1. Brands… andthe restaurant/fast food industry Module 7 Presentation Curtis Vercruysse

2. Company Snapshot: Over 40,000 restaurants-KFC, Pizza Hut, and Taco Bell World leaders of chicken, pizza, and Mexican style food categories Four Divisions: U.S., China, International, India Over 70% of profits from outside U.S. Restaurants are 20% company owned, 75% franchisee owned, and 5% licensee owned

3. Revenue and Restaurant Breakdown:

4. DCF Model 78% of enterprise value is explained by continuing value

5. Deriving the Equation for REI

7. REI Model 65% of enterprise value is explained by continuing value