It was our pleasure.
Yes, you could use all of them to see from multiple perspectives. For earnings approach, remove the fair value gain during the valuation since it is one time. For cashflow approach, I usually take the ops cashflow before working capital. F&B usually collect cash upfront and return the proceed to their suppliers few months later. So I wouldn’t want to inflate my ops cashflow (some portion is belongs to suppliers). After that, I deduct the cashflow with income tax and any interest expenses. Just be sure to compare them against its industry peers too. Surprisingly, you could even use their FCF for growing company like Future Bright.
Yesterday I visited one of the most visited tourist spots, Singapore Zoo. Guess what. I had a lot of fun! Not that I was excited about seeing the monkeys, tigers or elephants, but the fun comes from watching my gf’s cousin who was enjoying herself fully. So for the convenience, we settled our lunch over there. Then, I started to understand why Future Bright is so successful today and possess an effective cost structure. To cut the long story short, most tourists wouldn’t mind paying two to three times more for their food costs. The amazing thing about this coy is operated in a tourist spot destination. They recoup back their investment within a short period of time, a rate of return at a speed faster than traditional restaurants that serve the locals.
Ask questions as if you’re the owner of the restaurant. For instance, check out the crowds in the restaurants, dine-in as a customer and talk to their employees about their working culture, etc.
Have a fruitful trip trip in Macau :)