Wingstop Inc. (WING)

Industry: Restaurants Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
STKS	67	The ONE Group Hosp	821	-	-	5.03	3.27	-	7.13
0052.HK	68	Fairwood Holdings	796	10.86	14.70	1.12	1.01	9.51	9.82
3097.T	69	The Monogatari Cor	796	23.98	14.25	10.53	8.01	16.33	13.11
603043.SS	70	Guangzhou Restaura	753	18.34	17.74	14.03	13.41	4.80	14.66
PTLO	71	Portillo's Inc.	731	32.20	32.20	16.66	16.66	37.48	27.44
9873.T	72	KFC Holdings Japan	707	34.83	32.80	14.40	13.10	134.40	20.94
SG	73	Sweetgreen, Inc.	685	-	-	-	-	-	-
WING	74	Wingstop Inc.	683	39.62	28.36	22.89	16.82	34.35	30.78
6015.SR	75	Americana Restaura	660	25.55	25.55	9.29	9.29	21.12	21.95
0573.HK	76	Tao Heung Holdings	644	-	-	1.45	1.81	-	-
9658.HK	77	Super Hi Internati	623	19.63	19.63	5.65	5.65	53.71	11.87
IBS.LS	78	Ibersol, S.G.P.S.,	614	22.86	22.86	3.65	3.21	7.00	19.13
2723.TW	79	Gourmet Master Co.	593	-	-	6.17	7.15	-	23.87
DEVYANI.BO	80	Devyani Internatio	580	-	-	28.53	22.04	152.75	93.20
7522.T	81	Watami Co., Ltd.	578	10.12	10.12	3.77	3.77	6.02	5.36
FAT	82	FAT Brands Inc.	574	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	19.63	17.74	5.65	5.65	16.33	13.88
Full Range Median Multiple	22.86	19.63	6.17	7.15	18.73	16.89
Industry Multiple	22.04	21.10	9.25	8.34	44.31	22.37
Market Implied Multiple	44.24	31.67	25.63	18.84	38.46	34.46
Company (WING) Multiple	39.62	28.36	22.89	16.82	34.35	30.78
(*) Net Income / EBITDA / Revenue	174	243	294	400	196	219
Winsorized Enterprise Value	N/A	N/A	1,660	2,259	3,198	3,034
Full Range Median Enterprise Value	N/A	N/A	1,813	2,860	3,667	3,692
(-) Net Debt	-176	-176	-176	-176	-176	-176
Winsorized Equity Value	3,421	4,317	1,836	2,435	3,375	3,211
Full Range Median Equity Value	3,983	4,778	1,989	3,036	3,844	3,868
(/) Shares Outstanding	28	28	28	28	28	28
Winsorized Fair Value	$122.61	$154.74	$65.82	$87.29	$120.96	$115.08
Full Range Median Fair Value	$142.78	$171.27	$71.29	$108.83	$137.77	$138.66
Current Price	$276.31	$276.31	$276.31	$276.31	$276.31	$276.31
Upside / Downside	-55.63%	-44.00%	-76.18%	-68.41%	-56.22%	-58.35%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$85.82	$108.32	$46.07	$61.10	$84.68	$80.56
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy