Packer16 Posted August 23, 2009 Share Posted August 23, 2009 I am trying to figure out the relationship between RE value, co-owned store and franchisee values for restaurants. In looking at the space it appears that franchised restaurants are worth about $200k per location. As for co-owned stores, there are two aspects of value :1) the real estate and 2) the restaurants operations. Has anyone seen any data on value per real estate owned or just co-owned stores? I guess sale leasebacks for the real-estate or co-owned transactions for co-owned stores. Longleaf has valued WEN @ >$16 per share. I am having a hard time getting that with just the CFs so maybe they use this type of build-up method. Any assistance would be appreciated. TIA. Packer Link to comment Share on other sites More sharing options...
kcipper1 Posted August 23, 2009 Share Posted August 23, 2009 Packer, I am attaching presentation slides put together by Pershing Square in 2008 that shows their sum-of-the-parts valuation of WEN. Hope this helps. Link to comment Share on other sites More sharing options...
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