I owned Burger King several years back until it was taken private. It had a p/e of about 12 when I bought it and limited debt. Now it is loaded with debt and the forward p/e is 50% premium over mcd forward p/e. private equity keeps playing this ipo scam. Buy undervalued company, sap all the cash, and borrow more and sap the cash from money borrowed...then tap the ipo market with a overvalued hyped up offering.