$BROS gets 35% of the economic interests of the underlying coffee business. Quite surprise, they get a 65% non-controlling interests. With 250 M quarterly sales of coffee, BROS shares holder actually get ~87 M quarterly sales with 3% net margin and 35% y-y growth. 270 M debt over 230 M stockholder equity, only 23 M cash in hand. The price is $5 B.
$瑞幸粉单(LKNCY)$ shares holder get 890 M quarterly sales with 16% net margin and 80% y-y growth. Zero Debt. The price is $9 B.