For a start, the earnings metric in the prospectus ignores Guzman y Gomez’s lease liabilities – its second-largest cost after employee expenses. They were worth about $210 million at December 31 and would be expected to tick higher as more stores open. Omitting the leases allows the fast-food chain to beat the drum on its impressive growth trajectory, and book a multiple on a much fatter 2025 earnings figure. |