Restaurant Brands Stumbles Out of the Gate in 2019, but Long-Term Comp Growth Building Blocks Remain
Two items stood out to us from narrow-moat Restaurant Brands' first-quarter update: (1) the slowdown in Tim Hortons' comps after a strong finish to last year; and (2) weaker-than-expected unit growth and comps for Burger King U.S. While specific items were behind the uneven results and we still maintain a positive long-term bias, the update underscores the competitive backdrop facing restaurants in 2019.Tim Hortons' concerns are garnering the most headlines, including a 0.4% decline in Canada....
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.
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.
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