Guzman y Gomez is worth $7 a share less than the price it intends to list on the ASX, according to Morningstar, which has joined some Australian fund managers in suggesting the fast-food chain’s growth plans may be unrealistic.

In the broker’s first note to clients on the company, which is expected to list in a $2.2 billion float on June 20, director of equity research Johannes Faul said Guzman y Gomez had been on a “growth tear” recently, but added that there was “some uncertainty around the company’s long-term ambitions”.