Restaurant Brands International (QSR)

• Market cap: $19.6B
• 1 day: 0.02%
• 5 days: -0.44%
• 1 month: -10.37%
• 3 months: -14.90%
• 6 months: -19.28%
• Year to date: -7.75%
• 1 year: -20.22%
• 5 years: -5.69%
• 10 years: 57.99%
• 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 Q3 regulatory filings by fund managers ($100M+ AUM)

213% more call options, than puts

Call options by funds: $326M | Put options by funds: $104M

47% more first-time investments, than exits

New positions opened: 69 | Existing positions closed: 47

3% more funds holding

Funds holding: 440 [Q2] → 455 (+15) [Q3]

2% more capital invested

Capital invested by funds: $19.2B [Q2] → $19.6B (+$320M) [Q3]

0.72% less ownership

Funds ownership: 86.23% [Q2] → 85.51% (-0.72%) [Q3]

8% less repeat investments, than reductions

Existing positions increased: 147 | Existing positions reduced: 160

14% less funds holding in top 10

Funds holding in top 10: 14 [Q2] → 12 (-2) [Q3]

Research analyst outlook

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

• Low target: $68 12% upside
• Avg. target: $81 33% upside
• High target: $90 49% upside

9 analyst ratings

• positive: 7 78%
• neutral: 1 11%
• negative: 1 11%

Stifel Chris O'Cull 62% 1-year accuracy 21 / 34 met price target	12% upside $68	Hold Maintained	10 Jan 2025
Oppenheimer Brian Bittner 32% 1-year accuracy 12 / 38 met price target	27% upside $77	Outperform Maintained	7 Jan 2025
Argus Research John Staszak 58% 1-year accuracy 18 / 31 met price target	32% upside $80	Buy Maintained	7 Nov 2024
TD Cowen Andrew Charles 44% 1-year accuracy 53 / 120 met price target	32% upside $80	Buy Maintained	6 Nov 2024
CIBC John Zamparo 0% 1-year accuracy 0 / 2 met price target	42% upside $86	Outperformer Maintained	6 Nov 2024