The franchise-landlord model converts systemwide sales into high free-cash-flow conversion, funding both a prioritized dividend and consistent buybacks without incremental leverage. This disciplined capital return framework compounds per-share value even when unit or comparable-sales growth is modest.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s