J.P. Morgan Reports Decent Sales On Wendy's

According to J.P. Morgan, Wendy's WEN reported 2Q11 adjusted EBITDA of $89.4m (10% y/y decline) and adjusted EPS of $0.05 vs. $0.06 in 2Q10, in the first release post announced sale of Arby's. J.P. Morgan said that Wendy's comps were better than the 1% estimate, including both company and franchised stores posting a +2.3% comp. “The stock looks fully valued relative to global QSR peers MCD (15.4x) and YUM (16.6x), both of which have more proven near-term global growth prospects and relatively lower bottom-line risk from commodity pressures.” Wendy's closed yesterday at $4.97.