Description
Restaurant Brands International Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus. However, it surpassed Wall Street’s earnings expectations, showcasing a 7% growth in comparable sales and a 4.2% increase in net restaurant count. This contributed to a substantial 10.9% YoY growth in system-wide sales and a 9.3% growth in organic adjusted EBITDA. Notable performance highlights include an 8.1% growth at Tim Hortons Canada, 7.6% at Burger King International, and 6.6% at Burger King U.S. Looking ahead to 2023, RBI anticipates a net restaurant growth of approximately 4%, with a strategic focus on smaller format express units at Tims China, aimed at enhancing brand awareness and penetration. Projections for 2024 are optimistic, with a targeted 5% plus net restaurant growth, driven by stabilizing Burger King U.S., expanding Burger King China and Firehouse US, and accelerating performance in Tims, Popeyes, and Firehouse International. Tim Hortons Canada reported a commendable 8.1% comparable sales increase, propelled by core breakfast and baked goods, innovative products like Smoky Honey bacon breakfast sandwiches and Dream cookies, and a strategic focus on capturing a significant share of the PM daypart. Firehouse Subs achieved a 3.9% growth in the home market comparable sales and a 6.6% increase in system-wide sales.
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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