Financials Wingstop Inc.

Equities

WING

US9741551033

Restaurants & Bars

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
397.8 ^USD	+0.51%		+3.39%	+55.05%

May. 02	Wingstop's Higher Same-Store Sales 2024 Guide Implies Slowing From Q1, Though More Upside Seen, Morgan Stanley Says	MT
May. 02	UBS Raises Price Target on Wingstop to $400 From $330, Maintains Neutral Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,533	4,047	5,261	4,117	7,547	11,685	-	-
Enterprise Value (EV) ¹	2,831	4,476	5,682	4,647	8,169	12,318	12,351	12,345
P/E ratio	125 x	175 x	124 x	77.8 x	109 x	117 x	97.1 x	80 x
Yield	0.47%	4.03%	0.35%	0.52%	0.32%	0.24%	0.3%	0.38%
Capitalization / Revenue	12.7 x	16.3 x	18.6 x	11.5 x	16.4 x	20 x	17.2 x	14.8 x
EV / Revenue	14.2 x	18 x	20.1 x	13 x	17.8 x	21 x	18.1 x	15.7 x
EV / EBITDA	49.7 x	62.3 x	64.3 x	42.7 x	55.8 x	64.5 x	54.8 x	46.1 x
EV / FCF	176 x	75.3 x	272 x	88.9 x	-	122 x	100 x	87.9 x
FCF Yield	0.57%	1.33%	0.37%	1.13%	-	0.82%	1%	1.14%
Price to Book	-12.2 x	-11.9 x	-17 x	-10.5 x	-16.5 x	-28.2 x	-34.4 x	-39.4 x
Nbr of stocks (in thousands)	29,453	29,683	29,826	29,916	29,415	29,370	-	-
Reference price ²	85.99	136.3	176.4	137.6	256.6	397.8	397.8	397.8
Announcement Date	2/19/20	2/17/21	2/16/22	2/22/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	199.7	248.8	282.5	357.5	460.1	585.3	681.2	788.8
EBITDA ¹	56.99	71.88	88.39	108.8	146.5	190.9	225.4	268.1
EBIT ¹	42.9	57.39	73.76	91.93	112.6	154.1	184.8	228.1
Operating Margin	21.49%	23.07%	26.11%	25.71%	24.47%	26.34%	27.12%	28.92%
Earnings before Tax (EBT) ¹	25.76	26.94	58.91	69.32	94.31	134.2	160.9	188.5
Net income ¹	20.48	23.31	42.66	52.95	70.18	99.65	119.4	141.2
Net margin	10.25%	9.37%	15.1%	14.81%	15.25%	17.03%	17.53%	17.9%
EPS ²	0.6900	0.7800	1.420	1.770	2.350	3.397	4.099	4.976
Free Cash Flow ¹	16.1	59.48	20.86	52.3	-	100.8	123.1	140.5
FCF margin	8.06%	23.9%	7.38%	14.63%	-	17.23%	18.07%	17.81%
FCF Conversion (EBITDA)	28.25%	82.74%	23.6%	48.06%	-	52.84%	54.61%	52.42%
FCF Conversion (Net income)	78.61%	255.2%	48.89%	98.77%	-	101.2%	103.03%	99.54%
Dividend per Share ²	0.4000	5.500	0.6200	0.7200	0.8200	0.9440	1.188	1.518
Announcement Date	2/19/20	2/17/21	2/16/22	2/22/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	72.03	76.2	83.78	92.67	104.9	108.7	107.2	117.1	127.1	145.8	140.1	145.7	153.3	170.6	165
EBITDA ¹	20.2	22.09	23.67	28.39	34.66	34.58	34.35	38.48	39.07	50.26	44.89	47.2	48.23	58.64	54.53
EBIT ¹	14.22	16.61	22.37	24.08	28.87	25.67	26.46	30.65	29.81	42.74	35.82	37.53	37.79	49.39	44.28
Operating Margin	19.74%	21.79%	26.71%	25.99%	27.53%	23.61%	24.69%	26.18%	23.47%	29.31%	25.57%	25.76%	24.65%	28.96%	26.83%
Earnings before Tax (EBT) ¹	10.58	11.54	16.36	18.05	23.37	20.91	22.26	26.15	24.99	38.5	30.54	32.28	32.52	43.54	37.79
Net income ¹	6.896	8.676	13.31	13.37	17.6	15.67	16.18	19.51	18.81	28.75	22.55	23.86	24.08	32.35	28.02
Net margin	9.57%	11.39%	15.88%	14.43%	16.78%	14.41%	15.1%	16.66%	14.81%	19.72%	16.1%	16.38%	15.71%	18.97%	16.98%
EPS ²	0.2300	0.2900	0.4400	0.4500	0.5900	0.5200	0.5400	0.6600	0.6400	0.9800	0.7714	0.8171	0.8207	1.101	0.9543
Dividend per Share ²	0.1700	0.1700	0.1700	0.1900	0.1900	0.1900	0.1900	0.2200	0.2200	-	0.2200	0.2486	0.2486	0.2577	0.2515
Announcement Date	2/16/22	5/4/22	7/28/22	10/26/22	2/22/23	5/3/23	8/2/23	11/1/23	2/21/24	5/1/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	298	430	421	530	622	633	667	661
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.229 x	5.978 x	4.761 x	4.868 x	4.247 x	3.317 x	2.959 x	2.465 x
Free Cash Flow ¹	16.1	59.5	20.9	52.3	-	101	123	141
ROE (net income / shareholders' equity)	-	-8.46%	-	-	-	-	-	-
ROA (Net income/ Total Assets)	12.3%	12.3%	17.5%	16.4%	17.5%	25.4%	21.9%	32%
Assets ¹	166.1	188.9	243.7	322.1	401	393.1	545.4	441.2
Book Value Per Share ²	-7.060	-11.50	-10.40	-13.10	-15.60	-14.10	-11.60	-10.10
Cash Flow per Share ²	-	-	1.630	2.540	-	4.690	5.530	-
Capex ¹	22.5	6.05	28	23.9	-	40.7	42.2	51.3
Capex / Sales	11.26%	2.43%	9.92%	6.7%	-	6.96%	6.19%	6.5%
Announcement Date	2/19/20	2/17/21	2/16/22	2/22/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Wingstop Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

397.8 USD

Average target price

385.8 USD

Spread / Average Target

-3.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Quick Service Restaurants

	1st Jan change	Capi.
WINGSTOP INC.	+55.05%	11.68B
MCDONALD'S CORPORATION	-9.78%	193B
CHIPOTLE MEXICAN GRILL, INC.	+39.65%	87.72B
YUM! BRANDS, INC.	+4.02%	38.24B
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP	-0.36%	25.22B
RESTAURANT BRANDS INTERNATIONAL INC.	-4.89%	23.51B
DOMINO'S PIZZA INC.	+25.47%	18.02B
YUM CHINA HOLDINGS, INC.	-12.09%	14.55B
AMERICANA RESTAURANTS INTERNATIONAL PLC	-0.64%	7.18B
MCDONALD'S HOLDINGS COMPANY (JAPAN), LTD.	+11.95%	5.95B

Quick Service Restaurants