Report
R.J. Hottovy
EUR 101.80 For Business Accounts Only

RBI's global brand portfolio offers significant long-term unit growth and cash flow potential.

Narrow-moat Restaurant Brands International's third-quarter update had a familiar feel, with Burger King (comps up 3.6%, including 4.0% in the U.S.) keeping pace with McDonald's in the U.S. but Tim Hortons (comps up 0.3%, including 0.6% in Canada) and Popeyes (comps down 1.8%) pressured by aggressive industry discounting and other regional-specific issues. With Tim Hortons, comps were in line with our expectations of flat to nominally positive growth, with management highlighting espresso-based ...
Underlying
Restaurant Brands International Inc

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
R.J. Hottovy

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