THE FINAL PAGE OF THIS REPORT CONTAINS A DETAILED DISCLAIMER The content and opinions in this report are written by university students from the CityU Student Research & Investment Club, and thus are for reference only. Investors are fully responsible for their investment decisions. CityU Student Research & Investment Club is not responsible for any direct or indirect loss resulting from investments referenced to this report. The opinions in this report constitute the opinion of the CityU Student Research & Investment Club and do not constitute the opinion of the City University of Hong Kong nor any governing or student body or department under the University. Rating HOLD October 14th, 2019 Price (10/19/2019 USD) 88.49 Target price (USD) 77.85 Americas % down from Price on 10/19/2019 12.02% Equity Research Market cap. (USD, b) 03.30 Restaurants Enterprise Value (USD b) 03.24 Stock ratings are relative to the coverage universe in each analyst's or each team's respective sector. Target price is for SHAKE SHACK INCORPORATED (SHAK:NYSE) 12 months. Research Analysts: Our analysis on ‘Shake Shack’ (from hereupon referred to as “Shake Shack”, Murtaza Salman Abedin “Shack” or “SHAK”) is Discounted Cash Flow valuation-driven. Shake +852 59858568
[email protected] Shack is a growing brand with rapidly rising potential, however being a small company it still faces various growth-oriented challenges. Our Daria Yong-Tong Yip
[email protected] Valuation gives SHAK a fair share value of USD 77.85 (HOLD) and this Samya Malhotra has been calculated through a DCF valuation of the 5-Year forecast period
[email protected] ranging from 2019E to 2023E.