Franchise Cash Machines: Dominant Restaurant Royalties

The market is mispricing global restaurant franchisors as tired growth stories when they are royalty streams on real estate and brand equity — simple, predictable, free-cash-flow machines with near-unbreakable franchisee moats. Post-correction multiples on names like QSR, YUM and DPZ sit well below what a durable 90%+ gross-margin royalty annuity deserves. An activist lens here is straightforward: push for refranchising, sale-leaseback monetization, and disciplined buybacks to unlock 2-3x value over 3-5 years. Launch basket (equal weight): QSR, YUM, CMG, SBUX, DPZ, MCD Rules: 1. No inverse, leveraged or volatility ETFs. 2. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.