Arcos Dorados Holdings Inc (NYSE:ARCO) is the largest McDonald's franchisee in the world with over 2,200 restaurants in addition to another 3,200 'dessert centers' in 20 countries across Latin America and the Caribbean. It's been a challenging environment in the region with tepid economic growth including from its key market of Brazil which represents about 45% of total revenues. The stock has been volatile in recent years and pressured based on the trend of depreciating local currencies against the Dollar. Still, the operating results have improved more recently, and shares are up about