Franchise Brands Company Research (FRAN)

Yesterday’s annual Franchise Brands’ Capital Markets Day (CMD) was a great success and well attended. The Group has achieved record results in every year since flotation in 2016 and yesterday’s presentations highlighted the significant opportunities for further organic growth across the Group, generated by leveraging the Maximum Potential Model (MPM) and financial deleveraging. It was also clear that the new strategic initiative “One Franchise Brands” will be an important initiative to unlocking the operational gearing within the Group. We are happy to reiterate our 330p fair value.