Their earnings won't be peak this year primarily due to...

Their earnings won't be peak this year primarily due to franchisee outlet growth. Most of the franchisee flow
is being driven by immigration. Many of these franchisees achieve investment visa through a franchise. This outlet growth along with company store rollout will offset any subdued same store sales or reduction in customer count. secondly RFG is a low cost offer which will perform better compared to their higher cost counterparts. lastly they finally are applying FCF and cash towards organic and inorganic growth initiatives (first time in 4yrs). All the while it's trading at 4.5x forward EV/EBITDA. if I'm wrong with this in respect to earnings I would need to be wrong by some margin. RFG should trade closer to global comps I.e. 8-10x