สรุปสาระสำคัญ
McDonald’s (MCD) เผยงบดีกว่าคาด โดยยอดขายทั่วโลกเพิ่มขึ้น 11% YoY หนุนจากยอดขายสาขาเดิมที่โตราว 9%YoY และการประหยัดต่อขนาด (Economies of Scale) ที่ช่วยให้ราคาขายอาหารของ MCD ถูกลง
ขณะที่กำไรโตดีกว่าคาด 16.9% YoY สู่ $2.3bn หลังได้รับประโยชน์จากต้นทุนขายส่งและต้นทุนสินค้าโภคภัณฑ์ เช่น ผักและโปรตีน ที่ลดลงหนุนอัตรากำไรเพิ่มขึ้น
ขณะที่กำไรโตดีกว่าคาด 16.9% YoY สู่ $2.3bn หลังได้รับประโยชน์จากต้นทุนขายส่งและต้นทุนสินค้าโภคภัณฑ์ เช่น ผักและโปรตีน ที่ลดลงหนุนอัตรากำไรเพิ่มขึ้น
ราคาหุ้นปิด +2% รับผลประกอบการที่ดีต่อเนื่อง สะท้อนถึงแรงซื้อที่ค่อนข้างแกร่ง แม้จะอยู่ในช่วงที่มี
แรงกดดันจากเศรษฐกิจมหภาค และต้นทุนที่สูงขึ้นทั่วทั้งอุตสาหกรรมในปีที่แล้ว
แรงกดดันจากเศรษฐกิจมหภาค และต้นทุนที่สูงขึ้นทั่วทั้งอุตสาหกรรมในปีที่แล้ว
31 October 2023
McDonald's Corp
Bloomberg MCD.US
Reuters MCD
McDonald's Exceeds Expectations in Quarterly Earnings Due to Popular Low-Cost Menu Options
Earnings Result
McDonald's earnings in 3Q23 shows continued positive growth compared to the previous quarter. Net income increased by 17% and earnings per share - diluted increased by 18%. For the nine months ended September 30, 2023, net income and earnings per share - diluted increased by a significant 50% and 52% respectively. These strong financial results were driven by higher sales-driven franchised margins. The company's outlook remains positive, with a favorable revenue and cost outlook. Overall, the company's earnings results demonstrate a continued strong financial position and positive growth trajectory.
McDonald's Profits Soar in 3Q23, Exceeding Market Expectations
The net profit in the third quarter of 2023 surpassed expectations, exhibiting a quarterly increase of 17% and a yearly boost of 14%. Earnings per share on a diluted basis mirrored this upward trend, escalating by 18% quarter-over-quarter and 15% year-over-year. This robust financial performance, paired with augmented margins from sales-driven franchised operations, played a pivotal role in fueling the growth in net profit.
McDonald's Surpasses Quarterly Estimates with Affordable Menu Success
In the third quarter of 2023, each business segment of the company experienced better than expected revenue growth, with the U.S. seeing an increase of 8.1%, International Operated Markets growing by 8.3%, and International Developmental Licensed Markets & Corporate surging by 10.5%. These impressive figures reflect robust comparable sales across all divisions, with particularly standout performances noted in the U.K., Germany, and Canada.
Balance sheet and cashflow
In 3Q23, Mcdonald's have increased 10% of quarterly cash dividend to $1.67 per share. It also discusses systemwide sales, which include sales from all restaurants, both operated by the company and franchisees. The report highlights the importance of understanding franchised sales as they are indicative of the financial health of the franchisee base. Additionally, McDonald's free cash flow and free cash flow conversion rate as measures used by management to evaluate the company's ability to convert net profits into cash resources.
Comparable sales
In the U.S., comparable sales increased by 8.1%, driven by strategic menu price increases and strong execution. International operated markets saw strong comparable sales, particularly in the U.K., Germany, and Canada. International developmental licensed markets also experienced strong comparable sales in all geographic regions.
McDonald's earnings in 3Q23 shows continued positive growth compared to the previous quarter. Net income increased by 17% and earnings per share - diluted increased by 18%. For the nine months ended September 30, 2023, net income and earnings per share - diluted increased by a significant 50% and 52% respectively. These strong financial results were driven by higher sales-driven franchised margins. The company's outlook remains positive, with a favorable revenue and cost outlook. Overall, the company's earnings results demonstrate a continued strong financial position and positive growth trajectory.
McDonald's Profits Soar in 3Q23, Exceeding Market Expectations
The net profit in the third quarter of 2023 surpassed expectations, exhibiting a quarterly increase of 17% and a yearly boost of 14%. Earnings per share on a diluted basis mirrored this upward trend, escalating by 18% quarter-over-quarter and 15% year-over-year. This robust financial performance, paired with augmented margins from sales-driven franchised operations, played a pivotal role in fueling the growth in net profit.
McDonald's Surpasses Quarterly Estimates with Affordable Menu Success
In the third quarter of 2023, each business segment of the company experienced better than expected revenue growth, with the U.S. seeing an increase of 8.1%, International Operated Markets growing by 8.3%, and International Developmental Licensed Markets & Corporate surging by 10.5%. These impressive figures reflect robust comparable sales across all divisions, with particularly standout performances noted in the U.K., Germany, and Canada.
Balance sheet and cashflow
In 3Q23, Mcdonald's have increased 10% of quarterly cash dividend to $1.67 per share. It also discusses systemwide sales, which include sales from all restaurants, both operated by the company and franchisees. The report highlights the importance of understanding franchised sales as they are indicative of the financial health of the franchisee base. Additionally, McDonald's free cash flow and free cash flow conversion rate as measures used by management to evaluate the company's ability to convert net profits into cash resources.
Comparable sales
In the U.S., comparable sales increased by 8.1%, driven by strategic menu price increases and strong execution. International operated markets saw strong comparable sales, particularly in the U.K., Germany, and Canada. International developmental licensed markets also experienced strong comparable sales in all geographic regions.
| Same Store Sales - %Chg YoY | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 |
|---|---|---|---|---|---|
| United States | -36.5% | 37.3% | 260.0% | 178.4% | 32.8% |
| International Operated Markets | -38.8% | -25.0% | -38.2% | -8.5% | -2.4% |
| International Developmental Licensed Markets | 0.0% | 16.2% | -14.3% | -12.5% | -37.1% |
| Sentiment | 4Q22 | 1Q23 | 2Q23 | 3Q23 |
|---|---|---|---|---|
| net profit | Neutral | Positive | Positive | Positive |
| margin | Neutral | Neutral | Neutral | Neutral |
| revenue | Neutral | Positive | Positive | Neutral |
| Stock data | |
|---|---|
| Market Cap (USD Million) | 189.59 |
| Beta | 0.63 |
| Last close | 260.15 |
| 12-m Low / High | 245.7 / 299.4 |
| Target price | 310.00 |
| Return Potential | 19.2 % |
| % of Buy / Sell rating | 77.0 % / 0.0 % |
| Valuation data | 12m Forward | 5-Yr Average |
|---|---|---|
| P/E | 21.48 | 27.67 |
| P/B | ||
| P/S | 7.15 | 7.76 |
| EV/EBITDA | 15.26 | 20.59 |
| Dividend Yield | 0.0 % |
McDonald's Corp
McDonald's Corporation franchises and operates fast food chain. The Company offers various food products and soft drinks, and non alcoholic beverages. McDonald's serves customers worldwide.
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