target price, page-14

This will continue to trade lower towards $35. Very interesting that management still do not have an adequate plan to refocus the company.

During turbulent economic times it is important that they choose targets and goals and stick to them without increasing debt levels for not return. The SP action presents value if you believe the company has a turn of foot in it, but it is a tough ask to achieve a SP that represents trading at over 60 P/e.

At the end of the day it is a very good business model that is proven over the long term, the way they control franchisees is amazing and it works hand in hard to create a superb brand. If you are willing to hold this long term maybe in your super I believe it’s a great policy up at these levels, and will most likely trade lower in the coming weeks.

Good-luck to all.