TIVP107 (Video): McDonald's ($MCD): Generational Compounder in Historical Drawdown w/ Daniel Mahncke & Shawn O’Malley
发布时间 来源
Episode 设置
摘要
Daniel Mahncke and Shawn O’Malley cover their first restaurant stock. Although one could argue it isn’t really a restaurant business at all. McDonald’s (NYSE: MCD) is the landlord behind $139 billion of yearly sales across roughly 46,000 restaurants. About 95% of those restaurants are run by franchisees, who paid McDonald’s around $10.4 billion in rent and $6 billion in royalties last year. That means about 91% of McDonald’s restaurant-level profit comes from collecting rent and royalties, not from selling burgers.
Daniel and Shawn explain how Ray Kroc took over McDonald’s and came up with the real estate plans with his business partner Sonneborn. They also cover how Bill Ackman’s 2005 refranchising plan was rejected by management, then carried out a decade later by Steve Easterbrook, the CEO who was later fired and handed back $105 million. They look at why franchisees are currently pushing back, and what the roughly $8.5 billion of rent relief and remodel support announced at the September investor day means for shareholders. They also ask whether GLP-1 drugs can be a terminal risk for McDonald’s. In the end, they walk through the valuation model and decide whether the world’s most famous landlord is worth its price, and whether McDonald’s earns a spot in The Intrinsic Value Portfolio.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:00:31) About McDonald’s journey to a global franchise
(00:09:41) Why and how McDonald’s turned into a real estate company
(00:19:46) How McDonald’s actually makes money
(00:24:14) How the franchising business works
(00:25:07) Why McDonald’s wants to sell more restaurants
(00:44:23) How GLP-1 drugs change the business
(01:14:13) Valuation discussion
(01:16:49) What MCD’s stock is worth
(01:20:03) Whether MCD will be added to The Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: Apply for The Intrinsic Value Mastermind.
If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: Apply for The Mastermind: Inner Circle.
Track The Intrinsic Value Portfolio.
Portfolio Review Submit Tool.
McDonald’s Investor Day.
McDonald’s Investor Relations.
Check out Jeff Nippard – Peptides.
Check out our previous Intrinsic Value breakdowns Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, Madison Square Garden Sports.
Related books mentioned in the podcast.
Ad-free episodes on our Premium Feed.
NEW TO THE SHOW?
Get smarter about valuing businesses through The Intrinsic Value Newsletter.
Check out The Investor’s Podcast Starter Packs.
Follow our official social media accounts: X | LinkedIn | Facebook.
Try our tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Fiscal.AI
Superhuman
References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them.
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
GPT-4正在为你翻译摘要中......
