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YUM

Yum! Brands

$87.39

-0.33 (-0.38%)

07:31
10/11/16
10/11
07:31
10/11/16
07:31

Yum! Brands says separation of China business to be completed on October 31

Yum! Brands will announce at its annual investor conference in New York City the Company's strategic transformation plans to drive growth of its KFC, Pizza Hut and Taco Bell brands following the separation of its China business, currently expected to be completed after the close of business on October 31, 2016. Yum! Brands will outline how the Company is sharpening its focus on the development of its three iconic global brands, increasing its franchise ownership and creating a leaner, more efficient cost structure. The Company will also provide an update for returning capital to shareholders. Major features of the Company's transformation and growth strategy involve being more focused, franchised and efficient. More Focused. Four growth drivers will form the basis of Yum! Brands' strategic plans and repeatable business model to accelerate same-store sales growth and net-new restaurant development at KFC, Pizza Hut and Taco Bell around the world over the long term. More Franchised. Partnering with growth-minded franchisees, Yum! Brands will increase franchise restaurant ownership from 77% currently to 93% at the time of the separation of the China business to at least 98% by fiscal year ending 2018, with a focus on equipping and recruiting the best restaurant operators in the world to deliver great customer experiences and drive brand growth. More Efficient. The Company will revamp its financial profile, improving the efficiency of its organization and cost structure globally, by: Reducing annual capital expenditures from ~$500 million to ~$100 million; Reducing G&A by a cumulative ~$300 million by FYE 2019; and Maintaining optimized capital structure of ~5.0x EBITDA leverage. Following through on its previously announced plan to return $6.2 billion of capital to shareholders in connection with the separation of its China business, Yum! Brands has repurchased approximately $5.5 billion in shares at an average price of approximately $81, reducing its share count by approximately 16% as of October 10, 2016. The Company is also expanding its plan to return capital to shareholders and now expects to return a total of $13.5 billion between Q4 2015 and 2019. After the separation of the China business, Yum China Holdings, Inc. will become a licensee of Yum! Brands in Mainland China. Yum China will have exclusive rights to KFC, China's leading quick-service restaurant concept, Pizza Hut, the leading casual dining brand, and Taco Bell, which is expanding globally but is not yet in China. It will also own the Little Sheep and East Dawning concepts. Yum China has more than 7,300 restaurants and more than 400,000 employees in over 1,100 cities, and generated over $8 billion in system sales in 2015. The standalone company, Yum China, is expected to begin trading "regular way" on the New York Stock Exchange under the symbol "YUMC" on November 1, 2016.

  • 11

    Oct

YUM Yum! Brands
$87.39

-0.33 (-0.38%)

10/06/16
OPCO
10/06/16
NO CHANGE
Target $97
OPCO
Outperform
Oppenheimer would be aggressive buyer of Yum! Brands below $90
After Yum! Brands reported an in-line earnings quarter, Oppenheimer analyst Brian Bittner remains attracted to the shares ahead of several catalysts. The analyst would be an aggressive buyer of Yum! Brands below $90 per share. He reiterates an Outperform rating and $97 price target on the stock.
09/29/16
BERN
09/29/16
NO CHANGE
BERN
New Yum! poised to benefit from cost cutting, unit growth, says Bernstein
Bernstein analyst Sara Senatore says that New Yum! - the global franchisor of KFC, Pizza Hut, and Taco Bell which will trade separately from the current company's China assets following an upcoming spin off - should benefit from cost cutting and steady unit growth. New Yum! will be able to cut up to $140M+.of costs, and "steady unit growth" should "provide underlying support" for its revenue, she stated. The analyst keeps a $98 price target and Outperform rating on current, combined Yum!.
09/29/16
OPCO
09/29/16
NO CHANGE
Target $97
OPCO
Outperform
Yum! Brands remains a favorite at Oppenheimer
Oppenheimer analyst Brian Bittner says Yum! Brands remains one of his "favorite Outperforms," despite its 23% year-to-date gain. The analyst raised his price target on the stock to $97 from $96, citing his updated sum-of-parts heading into the October 31 separation of the company's China business. Nonetheless, Bittner notes that this does not incorporate additional potential upside from an attractive G&A opportunity, potential for larger than expected capital returns post-separation at both entities, and continued earnings power restoration at Yum China. He reiterates an Outperform rating on the shares.
09/23/16
09/23/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Twitter (TWTR) downgraded to Underperform from Sector Perform by RBC analyst Mark Mahaney, who cut his price target to $14 from $17. The research firm's survey of more than 1,100 advertising professionals and their attitudes towards Facebook (FB), Google (GOOG), Twitter and other high-profile names showed that, despite marketing budgets continuing to shift online, interest in the microblog platform appears to be declining. Of note, Twitter shares have surged this morning after CNBC's David Faber reported that Twitter is moving closer to selling itself and has received expressions of interest in a possible sale, although no deal is imminent. 2. Yum! Brands (YUM) downgraded to Outperform from Top Pick by RBC Capital analyst David Palmer based on valuation. His price target on Yum shares remains $97. 3. Becton Dickinson (BDX) downgraded to Sell from Neutral by Citi analyst Amit Hazan, who thinks a cyclical U.S. slowdown will push the company's organic growth below expectations. The analyst, who also sees a diminishing impact on Becton's growth from emerging markets, cut his price target for the shares to $165 from $167. 4. NextEra Energy (NEE) downgraded to Hold from Buy by Deutsche Bank analyst Jonathan Arnold, as he sees limited near-term upside with the shares up 23% year-to-date. "Extraordinarily frosty commentary" from two of three PUCT commissioners yesterday regarding NextEra's Oncor deal indicates an uphill battle in getting it approved, Arnold tells investors. 5. AVANGRID (AGR) downgraded to Underweight from Neutral by JPMorgan analyst Christopher Turnure, who thinks both the company's growth guidance and consensus expectations "appear ambitious." He lowered his price target for the shares to $41 and $44 and notes he does not have confidence in AVANGRID's near-term growth. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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