Valid, and I haven't done a deep dive and was looking for some...

Valid, and I haven't done a deep dive and was looking for some input so thanks, and you're 100% correct re the EV and actual PE.

Depends how they report, again no deep dive done and they could be a bit clearer in how they report information tbh. But leases are better than outright debt.

If they have a 5yr lease on a premises but if they are bringing forward the total value of that lease as debt on their balance sheet, it is a future obligation/liability but will have cashflow from said store. And if we are looking at EBIT today of 200M, this will be after lease costs for the year and 'debt repayment' wont be an additional line item beyond this.

This sector is a bit outside my wheel house, but typically id expect to see earnings or cashflow after interest expense, then debt repayment as an additional outlay past this. If it is majority leases as you allege, that would be far better than outright debt as we shouldn't then have the additional outlay as the lease costs will come from cashflow.

also, while i can appreciate the comparison to RFG, i do think dominoes is quite a bit larger and better run having squeezed out its other competition over the decades (Pizza hut and eagleboys come to mind). Nothing is certain of course, but i think dominoes has a far larger presence and moat than Brumbys or donut king.

I could be talking out my ass here so please correct me if I'm mistaken. Cheers.