The findings surfaced throughout this Plan are consolidated here so a decision-maker can see them in one place. None is disqualifying; together they define the terms on which this opportunity is fundable.
|
# |
Finding |
Recommendation |
|---|---|---|
|
1 |
R50m funds only ~51% of the true R97m Phase-1 need; the brief omits the commissary |
Raise Phase 1 as R50m equity + ~R43m debt; commit the full stack at close |
|
2 |
The full 50-store vision is a ~R220m programme (~R130m equity + ~R90m debt) |
Frame R50m as Tranche 1; commit Series B follow-on, gated on Phase-1 KPIs |
|
3 |
Net margin reaches only ~2.8% by FY2030, not the sponsor’s 12–15% |
Underwrite on ~14% EBITDA margin; treat higher net margin as post-horizon |
|
4 |
DSCR is <1.0× in the ramp (FY2026–27) |
Structure an 18–24m grace period and a funded DSRA; ramp-set covenants |
|
5 |
Revenue ramps slower than the headline (FY2026 R75m vs R120m) |
Plan and fund to the normalised trajectory, not the sponsor headline |
|
6 |
Poultry is ~20% of revenue; a 15% shock cuts ~R14m of EBITDA |
Dual-source; volume contracts; board-level procurement/hedging mandate |
|
7 |
Company-owned scaling is capital-intensive (~R284m capex) |
Pivot Phase 2 to franchise-led growth to compress equity and lift returns |
|
8 |
Returns are attractive but exit-multiple-dependent |
Underwrite the 6–7× downside; protect the multiple via capital-light growth |
The through-line is consistent: this is a fundable challenger in a large, attractive category, provided it is capitalised for what it actually is — a ~R220m, multi-tranche, capital-intensive rollout with a clear franchise-led path to de-risk — rather than for the R50m, ten-store proposition the brief presents on its face. A financier who structures for the findings above is underwriting a real business; one who takes the headline at face value is underwriting a funding gap.