Papa John's International Inc

PZZA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$13.00	Nhmrh	Kjwbyghjb

New Morningstar Analyst Report - PZZA

Dec 19, 2001

Financial Strength

Although the balance sheet remains solid, the firm has piled on a significant amount of debt to fund its stock-repurchase program. Long-term debt was $112 million as of September 2001 compared with $6 million in December 1999.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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