温蒂汉堡（WEN）：伯恩斯坦投资者日会议要点

Danilo Gargiulo+1 917 344 8475danilo.gargiulo@bernsteinsg.comSagar Dave+1 917 344 8520sagar.dave@bernsteinsg.comLinh Nguyen+1 917 344 8355linh.nguyen@bernsteinsg.com Wendy’s (WEN) Presenter: Kirk Tanner, President & CEO andKen Cook, CFO 5/29/2025, 1:30pm Takeaway:Wendy’s is positioning for growth through three key strategies: menu innovation, operational excellence and unit expansion,with a focus on customer experience and broadening international footprints. With a shift in capital allocation priority to focus on growth,management aims to unlock valuation upside by executing consistently on the strategic priorities. Highlights: •Wendy’s aims to build ~1,000 net new restaurants globally by 2028, with 70% of the new units coming from international markets.Management reiterates expectation of 2-3% unit growth in the near term, ramping to 3-4% in the long term. •Product innovations continue to be key to the growth story. Wendy’s is focused on culture-forward menu innovations (Oreo and PopTart Frosty, Takis Chicken, Netflix-themed innovations) that targets younger generation and drive incremental traffic into the stores.Chicken platform remains a major growth vector, and management expects new innovations in chicken to be additive to beef offeringsand contribute to improving check sizes and margins. •Wendy’s has been able to leverage the Biggie Bag platform to deliver everyday value without resorting to short-term promotions.Management emphasizes quality-first messaging and plans to elevate the value platform this summer with iconic items to drive traffic,maintain franchisee profitability and reinforce the challenger brand identity. •Wendy’s build-to-suit program (~$70 million investments in 2025) helps unlock prime real estate faster, expand the franchisee base, anddeliver double-digit ROI via higher royalty rates and rent spreads. BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社). On April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG andAB and their respective affiliates. VALUATION METHODOLOGY Wendy's Co We value WEN at ~16x P/E NTM with FY25 EPS estimate of $0.96 for a price target of $15. RISKS Wendy's Co Upside risks: (1) More resilient same-store sales ex-breakfast, (2) Faster unit growth than anticipated, and (3) A weakeningconsumer environment in the U.S. Downside risk: (1) unexpected further weakening of the consumer environment in the U.S. orlarge international markets, (2) Increasing competition which could hurt traffic and comps, (3) Further multiple contractions. RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia Pacificregion, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JP) for stocks listed on the Japanese exchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian (ex-Japan)exchanges -unless otherwise specified. The Bernstein brand has three categories of ratings: •Outperform: Stock will outpace the market index by more than 15 pp•Market-Perform: Stock will perform in line with the market index to within +/-15 pp•Underperform: Stock will trail the performance of the market index by more than 15 pp Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no longer current, and should therefore not be relied upon. Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the comp