Investment Thesis
Yum! Brands franchises KFC, Taco Bell, and Pizza Hut globally, relying on asset-light royalties and rapid international unit growth. Digital ordering, delivery partnerships, and menu innovation sustain double-digit EPS growth.
- Franchise Model: 96% franchised system yields resilient, high-margin royalty streams.
- Digital Acceleration: Mobile loyalty, kiosks, and delivery aggregators boost ticket size.
- International Runway: Emerging markets offer long runway for KFC and Taco Bell expansion.