Elevator Pitch
We believe that Papa John’s International, Inc. (PZZA) fits our turnaround framework with ~50% upside over the next 12 months driven by a highly qualified new management team with a clear plan to accelerate comparable store sales, drive improved unit economics and improve net restaurant growth. Furthermore, we believe PZZA has a reasonable chance of a take out over the next 2-3 years which could drive as much as 75-100% upside.
Rob Lynch (the new CEO hired in September 2019) was part of the highly successful Arby’s turnaround where he helped