2

61.291

11

0.191

1710.112

1504.107

-3.667

118.687

20.495

923.653

67.745

015092
CEC ENTERTAINMENT INC

1695.044

6

7.312

110.289

1695.044

1432.896

53.066

104.453

31.021

886.771

69.115

018047

NOODLES & CO

238.903

1.906

25.831

238.903

98.788

11.428

49.027

5.1

84

403.741

0.765

018047
NOODLES & CO

239.961

1.912

32.914

239.961

146.189

-13.765

44.506

5.81

455.451

1.832

018047
NOODLES & CO

209.461

1.837

49.033

209.461

183.643

-71.677

24.737

5.694

487.474

3.216

018047
NOODLES & CO

185.233

3.361

43.869

185.233

149.372

-37.482

4.102

2.51

456.492

4.039

018839

POTBELLY CORP

191.947

63.005

20.884

191.947

35.622

4.358

26.554

4.016

326.979

0.179

018839
POTBELLY CORP

174.507

32.006

25.182

174.507

4

4.29

4

5.628

40.32

4.461

372.849

0.221

018839
POTBELLY CORP

175.445

23.379

51.209

8.212

4

5.969

3.78

7

407.131

0.134

018839
POTBELLY CORP

27.352

170.73

53.492

-6.956

41.819

5.087

428.111

0.124

019168

DEL TACO RESTAURANTS INC

150.347

150.347

-0.848

0.001

019168
DEL TACO RESTAURANTS INC

703.572

10.194

51.453

703.572

335.195

4.757

27.168

3.22

424.002

15.208

019168
DEL TACO RESTAURANTS INC

727.157

8.795

5

4.66

8

727.157

349.824

20.913

57.546

4.141

452.083

6.427

019168
DEL TACO RESTAURANTS INC

742.324

6.559

55.431

742.324

326.075

49.871

57.788

3.828

471.456

7.3

020113

ZOE’S KITCHEN INC

178.661

29.39

16.306

178.661

57.392

–

10.01

7

17.753

1.842

171.733

3.573

020113
ZOE’S KITCHEN INC

197.994

19.131

19.336

197.994

73.038

1.124

26.253

2.158

226.557

3.27

020113
ZOE’S KITCHEN INC

215.219

5.493

21.489

215.219

85.253

1.803

26.064

5.995

275.963

3.848

020113
ZOE’S KITCHEN INC

240.522

2.276

23.273

240.522

109.443

–

1.99

1

31.123

5.379

314.101

4.636

020407

PAPA MURPHY’S HOLDINGS INC

266.949

5.056

1

8.55

8

266.949

175.207

1.248

15.509

5.723

99.299

8.098

020407
PAPA MURPHY’S HOLDINGS INC

275.471

6.867

24.149

275.471

177.815

4.911

23.74

3

7.894

120.209

4.523

020407
PAPA MURPHY’S HOLDINGS INC

273.872

2.069

22.9
273.872

172.376

2.649

16.804

5.969

126.883

4.868

020407
PAPA MURPHY’S HOLDINGS INC

246.174

2.174

27.846

246.174

144.003

-0.007

15.537

4.067

118.661

5.078

021124

EL POLLO LOCO HOLDINGS INC

455.306

11.624

31.577

455.306

244.906

42.463

26.085

5.861

344.861

18.125

021124
EL POLLO LOCO HOLDINGS INC

461.028

6.226

39.579

461.028

216.395

24.054

57.971

6.186

355.057

3.756

021124
EL POLLO LOCO HOLDINGS INC

471.305

2.293

45.318

471.305

206.123

18.339

49.299

6.919

380.123

3.183

021124
EL POLLO LOCO HOLDINGS INC

442.711

8.55

47.325

442.711

167.761

8.619

53.671

7.212

401.701

3.303

021983

HABIT RESTAURANTS INC (THE)

158.622

49.469

16.695

158.622

41.665

-0.032

23.194

3.187

174.619

0.909

021983
HABIT RESTAURANTS INC (THE)

256.711

46.991

24.145

256.711

124.779

2.769

29.86

4.372

230.602

0.451

021983
HABIT RESTAURANTS INC (THE)

330.366

44.192

27.135

330.366

186.479

4.66

34.003

0.634

021983
HABIT RESTAURANTS INC (THE)

292.124

28.277

33.602

292.124

147.529

-2.807

33.607

8.278

331.698

0.588

022402

RESTAURANT BRANDS INTL LP

022402
RESTAURANT BRANDS INTL LP
022402
RESTAURANT BRANDS INTL LP

1233.1

022402
RESTAURANT BRANDS INTL LP

21223.9

1073.4

16662.9

1233.9

4576.1

538.6

022543

GOOD TIMES RESTAURANTS INC

16.881

9.894

2.55
16.881

1.438

0.16

28.037

0.009

022543
GOOD TIMES RESTAURANTS INC

48.228

13.809

7.258

48.228

9.971

–

0.79

1

3.168

0.248

44.057

0.093

022543
GOOD TIMES RESTAURANTS INC

46.877

6.33

5.122

46.877

9.079

-1.321

5.398

0.483

64.439

0.126

022543
GOOD TIMES RESTAURANTS INC

55.153

4.337

6.916

55.153

17.869

-2.255

4.983

0.586

79.08

0.191

022672

SHAKE SHACK INC

82.962

2.677

48.177

82.962

70.362

2.118

13.584

3.278

118.53

0.363

022672
SHAKE SHACK INC

379.547

71.124

24.005

379.547

222.528

-8.776

41.258

4.217

190.592

0.44

022672
SHAKE SHACK INC

538.194

73.647

31.716

538.194

336.841

12.446

54.285

6.017

268.475

0.374

022672
SHAKE SHACK INC

470.606

84.543

34.024

470.606

246.127

-0.32

70.878

5.659

358.81

1.807

023594

BOJANGLES’ INC

552.643

13.201

40.138

552.643

414.891

26.12

41.643

5.876

430.472

9.856

023594
BOJANGLES’ INC

560.765

14.263

45.102

560.765

393.641

26.526

45.526

8.026

488.202

9.135

023594
BOJANGLES’ INC

559.772

13.898

48.579

559.772

348.982

37.716

54.3

7.312

531.881

8.252

023594
BOJANGLES’ INC

555.468

14.052

39.906

555.468

270.364

72.006

49.745

8.009

547.438

7.077

025434

STARBUCKS CORP

607.8

025434
STARBUCKS CORP

74.1

025434
STARBUCKS CORP

14329.5

2263.2

4546.9

14329.5

8438.8

2817.7

4575.1

025434
STARBUCKS CORP

060923

DAVE & BUSTER’S ENTMT INC

950.689

70.876

126.14

950.689

691.992

7.636

746.751

35.653

060923
DAVE & BUSTER’S ENTMT INC

156.647

1004.535

658.197

59.619

186.983

18.169

866.982

12.824

060923
DAVE & BUSTER’S ENTMT INC

1052.733

20.083

177.797

1052.733

613.281

90.795

231.329

14.1

1005.158

7.718

060923
DAVE & BUSTER’S ENTMT INC

1197.03

18.795

775.384

120.949

264.672

19.808

1139.791

9.675

061418

RCI HOSPITALITY HLDGS INC

239.142

10.56

39.194

239.142

125.843

11.24

20.435

1.745

129.174

7.752

061418
RCI HOSPITALITY HLDGS INC

270.812

8.634

22.854

270.812

142.326

9.312

16.364

2.154

144.667

6.969

061418
RCI HOSPITALITY HLDGS INC

276.488

11.327

24.457

276.488

146.346

11.089

23.031

4.365

134.86

7.982

061418
RCI HOSPITALITY HLDGS INC

299.884

9.922

31.111

299.884

164.659

8.259

21.094

3.187

144.896

8.732

063739

BJ’S RESTAURANTS INC

647.083

30.683

107.025

647.083

298.394

27.397

100.04

18.796

845.569

0.238
063739
BJ’S RESTAURANTS INC

681.665

34.604

116.894

681.665

365.182

45.325

127.224

25.364

919.597

1.215

063739
BJ’S RESTAURANTS INC

708.879

22.761

125.698

708.879

433.982

45.557

138.359

14.698

993.052

1.93

063739
BJ’S RESTAURANTS INC

684.958

24.335

122.541

684.958

426.229

44.7

8

107.036

13.865

1031.782

4.601

063930

FAMOUS DAVES OF AMERICA INC

66.677

2.781

14.211

66.677

34.875

2.897

12.679

3.558

149.355

0.901

063930
FAMOUS DAVES OF AMERICA INC

57.825

6.387

14.522

57.825

35.764

-4.384

1.984

4.677

114.226

1.027

063930
FAMOUS DAVES OF AMERICA INC

50.945

6.164

11.143

50.945

3

0.977

-2.431

0.344

5.257

99.179

0.855

063930
FAMOUS DAVES OF AMERICA INC

36.907

10.426

10.335

36.907

23.426

-8.123

3.253

3.768

64.595

0.661

102089

SODEXO

19038.57

4610.39

9766.505

19038.57

14802.955

102089
SODEXO

16205.554

3074.992

7992.516

16205.554

4329.838

22180.911

174.626

102089
SODEXO

15780.507

2423.14

7698.542

15780.507

11654.257

710.0

1053.297

4474.004

22565.077

121.491

102089
SODEXO

17691.136

3481.373

8824.159

17691.136

13444.978

859.936

126

3.143

4812.312

24618.201

133.213

106660

MTY FOOD GROUP INC

196.135

8.28

36.477

196.135

46.442

25.426

32.419

16.168

115.177

0.422

106660
MTY FOOD GROUP INC

225.387

33.417

48.467

225.387

56.178

26.015

51.237

18.974

145.203

0.436

106660
MTY FOOD GROUP INC

182.272

852.65

541.784

54.421

51.73

39.244

106660
MTY FOOD GROUP INC

854.345

56.453

177.243

854.345

519.019

49.507

89.492

38.376

276.083

10.314

108331

SPORTSCENE GROUP INC

62.186

8.528

10.7
62.186

27.477

3.099

8.176

4.29

74.931

0.661
108331
SPORTSCENE GROUP INC

57.978

4.975

16.994

57.978

25.58

-2.227

2.276

5.97

77.922

0.658

108331
SPORTSCENE GROUP INC

60.573

1.888

14.219

60.573

28.916

-0.622

4.458

6.091

84.551

0.712

108331
SPORTSCENE GROUP INC

64.108

64.108

30.957

1.519

6.654

6.204

95.085

0.796

148470

RED ROBIN GOURMET BURGERS

735.889

22.408

163.669

735.889

376.118

32.561

123.581

23.74

1146.102

3.245

148470
RED ROBIN GOURMET BURGERS

839.979

22.705

177.673

839.979

465.668

47.704

140.923

27.76

1256.223

3.88

148470
RED ROBIN GOURMET BURGERS

918.545

11.732

141.009

918.545

57

0.492

11.725

98.957

24.166

1296.441

7.439

148470
RED ROBIN GOURMET BURGERS

910.615

17.714

160.339

910.615

523.18

30.019

156.607

26.499

1380.929

11.255

148910

KEG ROYALTIES INCOME FUND

222.51

1.651

2.499

222.51

132.703

7.523

21.003

2.701

20.896

9.337

148910
KEG ROYALTIES INCOME FUND

227.114

2.77

3.597

227.114

138.316

11.236

22.329

3.131

23.251

10.01
148910
KEG ROYALTIES INCOME FUND

226.468

1.99

2.648

226.468

149.042

1.268

22.269

3.096

23.101

9.921

148910
KEG ROYALTIES INCOME FUND

230.671

2.49

2.999

230.671

149.131

17.057

23.727

3.226

24.294

10.432

153311

MITCHELLS & BUTLER PLC

7715.854

413.61

1004.018

7715.854

5793.784

150.846

351.974

38.928

3195.34

214.104

153311
MITCHELLS & BUTLER PLC

7228.471

427.783

959.866

7228.471

5307.227

155.695

367.319

21.163

3175.872

196.508

153311
MITCHELLS & BUTLER PLC

6461.948

361.816

843.372

6461.948

4629.436

115.834

288.933

23.427

2714.929

163.989

153311
MITCHELLS & BUTLER PLC

6617.908

357.832

837.625

6617.908

4438.743

84.433

302.885

26.804

2921.636

166.185

160376

TEXAS ROADHOUSE INC

943.142

86.122

215.971

943.142

328.186

87.022

191.713

34.023

1582.148

2.784

160376
TEXAS ROADHOUSE INC

1032.706

59.334

256.642

1032.706

355.524

96.894

227.941

45.421

1807.368

2.659

160376
TEXAS ROADHOUSE INC

1179.971

112.944

279.527

1179.971

421.729

115.598

257.065

56.127

1990.714

1.555
160376
TEXAS ROADHOUSE INC

1330.623

150.918

329.998

1330.623

479.232

131.526

286.373

76.496

2219.531

1.977

162031

SIR ROYALTY INCOME FUND

8

1.85

6

0.479

0.492
81.856

2.04

8.183

8.181

0.977

8.591

0.0
162031
SIR ROYALTY INCOME FUND

84.598

0.676

3.274

84.598

8.891

3.522

9.085

0.0
162031
SIR ROYALTY INCOME FUND

95.069

0.341

3.049

95.069

4.834

8.878

8.643

3.712

9.739

0.0
162031
SIR ROYALTY INCOME FUND

95.317

0.374
3.143
95.317

4.984

9.814

9.748

3.927

11.051

0.0

162425

SECOND CUP LTD

53.449

10.918

23.684

53.449

28.455

-27.032

0.452

4.806

28.172

0.571
162425
SECOND CUP LTD

11.804

46.485

22.558

-1.153

0.165

4.241

37.341

0.58
162425
SECOND CUP LTD

45.314

4.951

10.242

45.314
22.038

-0.975

-1.253

3.694

30.351

0.29
162425
SECOND CUP LTD
44.7

5.932

9.869

44.7

16.438

-3.097

1.862

3.78

23.636

0.644

163891

RUTHS HOSPITALITY GROUP INC

218.567

4.301

86.481

218.567

122.256

16.455

43.348

20.458

346.097

1.159

163891
RUTHS HOSPITALITY GROUP INC

198.597

3.095

77.872

198.597

100.695

3

0.004

54.587

18.501

373.433

0.79
163891
RUTHS HOSPITALITY GROUP INC

207.472

3.788

79.415

207.472

128.463

30.465

56.294

20.79

385.947

1.154

163891
RUTHS HOSPITALITY GROUP INC

242.096

4.051

88.525

242.096

162.592

30.137

68.693

21.626

414.823

0.821

164290

KONA GRILL INC

94.37

36.756

12.247

94.37

28.944

0.703

14.744

0.387

119.097

0.249

164290
KONA GRILL INC

101.844

9.233

18.83

101.844

39.153

-4.496

10.294

1.574

143.023

0.18

164290
KONA GRILL INC

108.383

3.654

19.277

108.383

76.808

-21.629

20.887

1.85

169.523

0.749

164290
KONA GRILL INC

91.799

5.1

16.603

91.799

86.136

-23.432

5.9

1.371

179.081

1.884

164300

PIZZA PIZZA ROYALTY CORP

335.112

4.105

3.362

335.112

61.139

25.018

26.091

3.149

33.013

1.757

164300
PIZZA PIZZA ROYALTY CORP

342.386

4.986

3.571

342.386

68.9

4

25.238

27.163

3.501

34.808

2.389

164300
PIZZA PIZZA ROYALTY CORP

344.646

4.884

3.107

344.646

69.25

26.731

27.311

3.392

35.333

0.867

164300
PIZZA PIZZA ROYALTY CORP

349.536

4.872

3.175

349.536

69.759

27.048

28.014

3.353

35.614

0.932

164471

RESTAURANT BRANDS INTL INC

164471
RESTAURANT BRANDS INTL INC

18411.1

18411.1
164471
RESTAURANT BRANDS INTL INC

19124.9

19124.9
164471
RESTAURANT BRANDS INTL INC

21223.5

1073.4
16662.9

648.8

4576.1
538.6

171049

BLOOMIN’ BRANDS INC

3344.286

172.573

840.11

3344.286

2763.104

91.09

352.006

135.677

4442.711

59.658

171049
BLOOMIN’ BRANDS INC

3032.569

139.109

814.166

3032.569

2587.143

127.327

397.43

148.543

4377.676

56.176

171049
BLOOMIN’ BRANDS INC

2642.279

135.062

823.408

2642.279

2446.379

41.748

340.581

134.945

4252.312

45.726

171049
BLOOMIN’ BRANDS INC

2572.907

129.543

860.863

2572.907

2523.436

100.243

409.002

110.669

4213.346

41.392

176249

CARROLS RESTAURANT GROUP INC

369.397

21.221

55.183

369.397

262.862

-38.117

14.707

18.801

176249
CARROLS RESTAURANT GROUP INC

427.256

22.274

71.254

427.256

319.257

0.004

70.702

6.161

859.004

18.569

176249
CARROLS RESTAURANT GROUP INC

490.155

2.002

68.9
490.155

335.499

45.472

62.288

7.776

943.583

18.315

176249
CARROLS RESTAURANT GROUP INC

581.514

29.412

79.529

581.514

412.454

7.159

72.783

9.474

1088.532

21.71

179094

DEL FRISCOS RESTURNT GRP INC

319.666

3.735

41.739

319.666

108.683

16.597

42.766

10.175

301.805

0.113

179094
DEL FRISCOS RESTURNT GRP INC

350.419

5.176

47.387

350.419

122.72

15.998

45.868

7.739

331.612

0.192

179094
DEL FRISCOS RESTURNT GRP INC

370.782

14.622

51.076

370.782

124.416

17.766

49.815

7.624

351.681

0.089

179094
DEL FRISCOS RESTURNT GRP INC

326.787

4.594

51.832

326.787

137.7

-11.457

38.065

5.108

361.431

0.883

186785

ARCOS DORADOS HOLDINGS INC

542.066

1794.78

1337.193

-109.333

193.091

148.15

3651.065

72.75

186785
ARCOS DORADOS HOLDINGS INC

1406.977

112.519

577.673

1406.977

1120.087

-51.633

112.689

98.977

3052.74

64.407

186785
ARCOS DORADOS HOLDINGS INC

1505.053

194.803

548.308

1505.053

1153.477

78.81

164.189

186785
ARCOS DORADOS HOLDINGS INC

1803.743

328.079

605.583

1803.743

1307.601

129.166

255.17

147.612

3319.525

62.921

186858

ARAMARK

10455.693

111.69

2378.873

10455.693

8727.78

148.956

398.159

1668.231

14832.913

313.524

186858
ARAMARK

10224.05

122.416

2180.988

10224.05

8330.589

235.946

683.036

1516.874

143

29.135

290.874

186858
ARAMARK

10582.072

152.58

2184.745

10582.072

8411.272

287.806

806.64

1524.849

14415.829

289.404

186858
ARAMARK

11006.229

238.797

2368.095

11006.229

8537.37

373.923

1053.387

1625.593

14604.412

261.866

187775

CHUY’S HOLDINGS INC

179.212

3.815

17.968

179.212

61.024

11.491

29.135

5.086

245.101

0.124
187775
CHUY’S HOLDINGS INC

200.461

8.529

24.021

200.461

67.404

12.896

45.393

3.874

287.062

0.11
187775
CHUY’S HOLDINGS INC

240.728

13.694

28.106

240.728

83.663

17.244

42.638

7.337

330.613

0.063

187775
CHUY’S HOLDINGS INC

271.967

8.785

25.657

271.967

83.005

28.956

44.382

10.272

369.589

0.065

189462

FOGO DE CHAO INC

477.169

19.387

41.433

477.169

321.71

17.555

34.053

10.096

262.28

17.279

189462
FOGO DE CHAO INC

487.495

24.919

34.071

487.495

234.941

27.865

37.361

12.315

271.634

10.098

189462
FOGO DE CHAO INC

35.801

522.395

229.536

24.437

56.093

11.542

288.296

4.494

189462
FOGO DE CHAO INC

542.613

38.342

43.015

542.613

221.839

28.789

55.441

12.475

314.359

5.127