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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           1,435 1,223 1,590 1,709 1,734              
Gross Profit USD mil           691 710 1,041 1,111 1,119              
EBIT USD mil           315 215 250 254 263              
Net Profit USD mil           130 194 460 137 118              
                                     
ROE % ...         20.2 35.2 75.3 23.5 22.1              
EBIT Margin %           21.9 17.6 15.7 14.9 15.2              
Net Margin %           9.03 15.9 28.9 8.01 6.80              
Employees ...         12,100 12,100 12,500 13,300 14,000   ... ... ... ... ... ...
balance sheet                                  
Total Assets USD mil           3,939 4,097 4,292 4,995 5,040              
Non-Current Assets USD mil           3,487 3,693 3,626 4,440 4,352              
Current Assets USD mil           453 404 666 554 688              
                                     
Shareholders' Equity USD mil           528 573 648 516 550              
Liabilities USD mil           3,412 3,524 3,644 4,478 4,490              
Non-Current Liabilities USD mil           3,182 3,297 3,359 4,128 4,077              
Current Liabilities USD mil           230 227 284 350 413              
                                     
Net Debt/EBITDA           5.27 7.59 6.21 7.17 6.91              
Net Debt/Equity %           438 451 363 661 613              
Cost of Financing % ...         4.65 4.48 4.32 4.38 3.97              
cash flow                                  
Total Cash From Operations USD mil           189 239 224 289 284              
Total Cash From Investing USD mil           92.1 -92.2 363 -54.9 -68.3              
Total Cash From Financing USD mil           -412 -216 -306 -365 -158              
Net Change In Cash USD mil           -129 -63.1 274 -128 59.5              
valuation                                  
Market Capitalisation USD mil ... ... ... ... ... ... 4,143 3,829 5,209 4,998              
Enterprise Value (EV) USD mil ... ... ... ... ... ... 6,726 6,182 8,623 8,367              
Number Of Shares mil ... ... ... ... ... ... 252 245 235 228              
Share Price USD ... ... ... ... ... ... 16.4 15.6 22.2 21.9              
Price/Earnings (P/E) ... ... ... ... ... ... 21.4 8.32 38.0 42.4              
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 14.5 6.95 23.9 25.6              
EV/EBITDA ... ... ... ... ... ... 19.8 16.3 18.1 17.2              
Price/Book Value (P/BV) ... ... ... ... ... ... 7.23 5.90 10.1 9.09              
Dividend Yield % ... ... ... ... ... ... 1.71 2.18 1.90 1.32              
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           1,435 1,223 1,590 1,709 1,734              
Cost of Goods & Services USD mil           745 513 549 598 615              
Gross Profit USD mil           691 710 1,041 1,111 1,119              
Selling, General & Admin USD mil           287 237 539 538 552   ... ... ... ... ... ...
Research & Development USD mil           0 0 0 0 0   ... ... ... ... ... ...
Other Operating Expense USD mil           -33.7 134 123 188 171   ... ... ... ... ... ...
Other Operating Cost (Income) USD mil           0 0 0 0 0   ... ... ... ... ... ...
EBITDA USD mil           439 340 379 476 487              
Depreciation USD mil   ... ...     92.3 91.0 90.6 81.2 77.7              
EBIT USD mil           315 215 250 254 263              
Net Financing Cost USD mil   ...       115 95.2 92.0 116 118              
Financing Cost USD mil           115 118 120 142 147              
Financing Income USD mil   ...       0 22.9 27.6 26.3 29.1              
FX (Gain) Loss USD mil           0 0 0 0 0   ... ... ... ... ... ...
(Income) / Loss from Affiliates USD mil       ... ... -8.40 -7.60 -8.10 -8.70 -6.10 ... ... ... ... ... ... ...
Extraordinary Cost USD mil           0 0 0 0 0   ... ... ... ... ... ...
Pre-Tax Profit USD mil           202 101 575 171 153              
Tax USD mil           72.1 -93.0 115 34.5 35.0              
Minorities USD mil           0 0 0 0 0              
Net Profit USD mil           130 194 460 137 118              
Net Profit Avail. to Common USD mil           130 194 460 137 118              
Dividends USD mil           64.2 68.4 80.9 96.6 64.9              
growth rates                                  
Total Revenue Growth % ...         -23.3 -14.8 30.0 7.49 1.45              
Operating Cost Growth % ...         -8.70 31.9 59.7 8.36 -0.220   ... ... ... ... ... ...
EBITDA Growth % ...         2.54 -22.5 11.3 25.7 2.38              
EBIT Growth % ...         14.7 -31.8 16.4 1.60 3.67              
Pre-Tax Profit Growth % ...         -13.9 -49.9 469 -70.2 -10.9              
Net Profit Growth % ...         -19.6 49.7 137 -70.2 -14.0              
ratios                                  
ROE % ...         20.2 35.2 75.3 23.5 22.1              
ROA % ...         3.22 4.83 11.0 2.95 2.35              
ROCE % ...         3.65 5.28 12.3 3.32 2.63              
Gross Margin %           48.1 58.1 65.5 65.0 64.5              
EBITDA Margin %           30.6 27.8 23.8 27.9 28.1              
EBIT Margin %           21.9 17.6 15.7 14.9 15.2              
Net Margin %           9.03 15.9 28.9 8.01 6.80              
Payout Ratio %           49.6 35.2 17.6 70.5 55.1              
Cost of Financing % ...         4.65 4.48 4.32 4.38 3.97              
Net Debt/EBITDA           5.27 7.59 6.21 7.17 6.91              
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           198 171 431 300 307              
Receivables USD mil           98.8 114 110 117 110              
Inventories USD mil           2.85 3.16 3.69 3.89 4.73              
Other ST Assets USD mil           153 115 121 133 266              
Current Assets USD mil           453 404 666 554 688              
Property, Plant & Equipment USD mil           1,192 1,263 1,213 2,034 1,944              
LT Investments & Receivables USD mil           57.0 285 274 303 313              
Intangible Assets USD mil           2,064 2,065 2,042 2,003 1,976              
Goodwill USD mil           741 743 748 756 751              
Non-Current Assets USD mil           3,487 3,693 3,626 4,440 4,352              
Total Assets USD mil           3,939 4,097 4,292 4,995 5,040              
                                     
Trade Payables USD mil           27.6 22.8 21.7 22.7 31.1              
Short-Term Debt USD mil           24.7 30.2 31.7 77.5 86.4              
Other ST Liabilities USD mil           75.8 62.6 80.2 84.2 141              
Current Liabilities USD mil           230 227 284 350 413              
Long-Term Debt USD mil           2,488 2,724 2,753 3,636 3,590              
Other LT Liabilities USD mil           694 572 607 492 488              
Non-Current Liabilities USD mil           3,182 3,297 3,359 4,128 4,077              
Liabilities USD mil           3,412 3,524 3,644 4,478 4,490              
Preferred Equity and Hybrid Capital USD mil           0 0 0 0 0              
Share Capital USD mil           2,926 2,933 2,932 2,921 2,946              
Treasury Stock USD mil           2,044 2,150 2,368 2,537 2,586              
Equity Before Minority Interest USD mil           528 573 648 516 550              
Minority Interest USD mil   ... ...     0 0 0 0 0              
Equity USD mil           528 573 648 516 550              
growth rates                                  
Total Asset Growth % ...         -4.12 4.00 4.76 16.4 0.911              
Shareholders' Equity Growth % ...         -29.9 8.62 13.1 -20.4 6.44              
Net Debt Growth % ...         10.3 11.6 -8.90 45.1 -1.30              
Total Debt Growth % ...         3.55 9.64 1.09 33.4 -1.02              
ratios                                  
Total Debt USD mil           2,512 2,754 2,784 3,714 3,676              
Net Debt USD mil           2,314 2,583 2,353 3,413 3,369              
Working Capital USD mil           74.0 94.8 91.8 98.7 83.6              
Capital Employed USD mil           3,561 3,787 3,718 4,539 4,436              
Net Debt/Equity %           438 451 363 661 613              
Current Ratio           1.97 1.78 2.34 1.58 1.66              
Quick Ratio           1.29 1.26 1.90 1.19 1.01              
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           130 194 460 137 118              
Depreciation USD mil   ... ...     92.3 91.0 90.6 81.2 77.7              
Non-Cash Items USD mil           -39.6 -50.3 -422 1.73 27.2              
Change in Working Capital USD mil           -25.4 -30.7 57.4 18.6 6.58              
Total Cash From Operations USD mil           189 239 224 289 284              
                                     
Capital Expenditures USD mil           112 -0.194 -66.6 -71.0 -62.9              
Net Change in LT Investment USD mil           0 0 0 0 0   ... ... ... ... ... ...
Net Cash From Acquisitions USD mil           -2.21 -86.8 -21.4 -5.05 -4.88   ... ... ... ... ... ...
Other Investing Activities USD mil           -17.8 -5.26 451 21.1 -0.493              
Total Cash From Investing USD mil           92.1 -92.2 363 -54.9 -68.3              
                                     
Dividends Paid USD mil           -63.8 -68.3 -80.5 -96.4 -64.9              
Issuance Of Shares USD mil           -322 -119 -236 -198 -44.4              
Issuance Of Debt USD mil           -24.6 -27.0 34.8 -49.8 -46.5              
Other Financing Activities USD mil           -1.98 -1.42 -23.6 -20.8 -2.12   ... ... ... ... ... ...
Total Cash From Financing USD mil           -412 -216 -306 -365 -158              
                                     
Effect of FX Rates USD mil           2.04 6.13 -7.69 3.49 1.33   ... ... ... ... ... ...
Net Change In Cash USD mil           -129 -63.1 274 -128 59.5              
ratios                                  
Days Sales Outstanding days           25.1 34.1 25.2 25.1 23.1              
Days Sales Of Inventory days           1.40 2.25 2.45 2.38 2.81              
Days Payable Outstanding days           13.5 16.2 14.5 13.9 18.4              
Cash Conversion Cycle days           13.0 20.2 13.2 13.6 7.50              
Cash Earnings USD mil   ... ...     222 285 551 218 195              
Free Cash Flow USD mil           281 147 587 234 216              
Capital Expenditures (As % of Sales) %           -7.81 0.016 4.19 4.15 3.63              
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
                                   
Employees ...         12,100 12,100 12,500 13,300 14,000   ... ... ... ... ... ...
Operating Cost (As % of Sales) %           26.2 40.5 49.8 50.2 49.4   ... ... ... ... ... ...
Research & Development (As % of Sales) %           0 0 0 0 0   ... ... ... ... ... ...
Effective Tax Rate %           35.7 -92.1 20.0 20.1 22.9              
Total Revenue Growth (5-year average) % ... ... ... ... ... -10.0 -13.4 -8.56 -3.08 -1.50              
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 4,998              
Enterprise Value (EV) USD mil ... ... ... ... ... ... 6,726 6,182 8,623 8,367              
Number Of Shares mil ... ... ... ... ... ... 252 245 235 228              
Share Price USD ... ... ... ... ... ... 16.4 15.6 22.2 21.9              
EV/EBITDA ... ... ... ... ... ... 19.8 16.3 18.1 17.2              
Price/Earnings (P/E) ... ... ... ... ... ... 21.4 8.32 38.0 42.4              
Price/Cash Earnings (P/CE) ... ... ... ... ... ... 14.5 6.95 23.9 25.6              
P/FCF ... ... ... ... ... ... 28.3 6.52 22.3 23.1              
Price/Book Value (P/BV) ... ... ... ... ... ... 7.23 5.90 10.1 9.09              
Dividend Yield % ... ... ... ... ... ... 1.71 2.18 1.90 1.32              
Free Cash Flow Yield % ... ... ... ... ... ... 3.54 15.3 4.49 4.32              
Earnings Per Share (EPS) USD ... ... ... ... ... ... 0.769 1.88 0.583 0.517              
Cash Earnings Per Share USD ... ... ... ... ... ... 1.13 2.25 0.928 0.857              
Free Cash Flow Per Share USD ... ... ... ... ... ... 0.581 2.40 0.995 0.948              
Book Value Per Share USD ... ... ... ... ... ... 2.27 2.65 2.20 2.41              
Dividend Per Share USD ... ... ... ... ... ... 0.280 0.340 0.420 0.290              
EV/Sales ... ... ... ... ... ... 5.50 3.89 5.05 4.83              
EV/EBIT ... ... ... ... ... ... 31.3 24.7 34.0 31.8              
EV/Free Cash Flow ... ... ... ... ... ... 45.9 10.5 36.8 38.7              
EV/Capital Employed ... ... ... ... ... ... 1.78 1.66 1.90 1.89              
Earnings Per Share Growth % ... ... ... ... ... ... ... 144 -69.0 -11.3              
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... 99.0 -58.7 -7.62              
Book Value Per Share Growth % ... ... ... ... ... ... ... 16.5 -17.0 9.73              

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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 ...

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...

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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.