Papa John's International Inc Stock Research

Market Summary

USD80.35+2.34

Market Closed

3.00%

PZZA Stock Price

PZZA RSI Chart

PZZA Valuation

Market Cap

2.8B

Price/Earnings (Trailing)

41.14

Price/Sales (Trailing)

1.33

Price/Free Cashflow

70.73

PZZA Price/Sales (Trailing)

PZZA Profitability

Return on Assets

7.84%

Free Cashflow Yield

1.41%

PZZA Fundamentals

PZZA Revenue

Revenue (TTM)

2.1B

Revenue Y/Y

-0.5%

Revenue Q/Q

3.08%

PZZA Earnings

Earnings (TTM)

67.8M

Earnings Y/Y

-4.5%

Earnings Q/Q

182.25%

Price Action

52 Week Range

66.38106.98

(Low)(High)

Last 7 days

-3.0%

Last 30 days

-13.7%

Last 90 days

-5.1%

Trailing 12 Months

-17.3%

PZZA Financial Health

Current Ratio

0.95

PZZA Investor Care

Dividend Yield

1.92%

Dividend/Share (TTM)

1.54

Buy Backs (1Y)

3.54%

Diluted EPS (TTM)

1.89

Peers (Alternatives to Papa John International)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
MCD	195.7B	23.2B	0.05%	16.44%	31.69	8.44	-0.17%	-18.13%
SBUX	114.1B	32.9B	-8.46%	21.74%	34.36	3.47	8.41%	-24.41%
CMG	44.2B	8.6B	-1.45%	6.51%	49.14	5.12	14.41%	37.69%
YUM	35.8B	6.8B	-4.07%	12.49%	27.03	5.23	3.92%	-15.87%
DRI	18.0B	10.0B	-0.05%	22.19%	19.85	1.81	16.23%	-1.35%
MID-CAP
ARMK	8.7B	17.0B	-13.89%	-5.83%	38.71	0.52	27.66%	584.49%
TXRH	7.0B	4.0B	2.32%	33.62%	25.99	1.75	15.91%	10.00%
WING	5.2B	357.5M	7.11%	60.53%	98.8	14.63	26.56%	24.12%
WEN	4.4B	2.1B	-8.69%	-3.72%	24.86	2.1	10.46%	-11.49%
SHAK	2.2B	900.5M	-2.39%	-11.52%	-90.43	2.42	21.70%	-178.35%
SMALL-CAP
PLAY	1.6B	1.7B	-22.36%	-14.62%	13.28	0.94	61.79%	371.82%
BJRI	686.3M	1.3B	-8.26%	9.24%	168.38	0.53	18.11%	213.03%
CHUY	628.0M	422.2M	5.25%	31.31%	30.11	1.49	6.49%	-30.89%
DENN	608.1M	456.4M	-11.70%	-23.65%	8.14	1.33	14.63%	-4.30%
RUTH	546.7M	505.9M	0.65%	-21.38%	14.16	1.08	17.88%	-8.64%

Financials for Papa John International

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-0.1%	2,102	2,105	2,107	2,099	2,068
S&GA Expenses	-2.5%	217	223	219	228	212
Costs and Expenses	0.0%	1,981	1,982	1,966	1,952	1,900
EBITDA	-	85.00	-	-	-	-
EBITDA Margin	-	0.04*	-	-	-	-
EBT Margin	-	0.01*	-	-	-	-
Interest Expenses	2.9%	27.00	26.00	19.00	-	-
Net Income	-1.6%	68.00	69.00	90.00	97.00	120
Net Income Margin	-1.5%	0.03*	0.03*	0.04*	0.05*	-
Free Cahsflow	589.6%	39.00	-8.05	24.00	75.00	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	4.2%	864	830	836	886	886
Current Assets	4.8%	251	240	240	286	255
Cash Equivalents	29.4%	47.00	37.00	52.00	81.00	71.00
Inventory	-2.5%	41.00	42.00	38.00	39.00	35.00
Net PPE	8.2%	250	231	225	216	224
Goodwill	1.6%	71.00	69.00	71.00	72.00	81.00
Liabilities	4.3%	1,134	1,087	1,069	1,089	1,053
Current Liabilities	0.5%	265	264	250	279	287
LT Debt, Non Current	8.8%	597	549	536	528	481
Retained Earnings	4.6%	196	187	194	181	183
Additional Paid-In Capital	1.2%	450	445	442	436	445
Accumulated Depreciation	2.2%	526	515	526	-	-
Shares Outstanding	-1.1%	35.00	35.00	35.00	36.00	36.00
Minority Interest	0.5%	16.00	16.00	16.00	16.00	15.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	74.3%	118	68.00	102	147	185
Share Based Compensation	-1.4%	18.00	19.00	18.00	17.00	17.00
Cashflow From Investing	-19.5%	-62.79	-52.55	-56.57	-65.53	-63.51
Cashflow From Financing	7.8%	-76.24	-82.68	-88.33	-171	-180
Dividend Payments	4.1%	55.00	53.00	51.00	46.00	40.00
Buy Backs	-14.9%	125	147	140	104	72.00

Risks for PZZA

What is the probability of a big loss on PZZA?

92.3%

Probability that Papa John International stock will be more than 20% underwater in next one year

50.4%

Probability that Papa John International stock will be more than 30% underwater in next one year.

19.6%

Probability that Papa John International stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does PZZA drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Papa John International was unfortunately bought at previous high price.

Drawdowns

Returns for PZZA

Cumulative Returns on PZZA

11.7%

10-Year Cumulative Returns

6.7%

7-Year Cumulative Returns

7.9%

5-Year Cumulative Returns

18.8%

3-Year Cumulative Returns

What are the long-term rolling returns for PZZA?

FIve years rolling returns for Papa John International.

Annualized Returns

Which funds bought or sold PZZA recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	48.96	447,057	1,041,060	-%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-23.25	-3,000	18,000	-%
2023-02-28	Voya Investment Management LLC	unchanged	-	153,686	1,030,690	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	66,000	437,000	-%
2023-02-21	MACQUARIE GROUP LTD	reduced	-28.64	-572,000	2,724,000	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	reduced	-14.78	1,330	275,330	-%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-35.97	-80,128	244,872	0.01%
2023-02-17	TRUIST FINANCIAL CORP	added	2.22	46,343	276,343	-%
2023-02-15	Steward Partners Investment Advisory, LLC	unchanged	-	1,173	6,173	-%
2023-02-15	Vestcor Inc	reduced	-66.22	-2,972,000	1,957,000	0.07%

Latest Funds Activity

Are funds buying PZZA calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own PZZA

No. of Funds

Papa John International News

Schedule 13G FIlings of Papa John International

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Mar 03, 2023	starboard value lp	1.7%	582,432	SC 13D/A
Feb 14, 2023	t. rowe price investment management, inc.	10.1%	3,574,293	SC 13G/A
Feb 09, 2023	vanguard group inc	8.67%	3,062,920	SC 13G/A
Jan 23, 2023	blackrock inc.	12.0%	4,232,941	SC 13G/A
Mar 10, 2022	price t rowe associates inc /md/	10.3%	3,721,456	SC 13G/A
Feb 14, 2022	price t rowe associates inc /md/	9.9%	3,626,420	SC 13G/A
Feb 11, 2022	jackson square partners, llc	2.84%	1,033,384	SC 13G/A
Feb 10, 2022	vanguard group inc	9.39%	3,415,750	SC 13G/A
Jan 27, 2022	blackrock inc.	11.1%	4,041,787	SC 13G/A
Jan 26, 2022	blackrock inc.	11.1%	4,041,787	SC 13G/A

PZZA Fair Value

Papa John International fair value in different scenarios

The table shows the Fair Value estimates for Papa John International for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	11.64 -85.51%	19.56 -75.66%	32.89 -59.07%	47.59 -40.77%	59.94 -25.40%
Current Inflation	10.63 -86.77%	17.35 -78.41%	28.69 -64.29%	41.17 -48.76%	51.59 -35.79%
Very High Inflation	9.31 -88.41%	14.61 -81.82%	23.67 -70.54%	33.64 -58.13%	41.88 -47.88%

Historical Papa John International Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Papa John International

View All Filings

Date Filed	Form Type	Document
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	SC 13D/A	13D - Major Acquisition
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 02, 2023	8-K	Current Report
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading

Latest Insider Trading transactions for PZZA

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-01	Clark Amanda	sold (taxes)	-19,341	85.96	-225	chief intl & devt officer
2023-03-01	Smith Jeffrey C	back to issuer	-77,367,800	82.52	-937,564	-
2023-03-01	Smith Jeffrey C	back to issuer	-8,190,850	82.52	-99,259	-
2023-03-01	Smith Jeffrey C	back to issuer	-14,485,900	82.52	-175,544	-
2023-03-01	Oyler Caroline Miller	sold (taxes)	-14,957	85.96	-174	chief legal & risk officer
2023-03-01	Smith Jeffrey C	back to issuer	-10,913,500	82.52	-132,253	-
2023-03-01	Smith Jeffrey C	back to issuer	-25,505,300	82.52	-309,080	-
2023-03-01	GUGINO ANN B	sold (taxes)	-27,507	85.96	-320	chief financial officer
2023-03-01	Smith Jeffrey C	back to issuer	-35,453,100	82.52	-429,630	-
2023-03-01	Wetzel Christopher Maxwell	sold (taxes)	-31,375	85.96	-365	evp, chief operating officer

About Papa John International

Robert M. Lynch

www.papajohns.com

14000

Papa John's International, Inc. operates and franchises pizza delivery and carryout restaurants under the Papa John's trademark in the United States and internationally. It operates through four segments: Domestic Company-Owned Restaurants, North America Commissaries, North America Franchising, and International Operations. The company also operates dine-in and delivery restaurants under the Papa John's trademark internationally. As of December 26, 2021, it operated 5,650 Papa John's restaurants, which included 600 company-owned and 5,050 franchised restaurants in 50 countries and territories. The company was founded in 1984 and is based in Louisville, Kentucky.

PZZA Income Statement

2022-12-25

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Revenues:
Total revenues	$ 2,102,103	$ 2,068,421	$ 1,813,234
Costs and expenses:
General and administrative expenses	217,412	212,265	204,242
Depreciation and amortization	52,032	48,816	49,705
Total costs and expenses	1,981,008	1,900,180	1,722,981
Refranchising and impairment loss	(12,065)	0	0
Operating income	109,030	168,241	90,253
Net interest expense	(25,261)	(17,293)	(14,891)
Income before income taxes	83,769	150,948	75,362
Income tax expense	14,420	25,993	14,748
Net income before attribution to noncontrolling interests	69,349	124,955	60,614
Net income attributable to noncontrolling interests	(1,577)	(4,939)	(2,682)
Net income attributable to the Company	67,772	120,016	57,932
Calculation of net income for earnings per share:
Net income attributable to the Company	67,772	120,016	57,932
Dividends on redemption of Series B Convertible Preferred Stock	0	(109,852)	0
Dividends paid to participating securities	(306)	(6,091)	(14,059)
Net income attributable to participating securities	(104)	0	(2,136)
Net income attributable to common shareholders	$ 67,362	$ 4,073	$ 41,737
Basic earnings per common share (in dollars per share)	$ 1.90	$ 0.12	$ 1.29
Diluted earnings per common share (in dollars per share)	$ 1.89	$ 0.12	$ 1.28
Basic weighted average common shares outstanding (in shares)	35,497	35,007	32,421
Diluted weighted average common shares outstanding (in shares)	35,717	35,337	32,717
Dividends declared per common share (in dollars per share)	$ 1.54	$ 1.15	$ 0.90
Domestic Company-owned restaurants
Revenues:
Total revenues	$ 708,389	$ 778,323	$ 700,757
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	585,307	621,871	563,799
North America franchising
Revenues:
Total revenues	137,399	129,310	96,732
North America commissaries
Revenues:
Total revenues	869,634	761,305	680,793
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	811,446	703,622	630,937
International
Revenues:
Total revenues	129,903	150,771	123,963
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	76,001	87,286	73,994
All others
Revenues:
Total revenues	256,778	248,712	210,989
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	$ 238,810	$ 226,320	$ 200,304

PZZA Balance Sheet

2022-12-25

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 25, 2022	Dec. 26, 2021
Current assets:
Cash and cash equivalents	$ 47,373	$ 70,610
Accounts receivable (less allowance for credit losses of $6,718 in 2022 and $2,364 in 2021)	102,533	81,370
Notes receivable, current portion	6,848	12,352
Income tax receivable	8,780	9,386
Inventories	41,382	34,981
Prepaid expenses and other current assets	44,123	46,310
Total current assets	251,039	255,009
Property and equipment, net	249,793	223,856
Finance lease right-of-use assets, net	24,941	20,907
Operating lease right-of-use assets	172,425	176,256
Notes receivable, less current portion (less allowance for credit losses of $14,499 in 2022 and $1,500 in 2021)	21,248	35,504
Goodwill	70,616	80,632
Deferred income taxes	1,920	5,156
Other assets	72,245	88,384
Total assets	864,227	885,704
Current liabilities:
Accounts payable	62,316	28,092
Income and other taxes payable	8,766	19,996
Accrued expenses and other current liabilities	142,535	190,116
Current deferred revenue	21,272	21,700
Current finance lease liabilities	6,850	4,977
Current operating lease liabilities	23,418	22,543
Total current liabilities	265,157	287,424
Deferred revenue	23,204	13,846
Long-term finance lease liabilities	19,022	16,580
Long-term operating lease liabilities	160,905	160,672
Long-term debt, net	597,069	480,730
Deferred income taxes	0	258
Other long-term liabilities	68,317	93,154
Total liabilities	1,133,674	1,052,664
Redeemable noncontrolling interests	1,217	5,498
Stockholders’ deficit:
Common stock ($0.01 par value per share; issued 49,138 at December 25, 2022 and 49,002 at December 26, 2021)	491	490
Additional paid-in capital	449,829	445,126
Accumulated other comprehensive loss	(10,135)	(9,971)
Retained earnings	195,856	183,157
Treasury stock (14,402 shares at December 25, 2022 and 13,205 shares at December 26, 2021, at cost)	(922,434)	(806,472)
Total stockholders’ deficit	(286,393)	(187,670)
Noncontrolling interests in subsidiaries	15,729	15,212
Total Stockholders’ deficit	(270,664)	(172,458)
Total Liabilities, Redeemable noncontrolling interests and Stockholders’ deficit	$ 864,227	$ 885,704