half year results, page-9

Results a bit underwhelming.

Remember that the franchise runs out in 19 years. This is not an ad infinitum business.

Let's be generous and say $20m per annum cashflow. Let's also assume that the growth rate roughly equals the discount rate of 10%. The cashflow is worth roughly $180m over the life of the franchise, assuming everything holds steady.

Market cap is now $120m, debt is $100m, total EV is $220m which is more than cashflow stream of $180m. I suppose you need to value the probability of Yum extending the franchise after 19 years.

Looks very marginal to me.