4 McDonald's Analysts On Whether They're Lovin' Q2 Results
4 McDonald's Analysts On Whether They're Lovin' Q2 Results
Mcdonald's Corp (NYSE:MCD) reported a 30% decline in second-quarter revenue Tuesday and a 68% drop in net income.
麥當勞公司(紐約證券交易所代碼：MCD)週二公佈第二季度營收下降30%，淨利潤下降68%。
The global fast food giant was negatively impacted by the COVID-19 pandemic, but some analysts are optimistic the chain can recover.
這家全球快餐巨頭受到新冠肺炎疫情的負面影響，但一些分析師對連鎖店能夠復甦持樂觀態度。
The McDonald's Analysts: BofA Securities analyst Gregory Francfort maintained a Buy rating on McDonald's' stock with a price target lifted from $210 to $225.
麥當勞分析師：美國銀行證券(BofA Securities)分析師格雷戈裏·弗蘭克福特(Gregory Francfort)維持對麥當勞股票的買入評級，目標價從210美元上調至225美元。
Wells Fargo analyst Jon Tower maintained an Overweight with a price target lifted from $220 to $222.
富國銀行(Wells Fargo)分析師喬恩·塔爾(Jon Tower)維持增持，目標價從220美元上調至222美元。
KeyBanc Capital Markets analyst Eric Gonzalez maintained an Overweight with an unchanged $215 price target.
KeyBanc Capital Markets分析師埃裏克·岡薩雷斯(Eric Gonzalez)維持增持，目標價215美元不變。
Raymond James analyst Brian Vaccaro maintained at Market Perform.
Raymond James分析師布萊恩·瓦卡羅(Brian Vaccaro)維持在Market Performance。
BofA Bullish On 'McWarChest': McDonald's reported a second-quarter EPS beat of 65 cents versus expectations of 58 cents amid better margins, SG&A and franchise margins that were offset by lower franchise take-rates, Francfort said in a note.
美國銀行看好“McWarChest”：弗蘭克福特在一份報告中表示，麥當勞公佈第二季度每股收益為65美分，高於預期的58美分，原因是利潤率、SG&A和特許經營權利潤率較高，但被較低的特許經營率所抵消。
Comps in the U.S. were down 8.7% given that McDonald's has a higher breakfast mix compared to its peers, the analyst said.
這位分析師説，考慮到麥當勞的早餐組合比同行更高，美國的COMPs下降了8.7%。
The international business also saw pressure in the quarter, but started showing signs of recovery in June, he said.
他説，國際業務在本季度也出現了壓力，但在6月份開始顯示出復甦跡象。
During the quarter, marketing spend was down 70%, but McDonald's will allocate part of its unused advertising budget to create a "McWarChest" that will put pressure on peers in the third and fourth quarters, Francfort said.
弗蘭克福特稱，當季市場營銷支出下降70%，但麥當勞將從未使用的廣告預算中撥出一部分，用於創建“McWarChest”，這將給第三季和第四季的同業帶來壓力.
"We continue to like MCD given comfort with its franchisee strength, balance sheet and ability to outperform in a recessionary tight wallet environment."
我們繼續看好MCD，因為它的加盟商實力、資產負債表以及在經濟衰退的緊縮錢包環境中表現優異的能力讓人感到舒服。“
Related Link: Price Over Earnings Overview: McDonald's
相關鏈接：市盈率概述：麥當勞
Wells Fargo's Conference Call Takeaways: The McDonald's second-quarter conference call brought six takeaways, Tower said in a note. They are:
富國銀行的電話會議外賣：托爾在一份報告中説，麥當勞第二季度的電話會議帶來了6個外賣。它們是：
- Third-quarter same-store sales to date in international operated markets are at a negative high-single digit and positive in markets like Australia and Canada.
- A "catch-up" on marketing spend will result in a 30% year-over-year increase in the back half.
- The company gained breakfast market share in the U.S.
- McDonald's still plans to open 400 net new stores in China this year.
- The company will see a source of new cash in the near-term from lowering its ownership in McDonald's Japan.
- McDonald's is pulling forward plans to close around 200 lower-volume stores.
- 到目前為止，國際運營市場的第三季度同店銷售額處於負值-個位數，而在澳大利亞和加拿大等市場則為正值。
- 市場營銷支出的“追趕”將導致下半年同比增長30%。
- 該公司在美國獲得了早餐市場份額。
- 麥當勞今年仍計劃在中國新開400家淨店。
- 該公司近期將從減持日本麥當勞股份中獲得新的資金來源。
- 麥當勞正在推進關閉大約200家銷量較低的門店的計劃。
KeyBanc Urges Patience In The Drive-Thru: McDonald's is operating in a new and unusual environment characterized by "limited supply, fewer discounts, and little need for innovation," Gonzalez said in a note.
KeyBanc在Drive-Thru中敦促耐心：岡薩雷斯在一份報告中説，麥當勞正在一個新的不同尋常的環境中運營，其特點是“供應有限，折扣較少，幾乎不需要創新”。
Some of the Golden Arches' peers started offering discounts over the last few weeks, but McDonald's is akin to a "sleeping giant" and waiting to strike back when the timing is right, the analyst said.
這位分析師説，過去幾周，一些金色拱門的同行開始提供折扣，但麥當勞就像是一家“沉睡的巨人”，等待時機成熟時進行反擊。
McDonald's is likely to announce new innovations across breakfast, lunch and dinner to further support sales over the coming months, he said.
他説，麥當勞可能會在早餐、午餐和晚餐方面宣佈新的創新，以進一步支持未來幾個月的銷售。
"McDonald's remains among our top picks for 2H20 based on its scale, innovation pipeline, off-premise capabilities, and technology investments that should help sustain momentum even if competition intensifies in the months ahead."
麥當勞仍然是我們下半年的首選，因為它的規模、創新渠道、場外能力和技術投資，即使未來幾個月競爭加劇，也應該有助於保持勢頭。“
Raymond James Says Valuation Elevated: McDonald's stock is trading at a P/E multiple of 25 times on Raymond James' 2021 estimates, an EV/EBITDA multiple of 17 times and a free cash flow yield of 4%, Vaccaro said in a note.
雷蒙德·詹姆斯説估值提高了：瓦卡羅在一份報告中説，麥當勞股票的市盈率是雷蒙德·詹姆斯2021年預期的25倍，EV/EBITDA為17倍，自由現金流收益率為4%。
Put in perspective, the P/E and EV/EBITDA multiples are at the upper end of the stock's pre-COVID-19 three-year valuation range of 20 times to 25 times, and 14 times to 17 times, respectively, the analyst said.
這位分析師表示，客觀來看，市盈率和EV/EBITDA倍數分別處於新冠肺炎之前該股20倍至25倍和14倍至17倍的三年期估值區間的上端。
MCD Price Action: McDonald's shares were trading slightly positive at $196.18 at last check Wednesday.
麥當勞的價格行動：麥當勞的股票在週三的最新檢查中略有上漲，報196.18美元。
相關鏈接：麥當勞分析師認為連鎖店的早餐在大流行期間出現了“兩位數”的下降
Photo by Bryan Hong via Wikimedia.
布萊恩·洪通過維基媒體拍攝的照片。
譯文內容由第三人軟體翻譯。