Wendy's: A Deep Value Turnaround

Part I: Business Overview Wendy's is the third largest fast-food burger chain in the world with 7,251 locations globally at the end of Q1 2026. They operate primarily on a franchise model, with about ~400 company owned restaurants and ~6,850 franchises. Overall, the business is in okay shape. While all profitability metrics fell in 2025 and are expected to again in 2026, they're still producing significant amounts of free cash flow, and revenue actually grew 3.3% in Q1. Same store sales fell slightly by ~3-