Citi | McDonald's (MCD.US): What Comes Next — and Answers to Other Key Investor Day Questions
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
This Citi note frames the key questions ahead of McDonald's Investor Day through a chart-driven review. The exhibits open with labor costs: a chart of the standard deviation of state-level average weekly restaurant wages illustrates the increasingly divergent cost structures facing operators across McDonald's store footprint. A second chart compares McDonald's exposure to high-income customers with the quick-service restaurant industry average, informing the debate over the company's consumer mix. China expansion is examined through store-count growth, set against the QSR industry average, while domestic demand is tracked via US traffic year-over-year growth. Valuation completes the package: absolute P/E multiples and EV/EBITDA relative to the S&P. Together, the charts map the questions Citi highlights heading into the event — wage dispersion across states, customer-income mix, China unit growth, US traffic momentum, and the stock's relative and absolute valuation setup. The available summary consists of exhibit titles; figures, ratings, target prices, and forecasts are not included in the material provided.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
Exhibit 7
