Financials Restaurant Brands International Inc. Toronto S.E.

Equities

QSR

CA76131D1033

Restaurants & Bars

Market Closed - Toronto S.E. 04:00:00 2024-05-03 pm EDT 5-day change 1st Jan Change
103.7 CAD +2.20% Intraday chart for Restaurant Brands International Inc. +2.80% +0.20%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,011 18,571 19,119 19,783 24,379 23,991 - -
Enterprise Value (EV) 1 29,626 29,834 31,515 31,993 36,629 36,025 35,884 36,340
P/E ratio 26.9 x 38.2 x 22.6 x 19.9 x 20.8 x 23.3 x 18.2 x 15.4 x
Yield 3.14% 3.4% 3.49% 3.34% 2.82% 3.08% 3.24% 3.63%
Capitalization / Revenue 3.39 x 3.74 x 3.33 x 3.04 x 3.47 x 3.19 x 3.01 x 2.87 x
EV / Revenue 5.29 x 6.01 x 5.49 x 4.92 x 5.22 x 4.79 x 4.51 x 4.35 x
EV / EBITDA 12.9 x 16 x 14 x 13.5 x 14.3 x 12.9 x 11.7 x 11.5 x
EV / FCF 21 x 37.1 x 19.5 x 23 x 26.7 x 24.5 x 20.8 x 20.4 x
FCF Yield 4.77% 2.69% 5.14% 4.34% 3.74% 4.08% 4.82% 4.91%
Price to Book 12 x 13.2 x 12.6 x 11.8 x 12.4 x 9.3 x 8.83 x 8.43 x
Nbr of stocks (in thousands) 298,114 303,903 315,072 305,905 312,029 316,382 - -
Reference price 2 63.77 61.11 60.68 64.67 78.13 75.83 75.83 75.83
Announcement Date 2/10/20 2/11/21 2/15/22 2/14/23 2/13/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,603 4,968 5,739 6,505 7,022 7,528 7,960 8,348
EBITDA 1 2,304 1,864 2,248 2,378 2,554 2,785 3,064 3,164
EBIT 1 2,007 1,422 1,879 1,898 2,051 2,398 2,639 2,830
Operating Margin 35.82% 28.62% 32.74% 29.18% 29.21% 31.85% 33.15% 33.89%
Earnings before Tax (EBT) 1 1,452 816 1,363 1,365 1,453 1,805 2,039 2,237
Net income 1 1,111 750 1,253 1,482 1,718 1,495 1,746 1,965
Net margin 19.83% 15.1% 21.83% 22.78% 24.47% 19.86% 21.93% 23.54%
EPS 2 2.370 1.600 2.690 3.250 3.760 3.258 4.163 4.919
Free Cash Flow 1 1,414 804 1,620 1,390 1,370 1,469 1,728 1,782
FCF margin 25.24% 16.18% 28.23% 21.37% 19.51% 19.51% 21.71% 21.35%
FCF Conversion (EBITDA) 61.37% 43.13% 72.06% 58.45% 53.64% 52.75% 56.41% 56.35%
FCF Conversion (Net income) 127.27% 107.2% 129.29% 93.79% 79.74% 98.24% 99.01% 90.71%
Dividend per Share 2 2.000 2.080 2.120 2.160 2.200 2.333 2.457 2.755
Announcement Date 2/10/20 2/11/21 2/15/22 2/14/23 2/13/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 1,546 1,451 1,639 1,726 1,689 1,590 1,775 1,837 1,820 1,739 1,902 1,964 1,931 1,801 2,001
EBITDA 1 584 530 618 642 588 588 665 698 603 627 711.7 745.8 709.3 679.1 785.5
EBIT 1 416 450 541 561 346 447 554 582 468 544 612.5 647.4 598.7 581.3 663.3
Operating Margin 26.91% 31.01% 33.01% 32.5% 20.49% 28.11% 31.21% 31.68% 25.71% 31.28% 32.2% 32.97% 31% 32.28% 33.14%
Earnings before Tax (EBT) 1 289 323 412 428 202 305 409 423 316 396 460.5 505.5 433.7 - -
Net income 1 262 270 346 530 336 277 351 364 726 328 389.5 427 348.5 - -
Net margin 16.95% 18.61% 21.11% 30.71% 19.89% 17.42% 19.77% 19.81% 39.89% 18.86% 20.48% 21.74% 18.05% - -
EPS 2 0.5700 0.5900 0.7600 1.170 0.7400 0.6100 0.7700 0.7900 1.600 0.7200 0.8572 0.9179 0.7806 0.7998 0.9774
Dividend per Share 2 0.5300 0.5400 0.5400 0.5400 0.5400 - 0.5500 0.5500 0.5500 - 0.5800 0.5800 0.5800 0.6156 0.6020
Announcement Date 2/15/22 5/3/22 8/4/22 11/3/22 2/14/23 5/2/23 8/8/23 11/3/23 2/13/24 4/30/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 10,615 11,263 12,396 12,210 12,250 12,034 11,893 12,349
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.607 x 6.042 x 5.514 x 5.135 x 4.796 x 4.321 x 3.881 x 3.903 x
Free Cash Flow 1 1,414 804 1,620 1,390 1,370 1,469 1,728 1,783
ROE (net income / shareholders' equity) 62.1% 40.7% 59.4% 62.6% 55.2% - 47.4% 51.2%
ROA (Net income/ Total Assets) 6% 4.2% 5.68% 6.44% 6.42% 7.1% 7.85% 8.4%
Assets 1 18,531 17,855 22,044 22,996 26,778 21,062 22,237 23,393
Book Value Per Share 2 5.310 4.630 4.820 5.490 6.290 8.150 8.590 9.000
Cash Flow per Share 2 3.150 1.970 3.720 3.270 3.270 4.030 4.300 -
Capex 1 62 117 106 100 120 218 189 211
Capex / Sales 1.11% 2.36% 1.85% 1.54% 1.71% 2.9% 2.37% 2.52%
Announcement Date 2/10/20 2/11/21 2/15/22 2/14/23 2/13/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
30
Last Close Price
75.83 USD
Average target price
85.73 USD
Spread / Average Target
+13.05%
Consensus
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