CKF's global portfolio is now very impressive. Their growth by acquisition strategy has seen them rerated as a small player in a geographically limited franchise space to a major player across a good spread of global markets.
I think they've been quite clever in introducing a "new" brand (Sizzler - well, new to that market) in the "new" Asian market, where its most likely to succeed, and bought up an old brand in old markets (KFC in Germany and the Netherlands). I would have thought they might retire Sizzler in Australia - its a hackneyed brand here, but to my amazement they have managed to wring an improved EBITDA on a same store basis while closing down 6 sites.
This stock is undergoing a major re-rating. That re-rating will only see as debt is reduced or, alternatively, used for more acquisitions. As long as management can hold it together shareholders should enjoy a very positive future.
CKF Price at posting:
$6.01 Sentiment: Hold Disclosure: Held
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