Professional Documents
Culture Documents
Company Representatives
Jens Montin
Alicia Lei
Brandon Schneider
Dean Pollema
Gordon Deng
Management
STEVE ELLS
MONTGOMERY F. MORAN
Co-CEO
JOHN R. HARTUNG
CFO
Founder
CEO
Chairman
Employees
The 401k Plan.
Stock compensation
Employee Stock Purchase Plan (ESPP)
Burritos
Burrito bowls
Tacos
Salads
RATIO ANALYSIS
Liquidity
7
6
5
4
3
2
1
0
McDonalds
Chipotle
McDonalds
Current Ratio Current Ratio Quick Ratio
Dec. 31, 2008
Chipotle
Quick Ratio
Efficiency
Chipotle
2008
2009
2010
2011
2012
1.99
1.63
1.67
1.82
2.71
Days in Inventory
3.85
4.07
4.13
3.96
4.10
18.49
19.24
19.17
19.79
21.52
(12.65)
(13.53)
(13.36)
(14.01)
(14.71)
McDonalds
Days Payable Outstanding
2008
2009
2010
2011
2012
40.66
44.28
54.40
56.38
60.75
Leverage/Risk
1.4
1.2
1
0.8
0.6
0.4
0.2
0
CMG Debt-to- MCD Debt-to- CMG Debt-to- MCD Debt-to- CMG Long- MCD LongAsset
Asset
Equity
Equity
term
term
Capitalization Capitalization
2008
2009
2010
2011
2012
2009
2010
2011
2012
McDonalds
2008
2009
2010
2011
2012
2009
2010
2011
2012
McDonalds
2008
2009
2010
2011
2012
2009
2010
2011
2012
5.63%
8.32%
9.68%
9.47%
10.18%
McDonalds
2008
2009
2010
2011
2012
Market: EPS
EPS
EPS as % of 2008
$10
400%
$9
350%
$8
300%
$7
$6
250%
$5
200%
$4
150%
$3
Chipotle
McD
100%
$2
50%
$1
$-
0%
2008 2009 2010 2011 2012
McDonalds
Net Income
37%
6%
21%
4%
39%
9%
Currently
FMV vs. BV
Chipotle
12.96
McDonalds
6.43
Market CAP
16.67B
97.49B
Chipotle
McD
2008
2009
Dividends
No preferred stock
2010
2011
2012
2008
2009
2010
2011
2012
200000
300000
250000
150000
200000
100000
150000
100000
50000
50000
0
Dec. 31, 2007 Dec. 31, 2008 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2012
0
Dec. 31, 2007 Dec. 31, 2008 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2012
20000
-20000
-40000
-60000
-80000
-100000
-120000
-140000
-160000
Series1
Net Income
CFO
2008
2009
2010
2011
2012
2009
2010
2011
2012
EBIT
$127,206
$204,225
$289,061
$349,705
$457,685
Income Tax
$49,004
$77,380
$110,080
$134,760
$179,685
Tax Rate
38.52%
37.89%
38.08%
38.54%
39.62%
McDonalds
Tax Rate
2008
2009
2010
2011
2012
30.0%
29.8%
29.3%
31.3%
32.4%
2008
2009
2010
2011
2012
284
10,435
14,526
38,786
73,210
Chipotle finds ways to reward employees while avoiding taxes in the process!
CONCLUSION
Why Chipotle?
Growth company
Quality of food
Current and future consumer demands