CKF's global portfolio is now very impressive. Their growth by...

CKF's global portfolio is now very impressive. Their growth by acquisition strategy has seen them rerated as a small player in a geographically limited franchise space to a major player across a good spread of global markets.

I think they've been quite clever in introducing a "new" brand (Sizzler - well, new to that market) in the "new" Asian market, where its most likely to succeed, and bought up an old brand in old markets (KFC in Germany and the Netherlands). I would have thought they might retire Sizzler in Australia - its a hackneyed brand here, but to my amazement they have managed to wring an improved EBITDA on a same store basis while closing down 6 sites.

This stock is undergoing a major re-rating. That re-rating will only see as debt is reduced or, alternatively, used for more acquisitions. As long as management can hold it together shareholders should enjoy a very positive future.