Yum! Brands (‘YUM’) develops, operates, franchises and licenses a worldwide system of nearly 43,000 restaurants under the brands of KFC, Pizza Hut and Taco Bell – each respectively a global leader in chicken, pizza and Mexican-style food categories. Units are operated by either the company or independent franchisees or licensees under franchise or license agreements. Franchisees, which range in size from individuals owning just one restaurant to large publicly traded companies, operate the restaurants, invest the capital and pay YUM a royalty based on sales. As measured by system sales, YUM is second to McDonald’s globally, but the leader in emerging markets by a sizeable margin. View the full article for Hamish Douglass’ thoughts on Yum Brands.