I finally got a chance to have a good read over the results...

I finally got a chance to have a good read over the results today and for the first time have been trying to do a bit of a deep dive into understanding the CKF debt situation. Why do they use net leverage ratio rather than the more standard debt to equity? And am I correct in saying this is being calculated by dividing the net debt by the adjusted EBITDA? (also using pre AASB standards?). Using a more traditional debt to equity ratio would come in very high at 69% but then there is plenty of room in their covenant and they are talking about more acquisitions. I've always known CKF carry a high debt and grow by acquisition I'm just trying to work out how much of a risk this actually is. I would say the most optimistic part about the result was the forward guidance on continuing high sales growth and limited further margin contraction! I think we're all pretty sceptical on if Taco Bell can be turned around but if it can it would also give us another leg for potential growth with a far less mature brand in Australia.