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Message| (1,363)    In this article, I will run you through my
DCF model on McDonald's (MCD) and then triangulate the result
with an exit multiple calculation and a review of the
fundamentals compared with Wendy's (WEN) and Yum! Brands (YUM).
I will also argue that concerns about "overly high" (whatever
that means) executive compensation is not just overblown, but
almost completely wrong. That is to say, greater executive
compensation (not less) adds value. I find that McDonald's is
appropriately valued by the market right now, but remains a safe
dividend stock due to its attractive brand (which is in large
part reinforced by favorable executive compensation).  First,
let's begin with an assumption about the top-line. McDonald's
finished FY2011 with $27B in revenue, which represented a 12.2%
gain off of the preceding year. I model revenue trending from 5%
to 10% over the next 6 years.  Moving onto the cost-side of the
equation, there are several