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