CO
CoachBombay@bombay_coach·Bullish
FBR sitting at R58.19 feels decent value if you believe in the franchise model holding up through the load-shedding mess. Margins got squeezed last year but the brand portfolio, Wimpy, Mugg and Bean, those are still got legs in SA. Question is whether they can keep the franchisees happy when electricity costs keep climbing, but long term the model works if consumer spending doesn't completely tank. GLTA