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Fly News Breaks for September 25, 2019
YUM
Sep 25, 2019 | 14:10 EDT
Baird analyst David Tarantino said he has gotten some investor questions about the potential risks to Yum! Brands associated with NPC International, which he notes is the largest franchisee of Pizza Hut restaurants in the U.S. and had its debt rating downgraded to CCC- last week by S&P. Using NPC's last filing as a public company, and assuming its metrics have not changed since 2016, Tarantino estimated the profit contribution to Yum from NPC's units would be close to $45M, which he said is only 2% of the total operating profit he forecasts for Yum in 2020. The analyst, who said he has become less confident in the near-term fundamental picture for the broader Pizza Hut business in the U.S. after his checks with a group of other Pizza Hut franchisees that are not NPC, keeps an Outperform rating on Yum! Brands shares.
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