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Macao

In: Novels

Submitted By woaimeizi
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February 14, 2010 NASDAQ: PFCB

P F CHANGS CHINA BISTRO INC
BUY A+ A AB+ B BC+ HOLD C CBeta 0.91 D+ D DSELL E+ E EF

BUY
52-Week Range $16.75-$41.43 Source: GICS

RATING SINCE TARGET PRICE

06/05/2009 $54.35

Annual Dividend Rate NA

Annual Dividend Yield NA

Market Capitalization $958.2 Million Sub-Industry: Restaurants SMA (50) SMA (100)

Price as of 2/11/2010 $41.41

Sector: Consumer Discretionary PFCB BUSINESS DESCRIPTION P.F. Chang's China Bistro, Inc., through its subsidiaries, engages in the ownership and operation of restaurants in the United States. It owns and operates two restaurant concepts, P.F. Chang's China Bistro and Pei Wei Asian Diner. STOCK PERFORMANCE (%) 3 Mo. Price Change 32.17 GROWTH (%) Revenues Net Income EPS Last Qtr -1.88 109.58 -15.63 12 Mo. 0.30 26.11 8.55 3 Yr CAGR 9.97 2.73 9.70 Weekly Price: (US$)

1 Year

2 Years 55 50 45 40 35

TARGET PRICE $54.35 TARGET PRICE $54.35 TARGET PRICE $54.35 PRICE $54.35

1 Yr. 131.08

3 Yr (Ann) 0.36

30 25 20 15
Rating History

HOLD
Volume in Millions

BUY 20 10

RETURN ON EQUITY (%) PFCB Q3 2009 11.86 Q3 2008 11.87 Q3 2007 10.70 P/E COMPARISON

Ind Avg 9.91 25.50 33.38

S&P 500 3.25 9.77 15.84

2008

2009

2010

0

COMPUSTAT for Price and Volume, TheStreet.com Ratings, Inc. for Rating History

RECOMMENDATION We rate P F CHANGS CHINA BISTRO INC (PFCB) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and notable return on equity. We feel these strengths outweigh

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