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Wendys

Wendys's net profit rose 70.1% yoy to USD 200 mil in 2021

By Helgi Analytics - May 11, 2022

Wendys made a net profit of USD 200 mil with revenues of USD 1,897 mil in 2021, up by 70.1% and up by 9.41%, respec...

Wendys's price/earnings (P/E) fell 37.0% yoy to 26.7 in 2021

By Helgi Analytics - May 11, 2022

Wendys stock traded at USD 23.9 per share at the end 2021 translating into a market capitalization of USD 5,352 mil. Since the en...

Wendys's Capital Expenditures rose 63.6% yoy to USD 22.9 mil in 2021

By Helgi Analytics - May 11, 2022

Wendys invested a total of USD 22.9 mil in 2021, down 63.6% compared to the previous year. Historically, between 2011 - ...

Profit Statement 2019 2020 2021
Sales USD mil 1,709 1,734 1,897
Gross Profit USD mil 1,111 1,119 1,285
EBITDA USD mil 476 487 582
EBIT USD mil 254 263 367
Financing Cost USD mil 142 147 140
Pre-Tax Profit USD mil 171 153 241
Net Profit USD mil 137 118 200
Dividends USD mil 96.6 64.9 95.2
Balance Sheet 2019 2020 2021
Total Assets USD mil 4,995 5,040 5,101
Non-Current Assets USD mil 4,440 4,352 4,509
Current Assets USD mil 554 688 593
Working Capital USD mil 98.7 83.6 84.3
Shareholders' Equity USD mil 516 550 436
Liabilities USD mil 4,478 4,490 4,665
Total Debt USD mil 3,714 3,676 3,856
Net Debt USD mil 3,413 3,369 3,607
Ratios 2019 2020 2021
ROE % 23.5 22.1 40.6
ROCE % 3.32 2.63 4.44
Gross Margin % 65.0 64.5 67.8
EBITDA Margin % 27.9 28.1 30.7
EBIT Margin % 14.9 15.2 19.3
Net Margin % 8.01 6.80 10.6
Net Debt/EBITDA 7.17 6.91 6.20
Net Debt/Equity % 661 613 827
Cost of Financing % 4.38 3.97 3.71
Valuation 2019 2020 2021
Market Capitalisation USD mil 5,209 4,998 5,352
Enterprise Value (EV) USD mil 8,623 8,367 8,959
Number Of Shares mil 235 228 224
Share Price USD 22.2 21.9 23.9
EV/EBITDA 18.1 17.2 15.4
EV/Sales 5.05 4.83 4.72
Price/Earnings (P/E) 38.0 42.4 26.7
Price/Book Value (P/BV) 10.1 9.09 12.3
Dividend Yield % 1.90 1.32 1.80

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overview Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                                  
Sales USD mil         1,870 1,435 1,223 1,590 1,709                
Gross Profit USD mil         686 691 710 1,041 1,111                
EBIT USD mil         274 315 215 250 254                
Net Profit USD mil         161 130 194 460 137                
                                     
ROE % ...       13.0 20.2 35.2 75.3 23.5                
EBIT Margin %         14.7 21.9 17.6 15.7 14.9                
Net Margin %         8.62 9.03 15.9 28.9 8.01                
Employees ...       21,200 12,100 12,100 12,500 13,300     ... ... ... ... ... ...
balance sheet                                  
Total Assets USD mil         4,109 3,939 4,097 4,292 4,995                
Non-Current Assets USD mil         3,492 3,487 3,693 3,626 4,440                
Current Assets USD mil         617 453 404 666 554                
                                     
Shareholders' Equity USD mil         753 528 573 648 516                
Liabilities USD mil         3,356 3,412 3,524 3,644 4,478                
Non-Current Liabilities USD mil         3,087 3,182 3,297 3,359 4,128                
Current Liabilities USD mil         269 230 227 284 350                
                                     
Net Debt/EBITDA         4.90 5.27 7.59 6.21 7.17                
Net Debt/Equity %         279 438 451 363 661                
Cost of Financing % ...       4.45 4.65 4.48 4.32 4.38                
cash flow                                  
Total Cash From Operations USD mil         212 189 239 224 289                
Total Cash From Investing USD mil         35.4 92.1 -92.2 363 -54.9                
Total Cash From Financing USD mil         -176 -412 -216 -306 -365                
Net Change In Cash USD mil         59.9 -129 -63.1 274 -128                
valuation                                  
Market Capitalisation USD mil ... ... ... ... ... ... 4,143 3,829 5,209                
Enterprise Value (EV) USD mil ... ... ... ... ... ... 6,726 6,182 8,623                
Number Of Shares mil ... ... ... ... ... ... 252 245 235                
Share Price USD ... ... ... ... ... ... 16.4 15.6 22.2                
Price/Earnings (P/E) ... ... ... ... ... ... 21.4 8.32 38.0                
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 14.5 6.95 23.9                
EV/EBITDA ... ... ... ... ... ... 19.8 16.3 18.1                
Price/Book Value (P/BV) ... ... ... ... ... ... 7.23 5.90 10.1                
Dividend Yield % ... ... ... ... ... ... 1.71 2.18 1.90                
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
income statement                                  
Sales USD mil         1,870 1,435 1,223 1,590 1,709                
Cost of Goods & Services USD mil         1,184 745 513 549 598                
Gross Profit USD mil         686 691 710 1,041 1,111                
Selling, General & Admin USD mil         321 287 237 539 538     ... ... ... ... ... ...
Research & Development USD mil         0 0 0 0 0     ... ... ... ... ... ...
Other Operating Expense USD mil         -54.2 -33.7 134 123 188     ... ... ... ... ... ...
Other Operating Cost (Income) USD mil         0 0 0 0 0     ... ... ... ... ... ...
EBITDA USD mil         428 439 340 379 476                
Depreciation USD mil   ... ...   8.61 92.3 91.0 90.6 81.2                
EBIT USD mil         274 315 215 250 254                
Net Financing Cost USD mil   ...     86.1 115 95.2 92.0 116                
Financing Cost USD mil         86.1 115 118 120 142                
Financing Income USD mil   ...     0 0 22.9 27.6 26.3                
FX (Gain) Loss USD mil         0 0 0 0 0     ... ... ... ... ... ...
(Income) / Loss from Affiliates USD mil       ... ... -8.40 -7.60 -8.10 -8.70   ... ... ... ... ... ... ...
Extraordinary Cost USD mil         -21.2 0 0 0 0     ... ... ... ... ... ...
Pre-Tax Profit USD mil         234 202 101 575 171                
Tax USD mil         94.1 72.1 -93.0 115 34.5                
Minorities USD mil         0 0 0 0 0                
Net Profit USD mil         161 130 194 460 137                
Net Profit Avail. to Common USD mil         161 130 194 460 137                
Dividends USD mil         72.7 64.2 68.4 80.9 96.6                
growth rates                                  
Total Revenue Growth % ...       -6.42 -23.3 -14.8 30.0 7.49                
Operating Cost Growth % ...       2.73 -8.70 31.9 59.7 8.36     ... ... ... ... ... ...
EBITDA Growth % ...       6.40 2.54 -22.5 11.3 25.7                
EBIT Growth % ...       13.1 14.7 -31.8 16.4 1.60                
Pre-Tax Profit Growth % ...       21.6 -13.9 -49.9 469 -70.2                
Net Profit Growth % ...       32.7 -19.6 49.7 137 -70.2                
ratios                                  
ROE % ...       13.0 20.2 35.2 75.3 23.5                
ROA % ...       3.91 3.22 4.83 11.0 2.95                
ROCE % ...       4.53 3.65 5.28 12.3 3.32                
Gross Margin %         36.7 48.1 58.1 65.5 65.0                
EBITDA Margin %         22.9 30.6 27.8 23.8 27.9                
EBIT Margin %         14.7 21.9 17.6 15.7 14.9                
Net Margin %         8.62 9.03 15.9 28.9 8.01                
Payout Ratio %         45.1 49.6 35.2 17.6 70.5                
Cost of Financing % ...       4.45 4.65 4.48 4.32 4.38                
Net Debt/EBITDA         4.90 5.27 7.59 6.21 7.17                
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
balance sheet                                  
Cash & Cash Equivalents USD mil         327 198 171 431 300                
Receivables USD mil         105 98.8 114 110 117                
Inventories USD mil         4.31 2.85 3.16 3.69 3.89                
Other ST Assets USD mil         180 153 115 121 133                
Current Assets USD mil         617 453 404 666 554                
Property, Plant & Equipment USD mil         1,228 1,192 1,263 1,213 2,034                
LT Investments & Receivables USD mil         58.4 57.0 285 274 303                
Intangible Assets USD mil         2,110 2,064 2,065 2,042 2,003                
Goodwill USD mil         771 741 743 748 756                
Non-Current Assets USD mil         3,492 3,487 3,693 3,626 4,440                
Total Assets USD mil         4,109 3,939 4,097 4,292 4,995                
                                     
Trade Payables USD mil         53.7 27.6 22.8 21.7 22.7                
Short-Term Debt USD mil         23.3 24.7 30.2 31.7 77.5                
Other ST Liabilities USD mil         67.4 75.8 62.6 80.2 84.2                
Current Liabilities USD mil         269 230 227 284 350                
Long-Term Debt USD mil         2,403 2,488 2,724 2,753 3,636                
Other LT Liabilities USD mil         684 694 572 607 492                
Non-Current Liabilities USD mil         3,087 3,182 3,297 3,359 4,128                
Liabilities USD mil         3,356 3,412 3,524 3,644 4,478                
Preferred Equity and Hybrid Capital USD mil         0 0 0 0 0                
Share Capital USD mil         2,922 2,926 2,933 2,932 2,921                
Treasury Stock USD mil         1,741 2,044 2,150 2,368 2,537                
Equity Before Minority Interest USD mil         753 528 573 648 516                
Minority Interest USD mil   ... ...   0 0 0 0 0                
Equity USD mil         753 528 573 648 516                
growth rates                                  
Total Asset Growth % ...       -0.698 -4.12 4.00 4.76 16.4                
Shareholders' Equity Growth % ...       -56.2 -29.9 8.62 13.1 -20.4                
Net Debt Growth % ...       79.2 10.3 11.6 -8.90 45.1                
Total Debt Growth % ...       68.7 3.55 9.64 1.09 33.4                
ratios                                  
Total Debt USD mil         2,426 2,512 2,754 2,784 3,714                
Net Debt USD mil         2,099 2,314 2,583 2,353 3,413                
Working Capital USD mil         55.5 74.0 94.8 91.8 98.7                
Capital Employed USD mil         3,548 3,561 3,787 3,718 4,539                
Net Debt/Equity %         279 438 451 363 661                
Current Ratio         2.29 1.97 1.78 2.34 1.58                
Quick Ratio         1.61 1.29 1.26 1.90 1.19                
cash flow Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
cash flow                                  
Net Profit USD mil         161 130 194 460 137                
Depreciation USD mil   ... ...   8.61 92.3 91.0 90.6 81.2                
Non-Cash Items USD mil         -28.1 -39.6 -50.3 -422 1.73                
Change in Working Capital USD mil         -74.3 -25.4 -30.7 57.4 18.6                
Total Cash From Operations USD mil         212 189 239 224 289                
                                     
Capital Expenditures USD mil         -47.2 112 -0.194 -66.6 -71.0                
Net Change in LT Investment USD mil         0 0 0 0 0     ... ... ... ... ... ...
Net Cash From Acquisitions USD mil         77.2 -2.21 -86.8 -21.4 -5.05     ... ... ... ... ... ...
Other Investing Activities USD mil         5.44 -17.8 -5.26 451 21.1                
Total Cash From Investing USD mil         35.4 92.1 -92.2 363 -54.9                
                                     
Dividends Paid USD mil         -71.8 -63.8 -68.3 -80.5 -96.4                
Issuance Of Shares USD mil         -1,021 -322 -119 -236 -198                
Issuance Of Debt USD mil         967 -24.6 -27.0 34.8 -49.8                
Other Financing Activities USD mil         -49.5 -1.98 -1.42 -23.6 -20.8     ... ... ... ... ... ...
Total Cash From Financing USD mil         -176 -412 -216 -306 -365                
                                     
Effect of FX Rates USD mil         -12.2 2.04 6.13 -7.69 3.49     ... ... ... ... ... ...
Net Change In Cash USD mil         59.9 -129 -63.1 274 -128                
ratios                                  
Days Sales Outstanding days         20.5 25.1 34.1 25.2 25.1                
Days Sales Of Inventory days         1.33 1.40 2.25 2.45 2.38                
Days Payable Outstanding days         16.5 13.5 16.2 14.5 13.9                
Cash Conversion Cycle days         5.24 13.0 20.2 13.2 13.6                
Cash Earnings USD mil   ... ...   170 222 285 551 218                
Free Cash Flow USD mil         248 281 147 587 234                
Capital Expenditures (As % of Sales) %         2.53 -7.81 0.016 4.19 4.15                
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Employees ...       21,200 12,100 12,100 12,500 13,300     ... ... ... ... ... ...
Operating Cost (As % of Sales) %         22.0 26.2 40.5 49.8 50.2     ... ... ... ... ... ...
Research & Development (As % of Sales) %         0 0 0 0 0     ... ... ... ... ... ...
Effective Tax Rate %         40.2 35.7 -92.1 20.0 20.1                
Total Revenue Growth (5-year average) % ... ... ... ... ... -10.0 -13.4 -8.56 -3.08                
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...              
valuation Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Market Capitalisation USD mil ... ... ... ... ... ... 4,143 3,829 5,209                
Enterprise Value (EV) USD mil ... ... ... ... ... ... 6,726 6,182 8,623                
Number Of Shares mil ... ... ... ... ... ... 252 245 235                
Share Price USD ... ... ... ... ... ... 16.4 15.6 22.2                
EV/EBITDA ... ... ... ... ... ... 19.8 16.3 18.1                
Price/Earnings (P/E) ... ... ... ... ... ... 21.4 8.32 38.0                
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 14.5 6.95 23.9                
P/FCF ... ... ... ... ... ... 28.3 6.52 22.3                
Price/Book Value (P/BV) ... ... ... ... ... ... 7.23 5.90 10.1                
Dividend Yield % ... ... ... ... ... ... 1.71 2.18 1.90                
Free Cash Flow Yield % ... ... ... ... ... ... 3.54 15.3 4.49                
Earnings Per Share (EPS) USD ... ... ... ... ... ... 0.769 1.88 0.583                
Cash Earnings Per Share USD ... ... ... ... ... ... 1.13 2.25 0.928                
Free Cash Flow Per Share USD ... ... ... ... ... ... 0.581 2.40 0.995                
Book Value Per Share USD ... ... ... ... ... ... 2.27 2.65 2.20                
Dividend Per Share USD ... ... ... ... ... ... 0.280 0.340 0.420                
EV/Sales ... ... ... ... ... ... 5.50 3.89 5.05                
EV/EBIT ... ... ... ... ... ... 31.3 24.7 34.0                
EV/Free Cash Flow ... ... ... ... ... ... 45.9 10.5 36.8                
EV/Capital Employed ... ... ... ... ... ... 1.78 1.66 1.90                
Earnings Per Share Growth % ... ... ... ... ... ... ... 144 -69.0                
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... 99.0 -58.7                
Book Value Per Share Growth % ... ... ... ... ... ... ... 16.5 -17.0                

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Wendys's Net Margin rose 55.4% yoy to 10.6% in 2021

By Helgi Analytics - May 11, 2022

Wendys made a net profit of USD 200 mil with revenues of USD 1,897 mil in 2021, up by 70.1% and up by 9.41%, respectively, compared to the previous year. This translates into a net margin of 10.6%. Historically, between 2011 and 2021, the firm’s n...

Wendys's Share Price rose 8.80% yoy to USD 23.9 in 2021

By Helgi Analytics - May 11, 2022

Wendys stock traded at USD 23.9 per share at the end 2021 implying a market capitalization of USD 5,352 mil. Since the end of 2016, stock has appreciated by % implying an annual average growth of % In absolute terms, the value of the company rose by ...

Wendys's P/FCF rose 21.1% yoy to 28.0 in 2021

By Helgi Analytics - May 11, 2022

Wendys stock traded at USD 23.9 per share at the end 2021 translating into a market capitalization of USD 5,352 mil. Since the end of 2016, the stock has appreciated by 0% representing an annual average growth of %. At the end of 2021, the firm traded at...

Wendys's Net Debt/EBITDA fell 10.3% yoy to 6.20 in 2021

By Helgi Analytics - May 11, 2022

Wendys's net debt stood at USD 3,607 mil and accounted for 827% of equity at the end of 2021. The ratio is up 214 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 827% in 2021 and a low of 44.2% ...

Wendys's ROCE rose 69.1% yoy to 4.44% in 2021

By Helgi Analytics - May 11, 2022

Wendys made a net profit of USD 200 mil in 2021, up 70.1% compared to the previous year. Historically, between 2011 and 2021, the company's net profit reached a high of USD 460 mil in 2018 and a low of USD 7.08 mil in 2012. The result implies a return on ...

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Finance

Wendys has been growing its sales by 3.58% a year on average in the last 5 years. EBITDA has grown on average by 2.59% a year during that time to total of USD 561 mil in 2027, or 22.5% of sales. That’s compared to 24.0% average margin seen in last five years.

The company netted USD 214 mil in 2027 implying ROE of 21.5% and ROCE of 4.43%. Again, the average figures were 29.6% and 4.95%, respectively when looking at the previous 5 years.

Wendys’s net debt amounted to USD 3,317 mil at the end of 2027, or 318% of equity. When compared to EBITDA, net debt was 5.91x, up when compared to average of 5.83x seen in the last 5 years.

Valuation

Wendys stock traded at USD 18.1 per share at the end of 2027 resulting in a market capitalization of USD 4,062 mil. Over the previous five years, stock price grew by 0% or 0% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 13.1x and price to earnings (PE) of 19.0x as of 2027.