Retail Food Group on Watch Zone, page-13

It all depends whether they can get their cost of sales under control. Without free cash flow (FCF for 1H18 was negligible), the company is funded by debt which will only go on for so long before the banks foreclose.

You could be right. Belly up.

I watched the Founder recently. That reinforced the concept of investing for success is investing in the franchise top dog, irrespective of SP. The top dog will eat all others. Franchising is survival of the fittest and not just the fittest franchisees but includes franchise brands as well.When it comes to pizza in Aus, Dominos is the top dog, hands down, without a doubt. The Cheese Cake Shop, top dog with cake. Coffee, probably Hudsons (RFG got something right here). Donuts, KrispyCreme. 1 / 4 or 25%. P's might get degrees, but this isn't a pass mark.