Restaurant Brands International Inc.


SKU: QSR Category:


Restaurant Brands International has delivered a mixed set of results in the quarter with revenues well above analyst expectations. However, the company missed out on meeting earnings expectations as the profitability was lower for Tim Hortons, Burger King, and Popeyes in the domestic market. During the quarter, Tim Hortons added nearly 200 net new units and reached the 1700 store threshold outside of Canada, including China, which passed the 600-store threshold. Tim Hortons continues to be one of the restaurant formats in the country that customers appreciate the most, with an estimated CAD 220,000 of average 4-wall EBITDA. The company further started 2023 with Royal roundtables, bringing together more than 8,000 Burger King store general managers in more than 40 locations across the nation. Also, their continued efforts to enhance their digital capabilities contributed to a 36% increase in sales during the fourth quarter compared to last year, accounting for around 11% of system-wide sales. We give Restaurant Brands International a ‘Hold’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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