hi JP930. the value will be determined by how much it can acquire i.e. business performance, not short term fluctuations. Does anyone know how many places are available to be acquired i.e. profitable operators remaining? That will determine its value going forward.
from the prospectus, it looks like there are about 10,000 places remaining not owned by bigger operators. of course not all of these will be profitable enough to acquire. I'd say only 2,500 places are available, so its just "bolt on" growth.
if it can acquire 600-700 more places(from 2,500 above available) in 2015, like it did in 2014, then it will be on a 10%+ yield, forecasted which is a bit mispriced.
