Despite Top-Line Softness, RBI Still Has a Compelling Long-Term Growth Story in Tim Hortons
With narrow-moat Restaurant Brands International pre-announcing key metrics last week, its full fourth-quarter update was a chance to take a qualitative look at the numbers and revisit our longer-term assumptions.While a more promotional environment in the U.S. and Canada was likely the impetus behind Tim Hortons' posting 0.2% comps (its fourth straight quarter of two-year stacked comp deceleration), we also believe management's explanation of unfavorable weather, western Canada weakness, and a...
Restaurant Brands International is a holding company. Through its subsidiaries, Co. is engaged as a quick service restaurant (QSR) company with over 20,000 restaurants in approximately 100 countries and U.S. territories as of Dec 31 2016. Co.'s Tim Hortons® and Burger King® brands have similar franchise business models with complementary daypart mixes. Tim Hortons restaurants are QSRs with a menu that includes coffee, tea, espresso-based hot and cold drinks, baked goods, including donuts, Timbits®, bagels, sandwiches, soups and more. Burger King restaurants are QSRs that feature flame-grilled hamburgers, chicken and other sandwiches, french fries, soft drinks and other food items.
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