Morningstar

Morningstar, Inc.

Equity Bottom-Up

McDonald's CEO Steve Easterbrook set in motion a major turnaround in 2015, including reorganizing the company into segments based on the maturity and competitive position of its different markets, refranchising more than 4,000 locations (and targeting longer-term franchisee system ownership of 95%), and eliminating $500 million in net annual selling, general, and administrative expenses. The company is also emphasizing a number of "velocity growth accelerators," including (1) an Experience of…

U.S. comps of 4.5% were the clear highlight from wide-moat McDonald's first-quarter update, as it not only indicates share gains but also provides us with several takeaways regarding current strategies. First, McDonald's velocity drivers--including Experience of the Future (EOTF), digital menu boards, mobile order, and delivery--are resonating with consumers. With more than half of the U.S. now having adopted these velocity drivers, remodel downtime continuing to moderate, and potential upside…

United States

McDonald's Corporation franchises and operates fast-food restaurants in the global restaurant industry. The Company's restaurants serve a variety of value-priced menu products in countries around the world.

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