Is The Market Underpricing McDonald's Stock?

McDonald's (MCD) shares lost 18.5% over the past year, including dividends, while the S&P 500 returned 17.4%. Buyers today pay 19.6 times McDonald's earnings over the past twelve months. That multiple sits below the 24.7 average seen at its fiscal quarter ends over the past three years, and marks a lower P/E than at any fiscal quarter end in the past ten years. So how much of that markdown could three more years of McDonald's own growth, and a P/E that moves part of the way back toward its avera