McDonald's (MCD) analysis

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Health is the debt of a company that collects a fee and rent, not the restaurant's. Quality separates the royalty from the rent, which is not the food margin. Growth follows franchisee sales, not a real-estate portfolio already measured. P/E is read against a year of an expensive menu, not against that year as normal. Shareholder return is the dividend, checked against that cash. Do not call it a predictable stream.

The P/E of a year of heavy restaurant sales is not the earnings if the royalty falls. EV/EBITDA is read without consolidating the franchisee's restaurant as if it belonged to McDonald's. Do not use Yum's multiple as if the rent and four brands were the same book. A dash if the MCD cache is cold.

Limits of this report

Not advice on McDonald's. Vaultflake does not count restaurants or treat the rent as an empire. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report