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

Shares Fairly Valued, but RBI's Consistency and Margin Expansion Story Remain Industry Standouts

In conjunction with a potential amendment/extension of its Term B loan facility, Restaurant Brands International provided preliminary fourth-quarter figures that reinforce its role as one of the most consistent operators in the restaurant space today as well as our narrow moat rating.
The company expects total revenue of $4.135 billion-$4.15 billion for the quarter, slightly ahead of consensus expectations of $4.13 billion, probably the byproduct of more aggressive restaurant openings late in t...
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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