Financials Restaurant Brands New Zealand Limited

Equities

End-of-day quote New Zealand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
3.53 ^NZD	+3.82%		+4.13%	-11.31%

Feb. 26	Restaurant Brands New Zealand Posts 8% Rise in 2023 Revenue, Profit Declines	MT
Jan. 25	New Zealand Shares Extend Winning Streak; Restaurant Brands New Zealand's Total Sales Rises 3% in Q4 2023	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,740	1,441	1,722	717.4	496.5	440.4	-	-
Enterprise Value (EV) ¹	1,871	1,642	1,924	968.4	496.5	677.9	660.3	643.5
P/E ratio	48.5 x	46.6 x	33.2 x	22.4 x	30.5 x	22.3 x	14.5 x	10.4 x
Yield	1.29%	-	2.32%	-	-	4.53%	4.53%	4.96%
Capitalization / Revenue	2.11 x	1.56 x	1.54 x	0.55 x	0.38 x	0.31 x	0.29 x	0.28 x
EV / Revenue	2.27 x	1.78 x	1.73 x	0.75 x	0.38 x	0.47 x	0.44 x	0.41 x
EV / EBITDA	20 x	10.6 x	10.1 x	5.29 x	2.78 x	3.59 x	3.22 x	2.86 x
EV / FCF	49 x	-	-	4.53 x	-	15.1 x	11.8 x	9.04 x
FCF Yield	2.04%	-	-	22.1%	-	6.64%	8.5%	11.1%
Price to Book	7.75 x	6.25 x	5.94 x	2.45 x	-	1.31 x	1.18 x	1.13 x
Nbr of stocks (in thousands)	124,759	124,759	124,759	124,759	124,759	124,759	-	-
Reference price ²	13.95	11.55	13.80	5.750	3.980	3.530	3.530	3.530
Announcement Date	4/15/19	2/25/21	2/27/22	2/27/23	2/25/24	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	824.9	924.7	1,114	1,298	1,322	1,432	1,503	1,571
EBITDA ¹	93.43	154.8	190	183	178.9	189.1	205.3	225.1
EBIT ¹	65.23	83.97	102.1	86.7	78.61	86.64	99.22	115.5
Operating Margin	7.91%	9.08%	9.16%	6.68%	5.95%	6.05%	6.6%	7.35%
Earnings before Tax (EBT)	49.44	44.97	65.79	42.18	22.42	-	-	-
Net income ¹	35.74	30.94	51.88	32.08	16.26	19.7	30.5	42.3
Net margin	4.33%	3.35%	4.66%	2.47%	1.23%	1.38%	2.03%	2.69%
EPS ²	0.2877	0.2480	0.4158	0.2572	0.1304	0.1580	0.2440	0.3390
Free Cash Flow ¹	38.15	-	-	213.7	-	45	56.1	71.2
FCF margin	4.62%	-	-	16.46%	-	3.14%	3.73%	4.53%
FCF Conversion (EBITDA)	40.83%	-	-	116.76%	-	23.8%	27.33%	31.63%
FCF Conversion (Net income)	106.74%	-	-	665.99%	-	228.43%	183.93%	168.32%
Dividend per Share ²	0.1800	-	0.3200	-	-	0.1600	0.1600	0.1750
Announcement Date	4/15/19	2/25/21	2/27/22	2/27/23	2/25/24	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	131	201	202	251	-	238	220	203
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.4 x	1.297 x	1.063 x	1.372 x	-	1.256 x	1.071 x	0.9022 x
Free Cash Flow ¹	38.1	-	-	214	-	45	56.1	71.2
ROE (net income / shareholders' equity)	19.8%	18.1%	20%	11%	-	7.23%	9.66%	12.3%
ROA (Net income/ Total Assets)	9.24%	-	4.13%	-	-	-	-	-
Assets ¹	386.9	-	1,255	-	-	-	-	-
Book Value Per Share ²	1.800	1.850	2.320	2.350	-	2.690	2.990	3.120
Cash Flow per Share ²	0.5700	0.5300	1.640	0.9700	-	1.040	1.150	1.290
Capex ¹	33.1	58.6	82.6	90.5	-	88	88	87.1
Capex / Sales	4.01%	6.34%	7.41%	6.97%	-	6.15%	5.86%	5.54%
Announcement Date	4/15/19	2/25/21	2/27/22	2/27/23	2/25/24	-	-	-

¹NZD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.53 NZD

Average target price

5.715 NZD

Spread / Average Target

+61.90%

	1st Jan change	Capi.
RESTAURANT BRANDS NEW ZEALAND LIMITED	-11.31%	261M
MCDONALD'S CORPORATION	-7.90%	197B
CHIPOTLE MEXICAN GRILL, INC.	+39.35%	87.54B
YUM! BRANDS, INC.	+8.50%	39.89B
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP	-5.41%	23.95B
RESTAURANT BRANDS INTERNATIONAL INC.	-5.52%	23.36B
DOMINO'S PIZZA INC.	+21.07%	17.38B
YUM CHINA HOLDINGS, INC.	-6.55%	15.49B
WINGSTOP INC.	+49.10%	11.24B
AMERICANA RESTAURANTS INTERNATIONAL PLC	+4.47%	7.5B