Lets jump across the ditch for a while to look at the impending IPO of Collins Foods, the franchisee of YUM! Brands Inc [YUM]that operates the 119 store KFC chain in Queensland and the 85 unit Sizzler business.
The best way to compare the merits or otherwise of this IPO is to make a comparison with the NZ franchisee of KFC, Pizza Hut and Starbucks in New Zealand, Restaurant Brands Ltd [RBD.NZX].
The latest figures that we have for Collins Foods is in their prospectus and for Restaurant Brands their 2011 Annual Report, although we will look at the 1998 Annual Report for RBD to get a comparison between the two companies at the time of their respective IPOs.
Not all figures and ratios are available for Collins Foods.
Restaurant Brands - Compiled from 1998 & 2011 Annual Reports
|NTA per share||37.4|
* Figures in NZ dollars
Collins Foods - Compiled from 2011 Prospectus
|Net Debt - Proforma||123.7|
|Net Debt - Audited||228|
|NTA per share|
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Discuss RBD @ Share Investor Forum
Download RBD company reports
From Fishpond.co.nz - Every Bastard Says No: The 42 Below Story
c Share Investor 2011