We tried McDonald's Snack Wraps in the US and UK. We can see why the British are up in arms about the 'downgraded' item.

Impact · against what's priced in

The UK Snack Wrap launch is a minor operational detail that does not meaningfully impact the long-term revenue growth trajectories the market is currently debating. While consumer backlash over 'downgraded' ingredients exists, it is insufficient to shift the needle on the company's structural margins or the massive revenue acceleration required by current pricing.

MCD−0.02

Doesn't touch the price's assumptions

The price assumes

A massive acceleration in overall revenue from the 3.7% just delivered to a 12.6% compound annual growth rate over the next decade.