McDonald's (NYSE:MCD) shareholders had no reason to complain Tuesday when the fast-food giant reported same-store sales for August. Not only does Mickey D's continue to stack up some pretty incredible comps, but there are good signs it's continuing to work through the weakness in Europe that has dogged it in the past.

August same-store sales increased 6%, which is particularly impressive when you consider that McDonald's has had tough comparisons for quite some time now. The company attributed the strong results to strength in Europe (comps there increased 8.8%) and its new snack wrap, as well as the continued popularity of breakfast items.

The European angle is an important one, considering the fact that last spring, McDonald's struggled with that geographic region. Furthermore, McDonald's was able to boast that its comps in nearly every country increased in August, with its segment that includes Asia/Pacific, the Middle East, and Africa doing well, mostly because of strength in Japan.

McDonald's shares flew upward yesterday and hit a six-year high. I can't say I blame investors for their optimism at this point in the game. Even with recent share appreciation, McDonald's EV/EBITDA ratio is only about 9. I've long wondered why it is that McDonald's, which is the premier name in fast food and has implemented a long-lasting turnaround over recent years, has long showed a lower multiple than its rivals Wendy's (NYSE:WEN) and Burger King (NYSE:BKC), both of which have had their share of growth challenges. (Wendy's currently trades at an EV/EBITDA of 12, while Burger King trades at 11 times.) Granted, Wendy's has had its Tim Horton's (NYSE:THI) stake to help boost its interest for investors (although it's spinning off its remaining stake in Tim Horton's to shareholders in September), and its comps for August improved, but it still seems to me that the market has put a premium on a company that hasn't quite proven it deserves it.

The Golden Arches may be a popular place to grab a quick meal off the value menu, but it seems they are also a perfectly reasonable place for investors to put their money for the long term, with the company's current success in running its business. It's no wonder the stock looks appetizing to many investors these days.

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Alyce Lomax does not own shares of any of the companies mentioned.