Chipotle Mexican Grill, Inc.

AI-generated fair value estimate for this company.

Method: 10-year two-stage unlevered FCF DCF: $1,500M base FCF (near TTM $1,569M); 10% FCF growth years 1-5, 6% years 6-10 reflecting continued US unit growth plus early-stage international expansion; 8% discount rate; 3.5% terminal growth; less $4,741M net debt (mostly operating lease liabilities); 1.27B shares outstanding (post 50-for-1 split).

Reasoning: Chipotle still has a multi-year runway of new restaurant openings plus margin upside from throughput/digital initiatives, so above-market near-term FCF growth is justified, tapering to a more moderate terminal rate once the North American unit base matures.