PizzaExpress - comment

All is great. The bonds are worth par, and we should refi. Rumours are out that Apollo are bidding for Papa John’s at 13.7x EBITDA. Surely, we don’t have to make adjustments for a geographically confined yet dominant pizza chain in ‘booming' UK. Anyhow, the valuation gap isn’t nearly as thin as the pizza, so there would even be room to make those adjustments. It doesn’t improve PizzaExpress’ macro environment, but it’s a supportive data point nonetheless.