how did you come to the conclusion that Qdoba's franchise is already factored into the price of JACK.....????
Or did you just make that up, having absolutely no idea how to approach a topic as detailed as this.
CMG has a little less that 3xs the number of stores and trades with a 50 (current) and 33 (forward) multiple. I haven't looked at the filings and dug up EBITDA or net income for the Qdoba unit, but I suspect Qdoba has as much potential for unit growth and could garner at least a 25 (forward) multiple. It may not solve JACKs core franchise problems, but it would surely create value beyond the current price.