Just on your last point @noomxx re property portfolio.
two ways it can affect P&L.
one is pty revaluation - hence better to look at operating / free cash flow.
but the other possibility - if they charge rent to their franchisees they may reduce it if franchisees they start screaming from wage increases or other pressures. (and reduce pty values to maintain cap rate) and they will hope to reverse that when times are better (lower interest rates).
(i assume they charge rent to some franchisees but i don't know - shameful ignorance on my part and would appreciate if anyone could enlighten me if they do and what % of their franchisees pay rent to them).
just a thought.
long term strong brand, but not awesome market dynamics. div is attractive if it can be maintained ---the key question.
I wonder if, after Gerry dies, they offload or split off the property portfolio (which has the entire value of the equity just there)...
Just on your last point @noomxx re property portfolio.two ways...
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