Comparing RFG to scaled competitors with significant intangible...

Comparing RFG to scaled competitors with significant intangible value (brand value) is problematic. I for one are not speculating on RFG re-rating to 1b market cap. The key point for investors interested in RFG currently is the spread between price and intrinsic value range. RFG should not trade at a forward EV/EBITDA of <5 x. At this price investors are prescribing little to know value on the international segment. In theory this value only factors the core market AUS. In the event that serious traction can be shown internationally as Peter George suggests the EV/EBITDA (x) will expand. If management are successful with this RFG should trade closer to 9 - 12 x. This implies ample upside from current prices. Lastly the business has a very health capital structure which hasn't been valued by investors. Prior to the recap the business had significant am mortising debts that required all FCF and some to be allocated towards debt repayment. Management now for the first time in 4 years have FCF and cash to apply towards growth. None of this is being factored into the current price. Risk return asymmetry if you ask me...