RBI's Inaugural Investor Day Reinforces Its Longer-Term Unit Growth and Comp Potential
Restaurant Brands International's first-ever investor day on May 15 served two purposes: (1) offering an opportunity to refine the longer-term assumptions behind our discounted cash flow model and (2) getting to know new CEO Jose Cil. While future comps, operating profit growth, and return on invested capital targets would have been welcome, we believe RBI's longer-term unit target of "more than 40,000 restaurants globally over the next 8-10 years" combined with color regarding average unit volu...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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