over the last 5 years the company store network has and...

over the last 5 years the company store network has and continues to shrink at an alarming rate. The company could not persuade any mum and dad operators to buy a franchise in an environment of cheap easy money and where property prices are going through the roof.

How do they expect to sign up new franchisees in a recessionary environment where interests are on the rise and property prices are in decline? Let alone the massive increase in start up costs to set up a new store?

Note the recent update does not mention anything about domestic store numbers. And international where they earn stuff all is only a net increase of 5.

Sure the stock may get a bump from resolving the ACCC issue if it's favourable. It may be able to pay down some debt over time. Sure the balance sheet is much stronger and the company will not be going under like a few years ago.

But where is the growth going to come from to support a much higher valuation you all seek? How do they think they are going to open more stores?

Current management have done the job of recapitalising the company (at the expense of shareholders). But they can't grow the business.