Q: Since last your last report on AW.UN about a year ago, what has changed if anything in your view on this company? Debt still appears to be under control. Valuation I think is a bit better. What are your greatest concerns / company risks going forward? Same store sales?
5i Research Answer:
The main concerns are related to same store sales growth slowing, but still remains positive over the last year. The general economic environment in 2023 also impacted results and were a concern, but improvements in the future here should help. Number of restaurants in the royalty pool was also flat in the fourth quarter. Debt load is still very manageable and we are not too concered on that front.