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QSR - Krispy Kreme: Dough-Not Buy This Overpriced IPO
Restaurant Brands International Inc.
Krispy Kreme’s expected valuation of $3.6 billion is overpriced and leaves little upside for investors.
We think the stock is worth no more than $1.6 billion, which is slightly higher than the $1.35 billion JAB Holdings paid to take Krispy Kreme private in 2016.
A $3.6 billion valuation implies Krispy Kreme will reverse its profit nosedive and grow profits by nearly 700%.