P N R A

Morningstar Stock Data Sheet Pricing data thru Mar. 16, 2012 Rating updated as of Mar. 16, 2012 Pricing data thru Mar. 16, 2012 Rating updated as of Mar. 16, 2012 Fiscal year-end: December
Panera Bread Company, Inc. PNRA
Sales USD Mil Mkt Cap USD Mil Industry Sector
1,822 5,128 Restaurants

Consumer Cyclical
TM
Morningstar Rating Last Price Fair Value Uncertainty Economic Moat Stewardship Grade
QQ
161.43 135.00 Medium None .
per share prices in USD
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD
3.0
8.0
19.0
39.0
79.0
0.8
1.0
37.95
23.64
47.79
24.55
45.14
32.35
72.65
39.00
75.88
46.54
62.78
33.33
65.00
30.60
68.94
42.30
106.87
64.89
145.46
94.62
165.23
135.15
Annual Price High
Low
Recent Splits
Price Volatility
Monthly High/Low
Rel Strength to S&P 500
52 week High/Low
165.23 - 96.68
10 Year High/Low
165.23 - 23.64
Bear-Market Rank
4 (10=worst)
Trading Volume Million
Stock Performance
2:1
Panera Bread owns and franchises bakery-cafes under the
Panera Bread, Saint Louis Bread Co., and Paradise Bakery
brand names, specializing in freshly baked goods,
made-to-order sandwiches, soups, salads, and
custom-roasted coffees. The bakery-cafes are primarily
located in suburban strip malls and regional malls across the
United States. As of December 2011, the firm had almost
1,550 bakery-cafes, including nearly 750 company-owned
and over 800 franchised locations.
6710 Clayton Road
Richmond Heights, MO 63117
Phone: 1 314 633-7100Website: http://www.panerabread.com
Growth Rates Compound Annual
Grade: B 1 Yr 3 Yr 5 Yr 10 Yr
Revenue % 18.1 11.9 17.1 24.7
Operating Income % 19.0 25.0 19.4 26.1
Earnings/Share % 25.7 27.0 19.9 25.9
Dividends % . . . .
Book Value/Share % 12.8 11.0 11.9 16.8
Stock Total Return % 36.3 47.6 22.3 19.6
+/- Industry 2.3 15.9 7.9 .
+/- Market 24.6 24.6 22.0 17.5
Profitability Analysis
Grade: B Current 5 Yr Avg Ind Mkt
Return on Equity % 21.7 16.8 31.8 22.5
Return on Assets % 13.9 11.4 12.1 9.4
Fixed Asset Turns 3.9 3.3 2.1 7.5
Inventory Turns 89.4 87.5 30.1 16.6
Revenue/Employee USD K 55.9 56.5 . 1051.8
Gross Margin % 23.0 21.9 35.2 39.8
Operating Margin % 12.1 10.3 18.2 16.7
Net Margin % 7.5 6.3 10.4 11.0
Free Cash Flow/Rev % 7.1 7.8 9.4 0.1
R&D/Rev % . . . 9.4
*
*3Yr Avg data is displayed in place of 5Yr Avg
Financial Position
Grade: A 12-10 USD Mil 12-11 USD Mil
Cash 229 223
Inventories 14 17
Receivables 38 55
Current Assets 331 353
Fixed Assets 444 492
Intangibles 143 175
Total Assets 925 1027
Payables 7 34
Short-Term Debt . .
Current Liabilities 212 238
Long-Term Debt . .
Total Liabilities 329 372
Total Equity 596 655
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM Financials
Revenue USD Mil 278 356 479 640 829 1067 1299 1353 1542 1822 1822
Gross Margin % 26.5 55.7 54.4 55.1 54.8 21.0 20.6 21.7 23.3 23.0 23.0
Oper Income USD Mil 35 50 62 81 91 89 113 141 185 220 220
Operating Margin % 12.5 14.0 12.9 12.7 11.0 8.4 8.7 10.4 12.0 12.1 12.1
Net Income USD Mil 22 30 39 52 59 57 67 86 112 136 136
Earnings Per Share USD 0.73 1.00 1.25 1.65 1.84 1.79 2.22 2.78 3.62 4.55 4.55
Dividends USD . . . . . . . . . . .
Shares Mil 30 30 31 32 32 32 30 31 31 30 30
Book Value Per Share USD 5.66 6.98 8.32 10.18 12.57 14.81 16.15 18.90 19.59 22.09 20.62
Oper Cash Flow USD Mil 46 69 84 111 105 154 156 215 238 237 237
Cap Spending USD Mil -27 -41 -80 -82 -109 -124 -63 -55 -82 -108 -108
Free Cash Flow USD Mil 19 27 4 29 -4 30 93 160 155 129 129
Valuation Analysis
Current 5 Yr Avg Ind Mkt
Price/Earnings 35.5 25.3 22.3 15.7
Forward P/E 24.4 . . 13.6
Price/Cash Flow 20.4 11.7 14.8 7.5
Price/Free Cash Flow 37.5 24.4 26.5 17.8
Dividend Yield % . . 1.8 1.9
Price/Book 7.8 4.2 6.8 2.1
Price/Sales 2.6 1.6 2.3 1.3
PEG Ratio 1.3 . . 1.6
Total Return % 33.8 13.5 2.0 62.9 -14.9 -35.9 45.8 28.1 51.2 39.8 14.1
+/- Market 57.2 -12.9 -7.0 59.9 -28.5 -39.4 84.3 4.7 38.4 39.8 2.4
+/- Industry 53.7 -29.1 -32.9 57.9 -36.6 -40.6 58.2 8.7 15.8 11.2 10.3
Dividend Yield % . . . . . . . . . . 0.0
Market Cap USD Mil 945 1110 1170 2045 1768 1079 1602 2115 3077 4194 5128
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM Profitability
Return on Assets % 13.1 14.0 13.5 13.7 12.0 9.3 9.8 11.4 12.7 13.9 13.9
Return on Equity % 15.9 17.4 17.6 18.7 16.5 13.6 14.3 15.8 18.8 21.7 21.7
Net Margin % 7.8 8.5 8.1 8.1 7.1 5.4 5.2 6.4 7.3 7.5 7.5
Asset Turnover 1.67 1.64 1.68 1.68 1.69 1.72 1.89 1.79 1.75 1.87 1.87
Financial Leverage 1.2 1.3 1.4 1.4 1.4 1.6 1.4 1.4 1.6 1.6 1.6
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 12-11 Financial Health
Working Capital USD Mil 27 26 3 16 18 24 24 180 119 115 115
Long-Term Debt USD Mil . . . . . 75 0 . . . .
Total Equity USD Mil 154 196 241 317 398 446 495 597 596 655 655
Debt/Equity . . . . . 0.17 . . . . .
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 TTM Valuation
Price/Earnings 47.6 39.1 32.3 39.8 30.4 20.0 23.5 24.1 27.9 31.1 35.5
P/E vs. Market . . . . . . . . . 1.8 2.3
Price/Sales 3.8 3.4 2.6 3.2 2.2 1.1 1.2 1.5 2.0 2.3 2.6
Price/Book 6.2 5.7 4.8 6.5 4.5 2.4 3.2 3.5 5.2 6.4 7.8
Price/Cash Flow 22.5 17.5 14.7 18.6 17.0 7.5 10.2 9.7 13.2 17.9 20.4
Quarterly Results
Revenue
Rev Growth
Earnings Per Share
USD Mil Mar 11 Jun 11 Sep 11 Dec 11
% Mar 11 Jun 11 Sep 11 Dec 11
USD Mar 11 Jun 11 Sep 11 Dec 11
Most Recent Period 422.1 451.1 453.1 495.8
Prior Year Period 364.2 378.1 372.0 428.2
Most Recent Period 15.9 19.3 21.8 15.8
Prior Year Period 13.6 14.3 11.0 16.7
Most Recent Period 1.09 1.18 0.97 1.31
Prior Year Period 0.82 0.85 0.75 1.21
Industry Peers by Market Cap
Major Fund Holders
Mkt Cap USD Mil Rev USD Mil P/E ROE%
% of shares
Panera Bread Company 5128 1822 35.5 21.7
McDonalds Corporati 99472 27006 18.5 37.9
Starbucks Corporatio 40088 12186 31.9 29.0
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TTM data based on rolling quarterly data if available; otherwise most recent annual data shown.
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