Investment Conclusion
We are bearish on shares of Papa John's International (PZZA). Our Sell Thesis on the company is based on our conviction, that longer term, the turnaround effort currently being undertaken will be unsuccessful. We believe that the PZZA's attempts to first reset the business to 2017 levels and then drive additional growth will fail because the firm's fundamentals from a macro and micro perspective are weak. On a macro level, they don't have enough brand recognition in foreign markets to grow significantly, and pizza growth in domestic markets is weak. On