Looks like an interesting business.
India at 450 stores, going to 700 by FY27.
Assuming it’s done evenly= 18.8% growth coming from store addition.
Moreover, majority of the stores are laid out and hence they should start maturing which will lead to good SSSG growth. Taking 6-8% of SSSG, the India business will grow at 25-26% with interest costs and description increasing around 20%( SSSG allowing operating leverage) and SG&A expenses increasing moderately.
India business looks very promising, could surely achieve profitability in near time.
Indonesia business a bit worry, BK Indonesia won’t add any cafes and will consolidate the business, which is really good in the long term and is an example of strong capital allocation, however the headwinds are a worry. Don’t know how long will they stay
Popeyes too a bit disappointed. from ADS to 50 million to 40 to 23. Expected it to be a big growth drive with 2x ADS of BK but doesn’t seem like it.
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