Viking Posted January 15 Posted January 15 (edited) Eurobank – EUROB.AT – Fairfax’s ‘Greek Freak’ - Part 1 Giannis Antetokounmpo is a global NBA superstar and two-time MVP (2018–2019, 2019–2020). Born in Greece, he is affectionately known as “the Greek Freak.” Fairfax has several star performers in its equity portfolio. But one holding stands above all others: Eurobank. Over the past five years, Eurobank has been Fairfax’s top-performing equity investment by a wide margin. It is now Fairfax’s largest equity holding and has been its “MVP” multiple times. Headquartered in Greece, Eurobank has earned its nickname: Fairfax’s Greek Freak. Today, Eurobank is Fairfax’s largest equity investment, with an estimated market value of approximately $5.25 billion. Fairfax owns roughly 32.4% of the bank. A Transformational Investment Fairfax’s investment in Eurobank began in December 2014—at the depth of the Greek depression. The early years were very painful. But patience has been spectacularly rewarded. Total Return Since Inception Eurobank has delivered Fairfax a total return of approximately $4.6 billion, making it Fairfax’s best equity investment ever (measured by total return). Cost basis: ~$1.19 billion (As disclosed in Fairfax’s 2019 Annual Report – including $444 million effectively lost in the initial 2014 investment) Components of total return: Increase in market value Market value (Jan 14, 2026): $5.25B Increase vs. cost: ~$4.05B Dividends received 2024: $126M 2025: $207M Mandatory share sale (Jan 2025) Proceeds: $191M Importantly, virtually all of the $4.6 billion return occurred over the past 5 years. From 2014–2020, Eurobank was a poor investment. From 2021–2025, it has been extraordinary. Why the Turnaround Happened Four factors drove Eurobank’s resurgence: 1. Exceptional Management (Most Important) Eurobank’s leadership—under CEO Fokion Karavias—has executed at an elite level over the past 8 years. Their most recent masterstroke: acquiring Hellenic Bank at just 4x earnings (a textbook example of disciplined, patient capital allocation). 2. Greek Economic Recovery Greece exited a decade-long depression. Two consecutive elections delivered a pro-business government (rare for Greece). Tourism is booming. Real estate is surging. Animal spirits have returned. 3. Higher Interest Rates The disastrous era of global zero-interest rates ended. Net interest margins expanded dramatically—supercharging bank profitability. 4. A Patient Controlling Shareholder (Fairfax) Eurobank was given time to work through their issues. This also allowed them to think strategically and manage the business for the long-term. Comments from Prem about Eurobank from Fairfax’s 2024AR. Eurobank and its superb management team led by Fokion Karavias, had another fantastic year in 2024. Against a backdrop of declining interest rates in Europe, Eurobank grew EPS by 26% and tangible book value per share by 16% (adjusted for the 2024 dividend). Importantly, risk metrics continue to improve – non-performing loans reduced further from 3.5% to 2.9% (with increased provisions). Core Tier 1 capital remains at very healthy levels. This allowed the bank to accelerate the reduction of deferred tax credits – acquired during the Greek crisis – thus increasing the quality of its capital base. Having started to acquire shares in the number two bank in Cyprus – Hellenic Bank – in 2021, Eurobank finalized an agreement in November to take their shareholding to over 93%. Once completed, management will have acquired the company at a valuation of 4x earnings. A terrific demonstration of patience and value investing! Not only did this give Eurobank a strong presence in Cyprus, but it is likely to see 2025 become the first year that profits from international operations exceed those in Greece. Due to the strong underlying value creation, and despite a 39% increase in the share price in 2024, Eurobank remains attractively valued at 1x tangible book value and 6x earnings. After paying its first dividend since 2008 last year, the payout ratio will ramp up to 50% and equates to a 7%+ yield on the current share price. Interestingly, this equates to an 18% yield on Fairfax’s net cost – patience and value investing at the Fairfax level! Prem Watsa – Fairfax 2024AR Part 2 follows in the next post (continue reading). Edited January 15 by Viking
Viking Posted January 15 Posted January 15 Eurobank – EUROB.AT – Fairfax’s ‘Greek Freak’ - Part 2 Eurobank – Excess of FV over CV – Fairfax’s Hidden Earnings Engine One of the most misunderstood—and increasingly important—sources of value creation at Fairfax is what I call “hidden earnings.” These are not theoretical or speculative. This is economic value that already exists—value that Fairfax has already created for shareholders. The problem? Accounting conventions do not allow it to be recognized—yet. If this were immaterial, it would not matter. But it is not immaterial. It is large. And it is growing rapidly. The best example is Eurobank. Eurobank: The Poster Child for Hidden Value As of today: Market value: $5.2 billion (Jan 14, 2026) Carrying value: $2.7 billion (Sept 30, 2025) Excess of fair value over carrying value: ~$2.6 billion (this is overstated a little, as CV has increased) ~$112 per diluted Fairfax share That gap widened dramatically over the past year alone: Increase in last 12 months: ~$1 billion This is real economic value that has been created. It simply does not appear in Fairfax’s reported earnings or book value. How Did This Happen? Eurobank became an associate holding on December 19, 2019—the day Greek regulators removed restrictions on Fairfax’s voting rights. Critically: The share price was severely depressed at that time That locked in a very low carrying value for Fairfax Everything that followed—operational improvements, earnings growth, multiple expansion—accrued to economic value, not accounting value In other words, the starting point was artificially low. The value creation since then has been extraordinary. Why Accounting Masks the Value Because Eurobank is classified as an associate, it must be equity accounted. That means: Income Statement Fairfax reports its share of Eurobank’s earnings Change in the share price doesn’t matter: no mark-to-market gains are recorded Balance Sheet Carrying value increases only by: Fairfax’s share of Eurobanks earnings Less dividends received from Eurobank (substantial the past 2 years) Market price is irrelevant under current accounting So even though Eurobank’s share price has soared, Fairfax’s carrying value barely moves. This creates a growing disconnect between: What Fairfax owns (economic reality) What accounting reports (book value) How Will This Be Resolved? The accounting distortion disappears the moment Fairfax sells (ownership drops below 20%). At that time, the position becomes mark to market. That would trigger: ~$2.6 billion pre-tax investment gain ~$112 per diluted Fairfax share In one stroke. Will Fairfax Sell? Probably not anytime soon. Eurobank: Is well managed Has strong fundamentals Has solid long-term prospects Remains cheap, even after a massive five-year run Fairfax has no reason to rush. If anything, the most likely outcome is: the excess of fair value over carrying value continues to grow. Which means: More hidden value More future “surprise” earnings More economic value creation not yet recognized Why This Matters Eurobank is the biggest (and best) example of how Fairfax’s reported earnings materially understate true economic performance. This is not aggressive accounting. This is conservative accounting. But investors who only look at: GAAP earnings Book value Reported ROE Miss a large and growing pool of value. Hidden earnings are real. They are measurable. And eventually, they will be recognized.
Haryana Posted January 16 Posted January 16 10 hours ago, Viking said: One of the most misunderstood—and increasingly important—sources of value creation at Fairfax is what I call “hidden earnings.” These are not theoretical or speculative. This is economic value that already exists—value that Fairfax has already created for shareholders. The problem? Accounting conventions do not allow it to be recognized—yet. If this were immaterial, it would not matter. But it is not immaterial. It is large. And it is growing rapidly. This accounting convention is a hidden benefit to Fairfax. No tax required to be paid on that increased mark to market. Tax deferral is extraordinary benefit to a good capital allocator.
TwoCitiesCapital Posted January 16 Posted January 16 33 minutes ago, Haryana said: This accounting convention is a hidden benefit to Fairfax. No tax required to be paid on that increased mark to market. Tax deferral is extraordinary benefit to a good capital allocator. I'm not 100% certain that is the point. Whether or not the gains are market to market or equity accounted doesn't change the taxes Fairfax pays. Like us - Fairfax will only pay taxes on Eurobank when sold or when dividends are received IIRC
Viking Posted January 16 Posted January 16 Commercial International Bank – Great bank. Tough country. (Egypt) 2025 was a fantastic year for Fairfax's equity holdings - the top 10 public holdings delivered a total return of ~47%. Amazing. The performance was broad based - 7 of 10 holdings each delivered a return of better than 30%. One of the holdings, CIB, had a very strong 2025, up 40%. And so far in 2026 it is up another 19%. The strong performance in 2025 has carried over to 2026. Let's review CIB in a little more detail. Commercial International Bank (CIB) is Egypt’s leading private-sector bank and one of the country’s most respected publicly traded companies. Fairfax first invested in CIB in August 2014, committing approximately $330 million. Today, Fairfax owns roughly 6.26% of the company. At current prices: Market value of Fairfax’s stake: ~$553 million Share of Fairfax’s equity portfolio: ~2% of ~$27 billion Recent Performance CIB’s performance over the past year has been exceptional: Market value (Dec 31, 2024): ~$331 million Market value (Jan 15, 2026): ~$553 million Increase: +$222 million (+67%) CIB also pays a dividend, though I have not quantified the cumulative payout over the years. However, this recent strength masks a long period of disappointment. From 2014 to 2024, CIB was a poor investment for Fairfax in USD terms. Returns were likely limited to dividends. Therefore, the opportunity cost of holding the position was substantial. So, What’s Problem? CIB itself is not the problem. It is: Well managed Operationally strong Consistently profitable The issue is location. Egypt—like much of Africa—is politically and economically unstable. Chronic currency depreciation has repeatedly wiped out the benefits of CIB’s strong operating performance for foreign investors. Local-currency success has failed to translate into meaningful USD returns. This is a classic case of a great business trapped in a difficult macro environment. Bottom Line It will be interesting to see how CIB performs moving forward – does business quality (finally) win over country risk? CIB Investor Relations Company web site: https://www.cibeg.com/en/investor-relations Q3-2025 Corporate Presentation: https://www.cibeg.com/-/media/project/downloads/investor-relations/ir-library/ir-and-esg-presentations/2025/3q25-ir-ppt.pdf Comments from Prem about Commercial International Bank from Fairfax’s 2024AR. “Commercial International Bank (CIB) led by Hishan Ezz Al-Arab had very strong results in 2024 with an ROE of 50%, net interest margin of 9.5%, earnings growth of 86% and loan-loss provision coverage ratio of 351%. There is significant hidden value in the build-up of provisions on the balance sheet which, if adjusted for, reduces the price-to-book ratio to 1.2x. Since 2014, the bank has continued to compound book value per share and EPS by nearly 20% per annum. The key driver of value to Fairfax and other foreign investors in CIB is the stability of the Egyptian pound and the development of new businesses within the bank. CIB is close to launching a new tech- enabled business line which caters to retail banking and lower-income markets. CIB’s shares are trading at very attractive levels at 4x earnings. The Egyptian government asset disposal program is well underway with $35 billion committed by the Abu Dhabi Investment Authority to develop the Egyptian North Coast. Many other infrastructure assets including the country’s largest airports will also be sold to address the country’s high sovereign debt. While there is much work to do, opportunity awaits given the relatively low asset prices and size of the market with over 100 million people. Since our purchase of CIB shares, they have increased 664%, compounding at 21% per year in local currency (including dividends). Unfortunately, due to depreciation in the Egyptian pound, our return in US dollars is just 7% or 1% per year.” Prem Watsa – Fairfax 2024AR
Hoodlum Posted January 16 Posted January 16 (edited) 14 minutes ago, value_hunter said: what a sell off today! Fairfax did do buybacks in December at $2475. So more buybacks could be coming. Edited January 16 by Hoodlum
value_hunter Posted January 16 Posted January 16 58 minutes ago, Hoodlum said: Fairfax did do buybacks in December at $2475. So more buybacks could be coming. Just curious. Is this triggered by algorithm trading. If this is real person, make no sense rushing out like panic sell?
Hoodlum Posted January 16 Posted January 16 6 minutes ago, value_hunter said: Just curious. Is this triggered by algorithm trading. If this is real person, make no sense rushing out like panic sell? no idea. Must be investors selling on a Friday afternoon for no reason.
Junior R Posted January 16 Posted January 16 13 minutes ago, value_hunter said: Just curious. Is this triggered by algorithm trading. If this is real person, make no sense rushing out like panic sell? Smae thing happened last q during quite periods...seems like shake out people see it tank sell ask questions later but I added
value_hunter Posted January 16 Posted January 16 1 minute ago, Junior R said: Smae thing happened last q during quite periods...seems like shake out people see it tank sell ask questions later but I added These seem not the regular retail sellers. I saw lots of 100 shares change hands each time. If the sellers are institutions, what's the motives?
Junior R Posted January 16 Posted January 16 Just now, value_hunter said: These seem not the regular retail sellers. I saw lots of 100 shares change hands each time. If the sellers are institutions, what's the motives? Same thing happend last q probably drive down price but this is an opportunity
value_hunter Posted January 16 Posted January 16 52 minutes ago, Junior R said: Same thing happend last q probably drive down price but this is an opportunity Chat with Geminie to see how AI explain this pattern: The consistent appearance of 100-share "board lots" in the tape, especially during the pre-earnings reversals you noted, strongly suggests institutional algorithmic activity rather than retail sentiment. Why 100-Share Lots Point to Institutions Standard Unit of Trading: On the Toronto Stock Exchange (TSX), 100 shares is the standard "board lot". Algorithms are programmed to execute in these standard units to ensure the best possible execution and to remain "invisible" within the normal flow of the market. "Iceberg" Orders: Institutions often have millions of dollars to move. To avoid moving the price too much against themselves, they use algorithms to slice a massive order into hundreds of smaller 100-share "slices". This is why you see the same size (100 shares) hitting the tape repeatedly—it is likely one large institution slowly unloading or accumulating a position. Retail Capital Constraints: Very few retail traders have the capital or the risk tolerance to place $250,000 into a single trade, especially on a stock that, as you've observed, frequently reverses by 4-5% in a single day. Motives for Driving the Price Down (Without Options) Since there are no options, the motive for driving the price down pre-earnings is likely inventory management and liquidity hunting: Stop-Loss Hunting: By aggressively selling 100-share blocks, institutions can trigger technical sell-signals or "stop-loss" orders from smaller players. When those stops hit, it creates a "cascade" of selling, allowing the institution to buy back the shares they just sold (plus more) at a significantly lower price. Inventory De-risking: Ahead of an earnings report (which carries binary risk), some institutions may be required by their internal risk models to trim their positions. The "reversal" you see is the market absorbing these large sell programs. Accumulation before a "Beat": If an institution expects a strong earnings beat, they may use a "shakedown" strategy—driving the price lower to clear out weak hands so they can build a larger position at a lower cost-basis before the actual news breaks. In summary, the 100-share lot size at this price point is almost a "fingerprint" of institutional algorithms managing large-scale capital flows. 1
Hamburg Investor Posted January 16 Posted January 16 (edited) 19 hours ago, Haryana said: This accounting convention is a hidden benefit to Fairfax. No tax required to be paid on that increased mark to market. Tax deferral is extraordinary benefit to a good capital allocator. 19 hours ago, TwoCitiesCapital said: I'm not 100% certain that is the point. Whether or not the gains are market to market or equity accounted doesn't change the taxes Fairfax pays. Like us - Fairfax will only pay taxes on Eurobank when sold or when dividends are received IIRC My understanding is, that taxes are to be paid normally only after selling. Buffett: "Berkshire has access to two low‑cost, non‑perilous sources of leverage … deferred taxes and 'float'… Deferred tax liabilities bear no interest … In effect, they give us the benefit of debt - but saddle us with none of its drawbacks.“ I don't think we've written much about this free, low-risk float here so far. Does anyone know how big it is at the moment? Is anyone tracking it here? My best guess is somewhere around $600mn (tax on a gain of $2.5bn "hidden value") Do hidden values drag FFHs MCT Ratio (and as a consequence, its credit rating and its lending rates)? Another question that keeps coming back to me, but to which I can't find a satisfactory answer (I'm not an accountant...): Don't hidden values have the disadvantage that they are not (yet) considered equity – and are therefore not included in the risk assessment? The MCT ratio indicates the ratio of capital available (i.e. equity) to minimum capital required. So if parts of the equity are not reported at all (but are "hidden"), isn't the ratio being kept artificially unattractive? That would then have negative consequences for the ratings by the rating agencies; higher ratios lead to better ratings and lower borrowing costs, if I understand correctly... Or do the rating agencies adjust the equity as part of the MCT ratio calculation? I haven't found anything any hint into such a direction. If the equity relevant to the MCT ratio were to increase after a sale, the rating agencies could otherwise upgrade Fairfax's credit rating again – or am I on the wrong track? Edited January 16 by Hamburg Investor
Hamburg Investor Posted January 16 Posted January 16 (edited) I have no idea, why the stock price came down. But it's good, if you like FFH repurchasing shares at an attractive price or if you want to buy it yourself. If you're short-term, than I understand you don't like it. But if you want to stick to this compounder for longer, why on earth should you be pleased if FFH has to pay more per repurchased share? Just some (not entirely serious ) guesses as to why the FFH share price may have fallen sharply today (Edited/added: Since someone just wrote to me and asked about the TSX60 forum: This is NOT meant seriously): - In another forum there's a TSX60 Subsection. They are examining Fairfax for the first time, being new to the index. When they looked at the investments, much of it seemed strange to them. A Greek Bank, a TRS. They were somewhat at a loss, what to do with it. But when they found out Blackberry being an investment, they ran to their desks and began shorting within a minute. - Maybe some of the institutional Fund buyers just wanted to show to their clients at the end/beginning of the new year, that they are well prepared for 2026; so they took the winners of last year into the window without checking to before. Now, as their clients are not looking at what the investors are doing with their cash under the year - and as they don't understand insurance ("boring") and FFH, and the more as it holds Blackberry, they decided to sell again. - Maybe a former investor came back to investing into FFH after (and as) it was put to the index and he read about it again and the many good moves of Prem. Than he rigged deeper and found the last $100+mn, that FFH still has in Blackberry. He became horrified and decided to sell immediately. Folks, I've said it a few times already and I stick to it: I think the BlackBerry investment is Fairfax's most brilliant move. It keeps the price nice and low, so that repurchases remain cheap. Edited January 16 by Hamburg Investor
Maverick47 Posted January 17 Posted January 17 3 hours ago, Hamburg Investor said: Folks, I've said it a few times already and I stick to it: I think the BlackBerry investment is Fairfax's most brilliant move. It keeps the price nice and low, so that repurchases remain cheap. +1
Hoodlum Posted January 17 Posted January 17 (edited) Recipe Unlinited is planning to open the first two Olive Garden locations in Ontario this summer https://www.newswire.ca/news-releases/recipe-restaurant-group-international-announces-next-phase-of-olive-garden-expansion-in-canada-822147646.html Edited January 17 by Hoodlum
dartmonkey Posted January 17 Posted January 17 16 hours ago, Hamburg Investor said: uffett: "Berkshire has access to two low‑cost, non‑perilous sources of leverage … deferred taxes and 'float'… Deferred tax liabilities bear no interest … In effect, they give us the benefit of debt - but saddle us with none of its drawbacks.“ I don't think we've written much about this free, low-risk float here so far. Does anyone know how big it is at the moment? Is anyone tracking it here? My best guess is somewhere around $600mn (tax on a gain of $2.5bn "hidden value") We have talked a lot about the unrecognized difference between carrying value and fair value, and that is likely at least $2.5b, and probably more, and about 20% of that represents future tax on unrealized capital gains. But Buffett is talking about the much larger unpaid taxes on ALL the capital gains on holdings, including those that are marked to market. In Fairfax’s case, this would include things like the Orla holding. In the 2024 AR (p.41), Fairfax puts this at $514m (deferred income tax liabilities), and I believe this does not include the deferred tax on gains beyond carrying value. So the total may be about a billion last year, and with the market gains this year, substantially more now, perhaps $1.5-2b.
73 Reds Posted January 17 Posted January 17 15 minutes ago, dartmonkey said: We have talked a lot about the unrecognized difference between carrying value and fair value, and that is likely at least $2.5b, and probably more, and about 20% of that represents future tax on unrealized capital gains. But Buffett is talking about the much larger unpaid taxes on ALL the capital gains on holdings, including those that are marked to market. In Fairfax’s case, this would include things like the Orla holding. In the 2024 AR (p.41), Fairfax puts this at $514m (deferred income tax liabilities), and I believe this does not include the deferred tax on gains beyond carrying value. So the total may be about a billion last year, and with the market gains this year, substantially more now, perhaps $1.5-2b. There is one drawback to deferred tax liabilities: You're stuck with the appreciated asset for better or for worse.
Phoenix01 Posted January 17 Posted January 17 53 minutes ago, dartmonkey said: We have talked a lot about the unrecognized difference between carrying value and fair value, and that is likely at least $2.5b, and probably more, and about 20% of that represents future tax on unrealized capital gains. But Buffett is talking about the much larger unpaid taxes on ALL the capital gains on holdings, including those that are marked to market. In Fairfax’s case, this would include things like the Orla holding. In the 2024 AR (p.41), Fairfax puts this at $514m (deferred income tax liabilities), and I believe this does not include the deferred tax on gains beyond carrying value. So the total may be about a billion last year, and with the market gains this year, substantially more now, perhaps $1.5-2b. Don't forget the reserve redundancies. This serves as layer of capital protection and defers profits by years.
Phoenix01 Posted January 17 Posted January 17 (edited) 18 hours ago, value_hunter said: Chat with Geminie to see how AI explain this pattern: The consistent appearance of 100-share "board lots" in the tape, especially during the pre-earnings reversals you noted, strongly suggests institutional algorithmic activity rather than retail sentiment. Why 100-Share Lots Point to Institutions Standard Unit of Trading: On the Toronto Stock Exchange (TSX), 100 shares is the standard "board lot". Algorithms are programmed to execute in these standard units to ensure the best possible execution and to remain "invisible" within the normal flow of the market. "Iceberg" Orders: Institutions often have millions of dollars to move. To avoid moving the price too much against themselves, they use algorithms to slice a massive order into hundreds of smaller 100-share "slices". This is why you see the same size (100 shares) hitting the tape repeatedly—it is likely one large institution slowly unloading or accumulating a position. Retail Capital Constraints: Very few retail traders have the capital or the risk tolerance to place $250,000 into a single trade, especially on a stock that, as you've observed, frequently reverses by 4-5% in a single day. Motives for Driving the Price Down (Without Options) Since there are no options, the motive for driving the price down pre-earnings is likely inventory management and liquidity hunting: Stop-Loss Hunting: By aggressively selling 100-share blocks, institutions can trigger technical sell-signals or "stop-loss" orders from smaller players. When those stops hit, it creates a "cascade" of selling, allowing the institution to buy back the shares they just sold (plus more) at a significantly lower price. Inventory De-risking: Ahead of an earnings report (which carries binary risk), some institutions may be required by their internal risk models to trim their positions. The "reversal" you see is the market absorbing these large sell programs. Accumulation before a "Beat": If an institution expects a strong earnings beat, they may use a "shakedown" strategy—driving the price lower to clear out weak hands so they can build a larger position at a lower cost-basis before the actual news breaks. In summary, the 100-share lot size at this price point is almost a "fingerprint" of institutional algorithms managing large-scale capital flows. Gemini adds: Fairfax Financial Holdings Limited (FFH) imposes a quarterly blackout period that begins 15 calendar days prior to the date on which the quarterly financial results are released and ends at the end of the first full trading day after public disclosure. FFH release Q4 on 2/12 so they will be blacked out starting on 1/28. They will only be limited by their limit: 11,371 shares There were 236k shares traded yesterday. Automatic Share Purchase Plans (ASPPs): Fairfax can, however, make purchases of its own shares under a pre-approved ASPP during a blackout period, provided the parameters were established before the blackout commenced. Edited January 17 by Phoenix01
Hektor Posted January 17 Posted January 17 1 hour ago, 73 Reds said: There is one drawback to deferred tax liabilities: You're stuck with the appreciated asset for better or for worse. Can’t they borrow against it (including the appreciated value)?
73 Reds Posted January 17 Posted January 17 58 minutes ago, Hektor said: Can’t they borrow against it (including the appreciated value)? Sure but they've got plenty of other assets to borrow against. Its one of many attractions of real estate as an investment asset - the potential for unlimited tax deferral without having to retain the same asset. I've always been surprised that as much as Buffett loves tax deferral he didn't invest more in real estate.
Maverick47 Posted January 17 Posted January 17 I think Buffett has occasionally found ways to take large unrealized and tax deferred gains in companies and managed to exit the positions through receiving assets of the companies rather than cash. So in that regard he manages a similar outcome as a 1031 exchange available to real estate investors. Take his long held position in Gillette, which was acquired by Proctor & Gamble. He exited P&G with Duracell instead of cash. With the Washington Post, he exited with their cross holdings in Berkshire stock and some TV stations.
hardcorevalue Posted January 18 Posted January 18 On 1/16/2026 at 10:11 PM, Hoodlum said: Recipe Unlinited is planning to open the first two Olive Garden locations in Ontario this summer https://www.newswire.ca/news-releases/recipe-restaurant-group-international-announces-next-phase-of-olive-garden-expansion-in-canada-822147646.html These will do well! There's a lot of social media presence for this brand that will have young canadians curious
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