Viking,
Yes, basically, everything you're saying is what was presented.
Personally, I view the restaurants as a bonus; at least in those kind of numbers. they also represent an enormous investment, so in my view should be opened in a temperate way. If there's a way to fund company owned restaurants using franchise fees after the first 5, would be great.
But the main take away is that SJAP would book wholesale and distribution and retail prices for all cattle sold through to restaurant customers, however many there might be.
For now, I'd wait on including restaurant revenue, until new restaurants are established. The 15,000 head of cattle was indeed the figure mentioned, though it really depends on the local farmers and the government delivering the cows to SJAP and to the abattoir, which will clearly add value.
I'll stick with $50M for WSPS, but hopefully revise upward as results come in.
Privately, I'm hoping they open a second WSPS later in 2013, if and when they reach capacity sales, as this seems like one of their better ROIs. Again, they have to measure where they spend money.
