One major reason for lower valuation is the Indonesia business, which was in all probability imposed on RBA (my understanding) by Burger King (the US entity) and it has been underperforming since the acquisition.
Another factor is the Zomato/ Swiggy/ other online aggregators which have been narrated to be faster growing as compared to the QSR brands. I am not so sure about this in the long run (more than 5 years timeframe- my hunch). But for now, it is eating into the valuations of these QSRs.
I am truly hoping that the business turns PAT positive in the next 2 years, coinciding with the target of 700 stores, which will then potentially result in a Hockey stick growth for a few quarters, especially on the bottom line front!
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