Got out of this one a few months back battered and bruised but...

Got out of this one a few months back battered and bruised but I'm glad, the ANZ business is fairly strong but the international expansion has been completely de-railed, a key driver for this business was the growth story, however downgrade after downgrade that thesis is pretty well broken and now they're in damage control.

They went too hard, too fast in markets that are culturally quite different to Australia - which has slowly eroded margins / earnings quality, alongside acquiring existing pizza businesses & rebranding (possibly instead of running pilot stores to see viability before diving right in, which smells of paying the wrong price just for growth back when markets were favoring growth at all costs), and lets not forget they've already left the Italian and Danish markets in the not so distant past.

The anticipated store growth rates they put in the outlook do not justify a growth label anymore in my opinion. The only way this works is if they manage to hit the higher end of their projections in store openings whilst also increasing their margins for franchisee & corporate stores which has been trending downwards the last few financial reports (likely attributed to inflation & store cannibalism), or they manage to execute in Germany and/or other large population markets.

Plenty of other businesses on the ASX that come with far less uncertainties than this one right now IMO.