Report
EUR 88.49
For Business Accounts Only
BKI’s no. of restaurants have increased by 2.3x over FY17-3M20, while its revenue has grown even faster at 66% CAGR over FY17-19. Although BKI hasn’t managed to break-even, however, it has narrowed its losses to just 0.8% over 3M20.
In my previous note, Burger King India Pre-IPO - Has been growing fast and plans to grow even faster, I covered the company’s background and looked into some of the issues that the company might face.
In this note, I’ll compare the company to its two main listed peers in India, Westlife Development and Jubilant Foodworks. Both these companies have shown strong growth over the past few years, although their operating metrics differ a lot.
BKI appears to lie in between the two on most measures, although its cost structure leaves much to be desired, as of now.
Burger King India Pre-IPO - Peer comparison yields interesting nuggets on profitability and capex
Burger King India (BKI) plans to raise around US$150m via a mix of selling primary and secondary shares in India. BKI is the national master franchisee of the Burger King brand in India. As of Oct 2019, it operated 224 restaurants, including 8 sub-franchised restaurants, across 47 cities in India.BKI’s no. of restaurants have increased by 2.3x over FY17-3M20, while its revenue has grown even faster at 66% CAGR over FY17-19. Although BKI hasn’t managed to break-even, however, it has narrowed its losses to just 0.8% over 3M20.
In my previous note, Burger King India Pre-IPO - Has been growing fast and plans to grow even faster, I covered the company’s background and looked into some of the issues that the company might face.
In this note, I’ll compare the company to its two main listed peers in India, Westlife Development and Jubilant Foodworks. Both these companies have shown strong growth over the past few years, although their operating metrics differ a lot.
BKI appears to lie in between the two on most measures, although its cost structure leaves much to be desired, as of now.
Underlying
BURGER KING HOLDINGS INC
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
Other Reports on these Companies
Other Reports from Aequitas Research
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.