Latest thoughts on MCD, DPZ, WING, WEN

研报英文原文证据摘录

Latest thoughts on MCD, DPZ, WING, WEN

RBC Capital Markets, LLC

Logan Reich, CFA (Analyst)

(646) 618-6870,

logan.reich@rbccm.com

Emir Akdogan (Senior

Associate)

(212) 301-1601,

emir.akdogan@rbccm.com

June 22, 2026

Latest thoughts on MCD, DPZ, WING, WENRESEARCH Our view: We're intrigued by MCD (SP) as a potential outsized beneficiary of falling gas prices and

the World Cup; DPZ (SP) we continue to be cautious on given elevated competitive intensity limiting

NT share gains; WING's (OP) YTD underperformance could create an opportunity where further lean

into value and falling gas prices could drive SSS stabilization; WEN (SP) we continue to be cautious on

given limited visibility in US SSS improvement. We lower Q2 estimates for all four names on increasing

inflationary pressures through May but leave 2H estimates largely unchanged for MCD, DPZ and WING

as gas prices have fallen since late May. We lower 2H estimates for WEN. Lowering PTs on DPZ, WING,

and WEN; MCD PT unchanged.EQUITY

MCD: We're intrigued by MCD as a potential outsized beneficiary of falling gas prices given they

overindex to the lower-income consumer and the World Cup, to a lesser degree, driven by the brand's

tournament sponsorship and associated kids and adult limited time meals. Despite falling gas prices,

we think there's risk to unit growth in the out years as management noted they're reevaluating the

development pipeline on the Q1 call, which was largely driven by building supply chain pressures

and sluggish traffic growth over the past few years, not just recent energy inflation. Lastly, notable

components of the company's recently unveiled NEXT strategy are a) a complete redesign of restaurants

potentially supported by corporate investment and b) an increasing focus on beverages and chicken.