The Globe and Mail reports in its Monday edition that shares of MTY Food have been grinding lower for years, and this week investors will get to assess if catalysts for the stock remain elusive when it reports results on Friday. Guest columnist Amber Kanwar writes MTY is known as a food-court purveyor of such brands as Manchu Wok and Mr. Sub, but it has diversified and has many free-standing restaurants. It is also known for its growth-by-acquisition business model -- except recently it has not been growing or acquiring. Its last deal was in 2022 for Wetzel's Pretzels. While sales of that brand are strong, other brands have not fared as well and same-store sales have struggled for five consecutive quarters. Still, it is worth pointing out that MTY is a cash-flow machine reliably spitting out more than $100-million a year. Scotia's John Zamparo wondered out loud, in a June note to clients, if this makes MTY an attractive takeout candidate. "MTY's valuation is overly punitive," he wrote, noting that MTY owns 90 brands but only three are interesting to investors (Wetzel's, Cold Stone, SweetFrog). "Strategic buyers typically want simpler businesses, which leads to private equity as the likeliest acquirer," Mr. Zamparo said.