Sean Dunlop

1 month ago | morningstar.com | Kristoffer Inton |Sean Dunlop

McDonald's strategy emphasizes its competitive strengths through a "MCD" framework: relevant marketing, core menu development, and the four D's: digital, drive-thru, delivery, and development. Recently, the firm has been leaning into its scale-driven cost advantage to emphasize its value offerings amid a challenging consumption spending environment. We view this strategy as prudent.

1 month ago | morningstar.com | Kristoffer Inton |Sean Dunlop

Wendy's is the second-largest QSR burger chain in the US behind wide-moat McDonald's, sporting a value proposition around fresh and craveable products at competitive price points. The banner has benefited from a resurgence over the last few years, driven by the renewed launch of its breakfast platform, store reimaging, and strong value positioning.

2 months ago | morningstar.com | Sean Dunlop |David Swartz |Ari Felhandler

Starbucks' business strategy looks likely to change materially, consistent with new CEO Brian Niccol's "Back to Starbucks" plan. The firm continues to play in a global category of one, with the firm's $36 billion in 2024 revenue outpacing its closest global competitor, Inspire Brands' Dunkin', by a factor of 3 globally and by a factor of 2 in the firm's home US market.