mess of acquisition, page-5

Still likes rfg too. Dislike the messiness of the deal but absolutely love the expansion into pizza, which I see as the growth area in quick service food, particularly brands with a gourmet ingredient as a differentiation. The rise in ev / ebit valuation post their August Ann seems to confirm market endorsement too. Domino trades at 20x on back of high growth. Definitely there is space for rfg to rise in valuation once the strategy materialise. Short term it is hard to say.

Btw I always liked the michel brand too as a customer for its coffee and better cake option. Got my daughter 2 yr birthday cake there when we could not find any better value for money alternative!