Restaurant Brands International (QSR)

• Market cap: $21.6B
• 1 day: 1.91%
• 5 days: -2.20%
• 1 month: -3.80%
• 3 months: -4.99%
• 6 months: -3.09%
• Year to date: -13.13%
• 1 year: -10.66%
• 5 years: 2.94%
• 10 years: 68.27%
• 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)

215% more call options, than puts

Call options by funds: $326M | Put options by funds: $103M

26% more first-time investments, than exits

New positions opened: 68 | Existing positions closed: 54

3% more funds holding

Funds holding: 440 [Q2] → 454 (+14) [Q3]

0% more capital invested

Capital invested by funds: $19.1B [Q2] → $19.2B (+$24.7M) [Q3]

9% less repeat investments, than reductions

Existing positions increased: 146 | Existing positions reduced: 161

2.0% less ownership

Funds ownership: 85.76% [Q2] → 83.76% (-2.0%) [Q3]

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: $72 8% upside
• Avg. target: $82 23% upside
• High target: $90 35% upside

9 analyst ratings

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

Stifel Chris O'Cull 68% 1-year accuracy 26 / 38 met price target	8% upside $72	Hold Maintained	14 Nov 2024
Argus Research John Staszak 68% 1-year accuracy 15 / 22 met price target	20% upside $80	Buy Maintained	7 Nov 2024
TD Cowen Andrew Charles 47% 1-year accuracy 56 / 120 met price target	20% upside $80	Buy Maintained	6 Nov 2024
CIBC John Zamparo 0% 1-year accuracy 0 / 3 met price target	29% upside $86	Outperformer Maintained	6 Nov 2024
Evercore ISI Group David Palmer 71% 1-year accuracy 20 / 28 met price target	35% upside $90	Outperform Maintained	6 Nov 2024