Restaurant Brands International (QSR)

• Market cap: $23B
• Sector: Consumer Discretionary
• Industry: Eating Places

About: Restaurant Brands International is one of the largest restaurant companies in the world, with approximately $43 billion in 2023 systemwide sales across a footprint that spanned more than 31,000 restaurants and more than 100 countries. The firm generates revenue primarily from retail sales at its company-owned restaurants, royalty fees and lease income from franchised stores, and from its Tim Hortons supply chain operations. Formed in 2014 after 3G Capital's acquisition of Tim Hortons International, the RBI portfolio is split among Burger King (7,144 units), Tim Hortons (4,525 units), Popeyes Louisiana Kitchen (3,394 units), Firehouse Subs (1,265 units), and international franchise units of those banners (14,742) as of year-end 2023.

Employees: 9,000

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

34% more call options, than puts

Call options by funds: $141M | Put options by funds: $105M

17% more funds holding in top 10

Funds holding in top 10: 12 [Q1] → 14 (+2) [Q2]

3.66% more ownership

Funds ownership: 81.6% [Q1] → 85.27% (+3.66%) [Q2]

3% less funds holding

Funds holding: 454 [Q1] → 439 (-15) [Q2]

6% less capital invested

Capital invested by funds: $20.3B [Q1] → $19.1B (-$1.29B) [Q2]

17% less repeat investments, than reductions

Existing positions increased: 140 | Existing positions reduced: 169

23% less first-time investments, than exits

New positions opened: 49 | Existing positions closed: 64

Research analyst outlook

10 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $74 4% upside
• Avg. target: $83 17% upside
• High target: $95 34% upside

10 analyst ratings

• positive: 8 80%
• neutral: 2 20%
• negative: 0 0%

JP Morgan John Ivankoe 58% 1-year accuracy 19 / 33 met price target	18% upside $84	Overweight Maintained	16 Sept 2024
TD Cowen Andrew Charles 60% 1-year accuracy 59 / 99 met price target	15% upside $82	Buy Reiterated	12 Sept 2024
RBC Capital Christopher Carril 75% 1-year accuracy 12 / 16 met price target	34% upside $95	Outperform Maintained	12 Sept 2024
Guggenheim Gregory Francfort 75% 1-year accuracy 6 / 8 met price target	4% upside $74	Neutral Maintained	9 Sept 2024
Truist Securities Jake Bartlett 70% 1-year accuracy 39 / 56 met price target	21% upside $86	Buy Maintained	19 Aug 2024