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Bojangles’ (BOJA) Behind our favorite Chicken n Biscuits chain · A Southern fried chicken franchise with a loyal cult following · A look at its company-operated restaurants and its franchise counterparts o Its company-operated restaurants are more profitable, but they want to slow down store openings o Franchises are poorly managed and less profitable, but they want to speed up store openings · Real Estate (Built to suit) model is not as profitable as it could be · High FCF of about 7%, enough capital to expand operations · Good leverage position · Undervalued compared to its peers , a simplistic valuation model may be warranted to determine true value ...