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A lot of their locations are franchised ... ie: not on KKD books.Depends on where the 2.6 multiple comes from and the "model" for them in terms of locations.Also, possible that their company locations are rented (not owned)??In other words, KKD just might not have the physical assets that the peers you infer about have.Lastly, maybe their locations (if owned) have been there so long that they have already been depreciated. Doubt this is a biggie though in terms of your question.Just a thought.
Makes sense but also makes it hard to really judge the value of a company compared to it's peers. I would think that the book value would be the base and then the expected future growth would determine the premium over book value.