I like RFG, page-57

Agree, they expand too fast given those retail climate, in 2015 the ABS produced a report that indicated nearly 60% of small business, whether they are part of a franchise or independent fall in the first 3 year and the retail climate is actually way worst now, hence RFG's MC was at $1B+.

But it now all depends on the banks to allow them to stablise, recover their brand to sell of their non-core assets and recover the pps to $200M MC, which will allow them to do a CR at more attractive price to pay the remaining debt. They've already stuck with them through the last 2 years which was were the hard cuts occurred with RFG still able to payback around $15M of principal and $15M in interest per year.....and the business is now stablising.

If all works out, I see multi bagger (max MC of $200M) but high risk here.