Chipotle Mexican Grill

Topics: Cash flow statement, Asset, Balance sheet Pages: 9 (3043 words) Published: May 7, 2013
(1) Sales, Sales Growth (Hint: Use Revenue Line)
Sales Amount in USD; Growth in percentage.
| 2008| 2009| 2010| 2011| 2012|
SALES| 1,331,968,000| 1,518,417,000| 1,835,922,000| 2,269,548,000| 2,731,224,000| SALES GROWTH| ------| 13.99| 20.91| 23.61| 20.34|

(2) Gross Margins (Hint: Restaurant Operating Costs Lines for COGS) Gross Margin = (Sales – COGS) / Sales; Expressed in %
| 2008| 2009| 2010| 2011| 2012|
SALES| 1,331,968,000| 1,518,417,000| 1,835,922,000| 2,269,548,000| 2,731,224,000| COGS| 1,045,041,000| 1,139,898,000| 1,346,517,000| 1,680,321,000| 1,990,884,000| SALES-COGS| 286,927,000| 378,519,000| 489,405,000| 589,227,000| 740,340,000| GROSS MARGIN| 21.54| 24.92| 26.65 | 25.96| 27.10|

(3) Operating Margins (Hint: Use Income from operations/Sales) Expressed as percentage.
| 2008| 2009| 2010| 2011| 2012|
SALES| 1,331,968,000| 1,518,417,000| 1,835,922,000| 2,269,548,000| 2,731,224,000| Op.Income| 124,039,000| 203,705,000| 287,831,000| 350,562,000| 455,865,000| Op. Margin| 9.31| 13.41| 15.67| 15.44| 16.69|

(4) Net Income, Net Income Growth
| 2008| 2009| 2010| 2011| 2012|
Net Income| 78,202,000| 126,845,000| 178,981,000| 214,945,000| 278,000,000| N.I growth| -----------| 62.20| 41.10| 20.09| 29.33|

(5) ROS, ROA & ROE
Expressed as percentages.
| 2008| 2009| 2010| 2011| 2012|
ROS| 5.87| 8.35| 9.74| 9.47| 10.17|
TA| 824,985,000| 961,505,000| 1,121,605,000| 1,425,308,000| 1,668,667,000| ROA| 9.47| 13.19| 15.95| 15.08| 16.66|
TSE| 622,590,000| 703,461,000| 810,873,000| 1,044,226,000| 1,245,926,000| ROE| 12.56| 18.03| 22.07| 20.58| 22.31|

(6) Current Ratio, Quick Ratio
| 2008| 2009| 2010| 2011| 2012|
Current Assets| 211,072,000| 297,454,000| 406,221,000| 501,192,000| 546,607,000| Current Liabilities| 76,788,000| 102,153,000| 123,054,000| 157,453,000| 186,852,000| Inventory| 4,789,000| 5,614,000| 7,098,000| 8,913,000| 11,096,000| Current Ratio| 2.74| 2.91| 3.30| 3.18| 2.92| Quick Ratio| 2.68| 2.85| 3.24| 3.12| 2.86|

(7) D/A, D/E ratios
| 2008| 2009| 2010| 2011| 2012|
Total Assets| 824,985,000| 961,505,000| 1,121,605,000| 1,425,308,000| 1,668,667,000| Total Debt| 202,395,000| 258,044,000| 310,732,000| 381,082,000| 422,741,000| TSE| 622,590,000| 703,461,000| 810,873,000| 1,044,226,000| 1,245,926,000| D/A| 24.53%| 26.84%| 27.70%| 26.73%| 25.33%|

D/E| 32.50%| 36.68%| 38.32%| 36.49%| 33.93%|

(8) TAT, FAT (Hint: Leasehold improvements, property & equipment, net for Fixed Assets) | 2008| 2009| 2010| 2011| 2012|
Sales| 1,331,968,000| 1,518,417,000| 1,835,922,000| 2,269,548,000| 2,731,224,000| Total Assets| 824,985,000| 961,505,000| 1,121,605,000| 1,425,308,000| 1,668,667,000| PP&E Net| 585,899,000| 636,411,000| 676,881,000| 751,951,000| 866,703,000| TAT| 1.61| 1.58| 1.63| 1.59| 1.63| FAT| 2.27| 2.38| 2.71| 3.01| 3.15|

(1)Comment on your financial analysis of CMG. Comment on CMG’s performance with regard to: sales growth, margins, profitability, liquidity, leverage (e.g. debt load) and activity ratios. Where are the company's financial statements weak? Why? Can you pinpoint the causes of these weaknesses? Where is the company strong? What is your overall assessment of the financial structure and condition of CMG? CMG is experiencing a healthy growth rate (CAGR) of almost 20% over the period of last five...
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