Two quick points from me:
The figures you used are underlying EBITDA and I would question that. Also, NPAT is the figure I would use.
I am not stoked if they bring Wendy in. This failed once before and I doubt it will be better this time. Also, Wendy's in the US is sort of crapping itself also. I would that they continue what they have now and not expand into more brands to manage.
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