MCDONALD’S CORP. $78 (New York symbol MCD; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 1.0 billion; Market cap: $78.0 billion; Price-to-sales ratio: 3.3; Dividend yield: 3.1%; TSINetwork Rating: Above Average; www.mcdonalds.com) is the world’s largest fast-food restaurant chain by revenue. It has 32,800 restaurants that mainly serve hamburgers and french fries. Franchisees own 80% of these outlets. McDonald’s gets 65% of its sales from overseas.
The company continues to profit from new menu items, such as breakfast oatmeal. As well, its premium coffees are helping it compete with Starbucks.
In the quarter ended March 31, 2011, sales rose 8.9%, to $6.1 billion from $5.6 billion a year earlier. Overall same-store sales rose 3.6%. European same-store sales rose 4.9%, the U.S. rose 3.0% and the Asia-Pacific gained 0.5%. Earnings rose 10.9%, to $1.2 billion from $1.1 billion. Earnings per share rose 15.0%, to $1.15 from $1.00, on fewer shares outstanding.
McDonald’s plans to spend $2.5 billion on capital upgrades in 2011. It will spend about half of this amount to build 1,100 new restaurants. The other half will go to renovating 2,200 outlets.
Better restaurants should help McDonald’s attract more customers, and encourage repeat visits.
The stock trades at a reasonable 15.4 times the $5.07 a share that McDonald’s should earn in 2011.
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