Guzman Y Gomez

Hi Paul,

A very topical question, overall, we believe its fully valued with plenty of successful expansion already built into its listing price. We have not participated in the IPO given the valuation; however, we think it’s a great business, they’ve upsized the offer due to strong demand, and we hope it’s successful. We need more quality growth companies on the ASX like GMG.

We own Chipotle (CMG US) in the US, which is very similar but on a bigger scale, and they’ve always looked expensive, but year in year out they continue to grow. We wouldn’t be surprised to see it open up at a healthy premium vs the $22 issue price, but it’s hard to know. It lists this coming week.