Corporate Webpages Papa John's Pizza International Inc.
In our local neighborhood, Papa John's Pizza is often viewed as
a distant player in the local pizza chains, with dominance by
Pizza Hut and Domino's, Shakey's, and a few mom and pop pizza
palaces. Perhaps because Papa John's got its start in the mid
1980's perhaps a bit later, and in the midwest and mid-Southern
states. In actuality, Papa John's is the third-largest pizza
chain in the country and coming rather close in size to its two
largest competitors, threatening to take away their market
share. It has over 3,000 outlets nationwide and has gone
international with outlets all over Britain, South America,
Asia, and the mid-East.
Cheese is the most expensive commodity in making pizza, which is
why pizza meals often cost slightly more than hamburger ones,
and the price of cheese can have major impact on corporate
profitability. Other ingredients such as flour have come down
in cost lately along with commodity grain prices, helping the
bottom line.
A lot of Papa John's outlets are franchisees, and the company is
known for providing them superior support. It is also involved
in a lot of community efforts. Perhaps more importantly, Papa
John's has used very imaginative gimmicks to promote its pizza,
as well as all the tried and true ones such as handing out toys
to child customers, or offering deals from partners such as
video rental stores or sports places. It quickly learned the
value of advertising, and as its outlets grew so did its
advertising budget which now threatens Domino's and Pizza Hut
more seriously. One of the wierdest gimmicks was the founder's
nationwide search to recover his old Camaro.
Papa John's International (PZZA) got one of the highest scores
on Zenith's Decision Matrix review of almost any stock we have
followed. That does not necessarily mean it is a buy and hold
stock, although we would consider it a very safe investment. It
exhibits a channel pattern, or a "rolling stock" pattern, and
can be traded short term, being now at a buy point near the
bottom of its channel. We would rather be positioned on the buy
side than the short side of any channel, however, as this stock
is highly favored by many key reviewers, analysts, and researchers.
Papa John's CEO was recently featured on Cramer's show, which
gave the company stock a bit of a "pop." Recently, the company
has gone into another imaginative blitz on its competitors by finding
it more profitable and effective to have its customers order pizza for
home delivery "on line." That includes use of a desktop or portable
computer to decide on today's menu for lunch, as well as texting
through a mobile telephone, which has helped substantially increase
business. The other two larger pizza chains have been notably slow
to follow suit and cash in on this latest trend.
The growth rate of Papa John's has been phenominal. At least in our local neighborhood,
it shows no sign of slowing.
02-08-2010: Papa John's Pizza International Inc. (PZZA): Phenominal Growth
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
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Scout Stock Rating
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Research Reports
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Sentiment
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Stock Report
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Company Profile |
Company History |
News |
Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Papa John's International Inc. (PZZA ) Sector: Services
2002 Papa Johns Boulevard Industry: Restaurants
Louisville, KY 40299-2334 Exchange: Nasdaq
Papa John-Ęs International, Inc. operates and franchises pizza
delivery and carryout restaurants under the trademark -ęPapa John-Ęs-Ę
in the United States and internationally. The company also operates
dine-in and restaurant-based delivery restaurants in certain
international markets. As of December 28, 2008, it operated 3,380
-ęPapa John-Ęs-Ę restaurants consisting of 615 company-owned and 2,765
franchised restaurants in 50 states in the United States, the
District of Columbia and Puerto Rico, and in 29 countries. The
company was founded in 1985 and is based in Louisville, Kentucky.
Last Trade: 22.40 52-Week Range: 29.25 - 19.10
Trade Date: 02-05 Avg. Volume: 204,633 Shares
Index Membership: S&P 600 SmallCap Employees: 16,700
Corporate Governance:
Papa John's International Inc.'s Corporate Governance Quotient
(CGQ-«) as of 1-Feb-10 is better than 51.3% of S&P 600 companies and
71.2% of Consumer Services companies.
EPS: 2.03 Dividend Amount: $ 0.00 Yield: 0.00%
Ex-Dividend Date: N/A Mkt Cap: $ 632,550K
Payout Ratio: 0.00%
Last Split Factor (new for old): 2:1 Split Date: 17-Jan-06
Key Statistics:
Enterprise Value: $ 688,420K Revenue (ttm) : $ 1,110,000K
Gross Profit: $ 441,480K
Earnings before Income Tax, Depreciation and Amortization: $ 144,660K
Enterprise Value/Revenue (ttm): 0.62 Revenue per Share: $ 39.83
Enterprise Value/EBITDA (ttm): 4.76 Qtrly Rev Growth (y to y): -5.70%
P/E Ratio (fwd projected): 12.38 P/E Ratio (current): 11.05
P/E Growth Ratio (5 yr expected): 1.38 Operating Margin: 10.18%
Price/Sales Ratio: 0.57 Profit Margin: 5.12%
Price/Book Value: 3.37 Book Value: $ 6.64/sh.
Return on Assets: 17.36% Net Income Avl to Common: $ 56,530K
Return on Equity: 36.84% Diluted Earnings/Share: $ 2.03
Qrtly Earnings Growth (yoy): 51.50%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $ 42,670K Operating Cash Flow:$ 107,920K
Total Debt: $ 99,930K Lvgd Free Cash Flow:$ 89,590K
Total Debt/Equity: 0.00
Total Cash/Share: $ 1.51
Current Ratio: 1.09
Share Statistics: Stock Price History:
Shares Outstanding: 28,240K Stk 52-Week Change: 12.37%
Float: 22,090K S&P 500 52-Wk Chng: 25.69%
Sh. Short % of Float: 5.00% 50-Day Moving Avg: 23.94
Short Ratio: 5.90 200-Day Moving Avg: 23.92
% Held by Institutions: 76.70% Beta: 0.47
% Held by Insiders: 21.19%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Dec-09 Mar-10 Dec-09 Dec-10
Average Earnings Estimate 0.37 0.49 1.46 1.81
Average Revenue Estimate 280M 280M 1,110M 1,100M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 0.000 EPS Growth (Qrtly YoY): 0.042
PEG Ratio (ttm, 5 yr expected): 0.213 P/E Ratio (ttm): 0.143
Revenue Growth (Qrtly YoY): -.030
Annual Income Statements: All numbers in thousands)
Period Ending 28-Dec-08 30-Dec-07 31-Dec-06
Total Revenue 1,132,087 1,063,595 1,001,557
Cost of Revenue 690,609 660,472 580,740
Gross Profit 441,478 403,123 420,817
Operating Expenses:
Research & Development 0 0 0
Selling, General & Administrative 324,146 311,271 291,245
Non-Recurring Expenses 0 0 0
Other Operating Expenses 32,846 31,866 27,208
Total Operating Expenses 0 0 0
Operating Income or Loss 84,486 59,986 102,364
Income from Continuing Operations:
Total Other Income/Expenses Net 848 1,446 1,682
Earnings Before Interest & Taxes 64,312 53,493 99,637
Interest Expense 7,536 7,465 3,480
Income Before Taxes 56,776 46,028 96,157
Income Tax Expense 19,980 13,293 33,171
Minority Interest -21,022 -7,939 -4,409
Net Income from Continuing Op.s 36,796 32,735 62,986
Non-recurring Events:
Discontinued Operations 0 0 389
Extraordinary Items 0 0 0
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income 36,796 32,735 63,375
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares 36,796 32,735 63,375
Quarterly Income Statements: All numbers in thousands)
Period Ending 27-Sep-09 28-Jun-09 29-Mar-09 28-Dec-08
Total Revenue 263,946 276,637 284,972 279,646
Cost of Revenue 87,168 157,138 161,591 166,232
Gross Profit 176,778 119,499 123,381 113,414
Operating Expenses:
Research & Development 0 0 0 0
Selling, General & Adminis. 148,974 86,716 85,076 72,253
Non-Recurring Expenses 0 0 0 0
Other Operating Expenses 8,130 8,181 7,955 7,846
Total Operating Expenses 0 0 0 0
Operating Income or Loss 19,674 24,602 30,350 33,315
Income from Continuing Operations:
Total Other Income/Expenses Net -276 144 132 208
Earnings Before Int. & Taxes 19,823 24,746 30,482 21,347
Interest Expense 1,434 1,440 1,416 1,912
Income Before Taxes 18,389 23,306 29,066 19,435
Income Tax Expense 5,753 8,037 10,302 6,659
Minority Interest -897 -1,092 -925 -12,176
Net Income from Continuing Op.s 12,164 14,177 17,839 12,776
Non-recurring Events:
Discontinued Operations 0 0 0 0
Extraordinary Items 0 0 0 0
Effect of Accounting Changes 0 0 0 0
Other Items 0 0 0 0
Net Income 11,739 14,177 17,839 12,776
Preferred Stock & Other Adj.s 0 0 0 0
Net Income Avail To Common Shs 11,739 14,177 17,839 12,776
Annual Balance Sheets: All Numbers in Thousands
Period Ending 28-Dec-08 30-Dec-07 31-Dec-06
Current Assets:
Cash & Cash Equivalents 10,987 8,877 12,979
Short Term Investments 0 0 0
Net Receivables 30,877 29,686 29,688
Inventory 18,412 18,806 26,729
Other Current Assets 15,072 16,292 15,147
Total Current Assets 75,348 73,661 84,543
Long-Term Investments 8,124 12,629 13,358
Property, Plant & Equipt 189,992 198,957 197,722
Goodwill 76,914 86,505 67,357
Intangible Assets 0 0 0
Accumulated Amortization 0 0 0
Other Assets 18,572 17,681 15,016
Deferred Long Term Asset Charges 17,518 12,384 1,643
Total Assets 386,468 401,817 379,639
Current Liabilities:
Accounts Payable 60,600 98,489 101,571
Short/Current Long Term Debt 7,075 8,700 525
Other Current Liabilities 32,453 0 0
Total Current Liabilities 100,128 107,189 102,096
Long Term Debt 123,579 134,006 96,511
Other Liabilities 15,505 14,476 34,864
Deferred LT Liability Charges 8,395 10,595 0
Minority Interest 8,875 8,648 0
Negative Goodwill 0 0 0
Total Liabilities 256,482 274,914 233,471
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 0 0 0
Common Stock 352 349 341
Retained Earnings 133,759 96,963 63,614
Treasury Stock -216,860 -179,163 -106,292
Capital Surplus 216,553 208,598 187,990
Other Stockholder Equity -3,818 156 515
Total Stockholder Equity 129,986 126,903 146,168
Net Tangible Assets 53,072 40,398 78,811
Quarterly Balance Sheets: All Numbers in Thousands
Period Ending 27-Sep-09 28-Jun-09 29-Mar-09 28-Dec-08
Current Assets:
Cash & Cash Equivalents 42,674 24,328 18,141 10,987
Short Term Investments 0 0 0 0
Net Receivables 30,964 30,807 30,799 30,877
Inventory 17,353 17,186 16,429 18,412
Other Current Assets 11,121 13,621 14,982 15,072
Total Current Assets 102,112 85,942 80,351 75,348
Long-Term Investments 12,724 15,181 10,967 8,124
Property, Plant & Equipt 190,413 192,910 189,605 189,992
Goodwill 76,166 76,705 73,282 76,914
Intangible Assets 0 0 0 0
Accumulated Amortization 0 0 0 0
Other Assets 21,011 20,194 19,147 18,572
Deferred LT Asset Charges 0 0 0 32,453
Total Assets 412,507 403,784 387,861 386,468
Current Liabilities:
Accounts Payable 93,212 90,578 93,615 60,600
Current Portion LT Debt 875 4,475 8,450 7,075
Other Current Liabilities 0 0 0 0
Total Current Liabilities 94,087 95,053 102,065 100,128
Long Term Debt 99,058 103,067 103,075 123,579
Other Liabilities 19,645 25,482 24,939 15,505
Deferred LT Liab. Charges 5,665 0 0 8,395
Minority Interest 8,361 9,414 8,877 8,875
Negative Goodwill 0 0 0 0
Total Liabilities 226,816 233,016 238,956 256,482
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 0 0 0 0
Common Stock 358 357 356 352
Retained Earnings 177,514 165,775 151,598 133,759
Treasury Stock -221,818 -221,818 -221,818 -216,860
Capital Surplus 231,230 227,439 223,476 216,553
Other Stockholder Equity -1,593 -985 -4,707 -3,818
Total Stockholder Equity 185,691 170,768 148,905 129,986
Net Tangible Assets 109,525 94,063 75,623 53,072
Annual Cash Flow: All Numbers in Thousands
Period Ending 28-Dec-08 30-Dec-07 31-Dec-06
Net Income 36,796 14,177 63,375
Operating Activites:
Depreciation 32,846 31,866 27,208
Adjustments to Net Income 14,027 -132 9,129
Changes in Accounts Recv'bls -5,162 -183 -6,020
Changes in Liabilities -5,724 -2,584 2,067
Changes in Inventories 1,833 7,915 -583
Changes in Other Op'ing Actv's -1,553 -8,026 -9,575
Total Cash Flow fr Operations 73,063 61,591 85,601
Investing Activities:
Capital Expenditures -29,271 -31,148 -39,352
Investments 844 144 8,127
Other Cash Flows fr Investing 2,195 0 0
Total Cash Flows fr Investing -26,232 -55,323 -53,562
Financing Acitivies:
Dividends Paid 0 0 0
Sale or Purchase of Stock -33,074 -60,652 -91,078
Net Borrowings -12,125 45,675 41,925
Other Cash Flows fr Financing 1,070 4,360 7,826
Total Cash Flows fr Financing -44,129 -10,617 -41,327
Effect of Exchange Rate Change -592 247 169
Change in Cash & Cash Equiv.s 2,110 -4,102 -9,119
Quarterly Cash Flow: All Numbers in Thousands
Period Ending 27-Sep-09 28-Jun-09 29-Mar-09 28-Dec-08
Net Income 11,739 14,177 17,839 12,776
Operating Activites:
Depreciation 8,130 8,181 7,955 7,846
Adjustments to Net Income 4,880 2,758 5,010 9,112
Changes in Accounts Recv'bls -853 833 -115 -3,126
Changes in Liabilities 2,978 -3,210 -1,230 2,698
Changes in Inventories -1,187 -1,166 2,042 -63
Changes in Other Oper'g Acts 2,161 1,041 464 0
Total Cash Flow f Operations 27,848 22,614 31,965 25,490
Investing Activities:
Capital Expenditures -5,809 -10,129 -5,064 -5,250
Investments 2,344 -5,909 -3,578 89
Other Cash Flows fr Investing 90 184 200 2,089
Total Cash Flows fr Investing -3,375 -15,854 -8,442 -3,072
Financing Acitivies:
Dividends Paid 0 0 0 0
Sale or Purchase of Stock 436 2,469 1,792 -32
Net Borrowings -7,600 -3,975 -19,125 -23,425
Other Cash Flows fr Financing -227 935 -114 -102
Total Cash Flows fr Financing 0 -2 -9 -550
Effect of Exchange Rate Chg 0 0 0 0
Change in Cash & Cash Equiv. 18,346 6,187 6,067 -1,691
PZZA Papa John's International Inc. [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 2.5339 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 2.1400 Forward P/E Ratio < 28? 2.2617
Sales Tests:
Price/Sales Ratio < 2.3? 3.0000 Inventory/Sales < 5%? 3.0000
Sales < $1 billion? 0.8833 Operating Margin < 7.5%? 0.7367
Balance Sheet Tests:
Debt/Equity < 0.40? 1.0000 Long-Term Debt Service: 1.0518
LTD Being Reduced? 2.4000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 0.5425 Working Capital >= 1.5? 1.8428
Leverage Ratio < 20%? 0.7746 Debt / Assets < 1? 3.0000
Quick Ratio > 1? 0.7827 Inventory Turnover > 1? 0.1105
Shares Out Decreasing? 0.6000 Market Cap.> 1.5 Billion? 2.3714
Profit Margin > 7.5%? 0.6826
Income Tests:
Dividend Yield > 2.0%? 0.0000 EPS Annual Growth > 10%? 0.0000
Enterprise Value/Revenue: 0.4133 EPS 5-yr Growth > 20%? 0.0000
Enterprise Value/EBITDA: 0.6799 EPS Growth Consistent? 1.2000
EPS Qrtly Growth > 10%? 3.0000 Collection < 45 days? 3.0000
Rev. Qtrly Growth > 15%? -0.8550 Gross Pft/Cur. LTD < 1? 3.0000
EPS Annual Growth > 10%? 0.0000 Borrowing Int. Rate< 6%? 1.4892
Stock Performance Tests:
Volatility > 25%? 1.6794 % Held by Insiders < 5%? 0.2360
Beta > 1.25? 0.3760 % Held by Institut. < 50? 0.6519
50 Da MA > 200 Da MA? 0.0027 % Held by Institut. > 30? 2.5567
52-Wk Change vs. S&P 500: 1.7128 Short Ratio > 5? 1.1800
Price/Book Value < 3? 0.6300 Short % of Float > 20? 0.2500
Return on Assets > 17%? 1.0212 Average Volume > 100,000? 2.0463
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 1.2046 Positive Free Cash Flow? 1.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: 0.5043
Cash Flow / Assets >.10? 2.1718
PZZA Papa John's International Inc Overall Zenith Index: 1.3646
Financial Statements |
Financial Ratios |
. . . . . . . . . . . . 1 = Highest , 10 = Lowest
Market Grader |
Intrinsic Value |
Intrinsic Value by Discounted Cash Flow Method:
Intrinsic Value |
Intrinsic Value by Projected Earnings Growth Method:
Stock Scout |
We find "Scout" to be a bit biased toward the high end, so anything under a 6 is considered a negative, 6 and above, positive.
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Orders to Buy or Sell:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Stock Report |
Management's Discussion of Results of Operations Excerpts |
Moving Average Chart |
Right Time Study |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for Papa John's Pizza Inc.:
Symbol? PZZA
Total Months Available: 105
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
29.25 19.10 28.20 22.50 25.41 21.44
RANGE = 29.25 TO 19.10 Close = 22.35
CHANNEL = 25.41 TO 22.50 Degree = 3
Volatility = 13.02% Index = 3
Intraday Chart |
20 Days:
Stock Fetcher |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
The corresponding trades for the above chart are shown in tabular form below.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | + 1 |
| Comparison | + 1 |
| Industry | + 1 |
| Bond Issue | 0 |
| Zenith Index | + 1 |
| GAAP vs. non-GAAP Earnings < 1% | + 1 |
| Cash Flow | + 1 |
| Ratios | + 1 |
| Market Grader | + 1 |
| Intrinsic Value DCF | + 1 |
| Intrinsic Value DDM | + 1 |
| Stock Scout | + 1 |
| Projected Earnings | + 1 |
| Research Reports | 0 |
| Analysts | + 1 |
| Executive Perquisites | - 1 |
| Insider Activity | - 1 |
| Institutional Activity | + 1 |
| Management Reporting | + 1 |
| Short Interest | + 1 |
| Sentiment | - 1 |
| Standard & Poor's | + 1 |
| Moving Average | - 1 |
| Right Time Study | - 1 |
| Stock Fetcher | + 1 |
| Point & Figure | - 1 |
| Wall Street Analyzer | + 1 |
| Marketspace Chart | + 1 |
| Time Series Chart | + 1 |
| Neural Network | + 1 |
| Stock Options | + 1 |
| Ultimate Trading Systems | + 1 |
| Total | + 18 |
Place 1,330 shares of Papa John's Pizza Int'l Inc. (PZZA) on the Active List.
