Restaurant Brands International Inc

QSR: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 468.00	Dgwmsg	Sqlsfdgfr

Restaurant Brands International Earnings: Trimming Fair Value Estimate on Softer Near-Term Outlook

Sean Dunlop

Aug 8, 2024

Narrow-moat Restaurant Brands International has made solid progress under the direction of Chairman Patrick Doyle and CEO Joshua Kobza, but the pinch of a weakening macroenvironment outweighs the benefits of progress toward the firm's "Reclaim the Flame" initiatives and modernization of its Burger King restaurant footprint. With each of the firm's major brands missing our comparable-sales estimates for the quarter and with the firm pulling back its near-term development guidance to 4% growth (from 4.5%) for 2024, we expect to lower our $79 and CAD 108 fair value estimates by a mid-single-digit percentage.

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