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Antti Leinonen's avatar

Thanks for the article! I was just a while ago looking at the company.

I invested in $DOM in London, the master franchise for Domino's. They sold their ownership in their business in Germany, but the share price did not much react to it in my opinion. I'm not sure how they will use the cash.

I think Ibersol has a lot more self-operated restaurants which have/will face big cost pressures - hopefully the cash won't be burned in the kitchen. Considering to open a small position though!

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Dan S's avatar

Great write up and v interesting situation.

Any insight into ongoing CAPEX requirement? I can’t tell if the ~31m EUR CAPEX in 9m to Sep 22 includes the discontinued Burger King sites or not.

Very cheap on EV/EBIT but potentially not on EV/EBITDA - CAPEX if the above CAPEX numbers are reflective of ongoing CAPEX need.

Ideally what I’m trying to estimate is maintenance CAPEX, to give me a "steady state" EBITDA - CAPEX - tax yield %

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