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Essay / Research Paper Abstract
This 84 page paper is an in-depth analysis of three companies all competing in the fast food industry; McDonalds, Yum Brands, owners of the Pizza Hut, KFC and Taco Bell, and Burger King Holdings. The paper examines the corporate governance, looking at the CEO, the board of directors, the share voting and share ownership structure and the type of stockholder that have an interest or an influence. The assessment of risk and returns, looking at how the companies have performed on the stock market and using historical figures to create a beta as well as estimating the cost of capital, looking at investment returns and dividend policies and applying models of valuation. The bibliography cites 35 sources.
Page Count:
84 pages (~225 words per page)
File: TS14_TEMcDYUM1.rtf
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Unformatted sample text from the term paper:
Analysis 12 2.2 Yum! Brands Inc. 14 2.2.1 The CEO 14 2.2.2 The Board of Directors 15 2.2.3 Share Voting Structure 15 2.2.4 Financial Market Concerns 16 2.2.5 Societal Constraints 16 2.2.6 Stockholder Analysis 17 2.3 Burger King Holdings 18 2.3.1 The CEO 18 2.3.2 The Board of Directors 19 2.3.3 Share
Voting Structure 20 2.3.4 Financial Market Concerns 21 2.3.5 Societal Constraints 22 2.3.6 Stockholder Analysis 23 3 Insider Holdings 24 3.1 McDonalds 24 3.2 Yum Brands 25 3.3 Burger King Holdings 26 4. Risks and Return 27 4.1 McDonalds 27 4.1.1 Historical Risk Parameters and Slope of Regression .........................................................................................27
4.1.2 Choosing Between Betas 35 4.1.3 Estimating Default Risk and Cost of Debt 36 4.1.4 Estimating Cost of Capital 38 4.2 Yum Brands 44 4.2.1 Historical Risk Parameters and Slope of Regression .........................................................................................44 4.2.2 Choosing Between Betas 45 4.2.3 Estimating Default Risk and
Cost of Debt 45 4.2.4 Estimating Cost of Capital 46 4.3 Burger King Holdings 47 4.3.1 Historical Risk Parameters 47 4.3.2 Choosing Between Betas 48 4.3.3 Estimating default Risk and Cost of Debt 49 4.3.4 Estimating the Cost of Capital 50 4. Measuring
Investment Returns 51 4.1 McDonalds 51 4.1.1 Accounting Returns 51 4.1.2 Economic Value Added 52 4.2 Yum Brands 53 4.2.1 Accounting Returns 53 4.2.2 Economic Value Added 54 4.3 Burger King Holdings 54 4.3.1 Accounting Returns 54 4.3.2 Economic Value Added 54 5. Capital Structure Choices 55 5.1 McDonalds 62 5.1.1 Benefits of
Debt 62 5.1.2 Costs of Debt 63 5.2 Yum Brands 64 5.2.1 Benefits of Debt 64 5.2.2 Costs of Debt 64 5.3 Burger King Holdings 65 5.3.1 Benefits of Debt 65 5.2.2 Costs of Debt 66 6. Optimal Capital Structure 67 6.1 McDonalds 67 6.2 Yum Brands 68 6.3 Burger King
Holdings 70 7. Mechanics of Moving to the Optimal 71 7.1 McDonalds 71 7.2 Yum Brands 72 7.3 Burger King Holdings 73 8. Dividend Policy 74 8.1 McDonalds 74 8.1.1 Dividend Policy 74 8.1.2 Firm Characteristics 75 8.2 Yum Brands 76 8.2.1 Dividend Policy 76 8.2.2 Firm Characteristics 76 8.3 Burger King
Holdings 77 8.3.1 Dividend Policy 77 8.3.2 Firm Characteristics 78 9. A Framework for Analyzing Dividends 78 9.1 McDonalds 78 9.2 Yum Brands 79 9.3 Burger King Holdings 80 10. Valuation 81 10.1 McDonalds 81 10.2 Yum Brands 81 10.3 Burger King Holding 82 11. Comparison 82 References 86
Figure 1Historical Beta and Slope of Regression for McDonalds 28 Figure 2 McDonalds stock price against the S&P 500 36 Figure 3 CAPM calculation for cost of equity at McDonalds 41
Figure 4 Estimated Cost of Capital at McDonalds 44 Figure 5 Historical Beta and Slope of Regression for Yum Brands 45 Figure 6 Estimate of the cost of equity at Yum Brands 47
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