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#	AUTHOR DATE SUBJECT
13	member 4/18/19 9:38AM Re: Re: Guess not one liked FRSH deal 12
I don't see how food costs impact the liability. MTY is a franchisor. 98.5% of stores are franchised. When they sell a gift card they get cash in the door and record the amount as liability.... login to read the rest view available tags
12	member 4/12/19 2:04PM Re: Guess not one liked FRSH deal 11
Counting the full gift card liabilities as debt seems overly punitive. In return for each $1.00 in gift card liability that is redeemed, MTY hands over maybe $0.20 worth of food, with little other increase in marginal... login to read the rest 1 view available tags
11	member 4/12/19 1:02PM Guess not one liked FRSH deal
Curious the rational paying 8.5x for a pizza chain that has 13 straight Qs of -ve comps, and whose store network is down ~9% in 2 yrs. Also, any notice that the company and brokers covering... login to read the rest 1 view available tags
10	member 3/21/19 5:29PM Re: Re: my two cents 9
thx for post! view available tags
9	member 3/21/19 4:07PM Re: my two cents 4
2.19.19 Call with MTY CEO, Eric Lefebvre If comps are flat/slightly negative and you took MSD price does this mean that traffic is down MSD? It’s really a brand by brand analysis. Some brands have material traffic... login to read the rest 4 view available tags
8	member 3/21/19 4:03PM Re: Recession proof, rents, expansion 3
1) Unit economics of owning franchise units is pretty compelling. They can get to 50% EBITDA margins if they can keep scaling corporate costs. 2) Nothing is truly recession resistent, but EPS will go down a... login to read the rest view available tags
7	member 3/21/19 3:58PM Re: Re: Closings 6
That is correct you should look at revenue per store which is going up massively. When they buy chains they will close down units and sometimes look to find bigger units where they can consolidate 2 view available tags
6	member 3/12/19 10:01AM Re: Closings 5
fwiw, company typically mentions volumes of stores that are closing - far lower than chain; so the math doesn't have to work (same open vs. closed) as noted view available tags
5	member 3/11/19 10:03PM Closings
In 2018, the system had 456 closings vs 5,469 locations at start of the year. Openings was 269. In 2017, the system had 454 closings vs 5,681 locations at start of the year. Openings was 260. If "churn" is 10% of... login to read the rest 1 view available tags
4	member 2/15/19 11:25AM my two cents
Thanks for the writeup - it’s very interesting. I’ve done some work on the company and have some slightly different conclusions. As far as I can tell MTY seems to specialize in buying troubled or... login to read the rest 7 view available tags
3	member 2/13/19 6:57AM Recession proof, rents, expansion
Thank you Supersny for the write-up. Have followed the Stanley Ma story for some time and it is great. Questions on the business. (1) Can you elaborate a bit on unit economics (for MTY as... login to read the rest view available tags

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			2019	2020
Price:	69.00	EPS	3.73	4.4
Shares Out. (in M):	25	P/E	18.5	15.7
Market Cap (in $M):	1,307	P/FCF	13.2	11.2
Net Debt (in $M):	172	EBIT	137	164
TEV (in $M):	1,480	TEV/EBIT	14.6	12.7

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