Gotta love it when analysts downgrade companies.

In my years of researching possible investments I've looked at coin laundries, car washes, various franchises and the one thing I noticed is this: you never see Tim Horton's stores for sale in the aftermarket.

The other thing I noticed during my week in London for the seminar was that it has been nearly 15 years since I left London to move here, and closer to 22 since I originally went there for college. Almost nothing was the same from my time there, everything has moved and changed, except every single Tim Hortons (and every single Wendy's) I remember is still there and still going.

In other words I think Tim Hortons has what we call "strong franchise value" and I already had it on my short list of companies to evaluate using the CAVIE methodology, so this downgrade may be very timely.