Papa John's International Inc

PZZA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$31.00	Cvtczf	Kkzqbkb

New Morningstar Analyst Report - PZZA

Mar 26, 2001

Financial Strength

Two years ago, the firm had a solid balance sheet with very little debt. However, it jacked up debt to $140 million in November 2000 from $6 million in December 1999, using the proceeds to fund its stock-repurchase program.

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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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