Food chains are businesses that involve investments in a brand that can be franchise or standalone, real estate that can be owned or rented, commercial point, specific assets that are mandatory for operations (going concern) and infrastructure.

The location, region of coverage, marketing actions, service, seasonality and other relevant factors define the success of operations and the return on investment.

The risk of these operations is defined by all these factors and the market.

The economic valuation of restaurants can be very different from equity valuations.

Mynarski, special valuations.