"A decline in earnings is understandable but I would come back to the fact this has a P/E of 2, I say again 2."
The last set of financial statements don't tell the whole story with the RFG businesses, and if you make your investment decisions based on them, you're flying partly blind.
If the franchisees are not doing well then the "earnings engine" of the company is being "hollowed out", and this won't show up immediately in the published accounts.
There's anecdotal evidence around that the brands and the franchisees are suffering, but we don't know how prevalent that is.
The missing bit of information with this company is how well the franchisees are doing on average, what the median and upper and lower quartiles are, and what the trend is.
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