Financials Restaurant Brands International Inc. Toronto S.E.

Equities

QSR

CA76131D1033

Restaurants & Bars

Market Closed - Toronto S.E. 04:00:00 2024-04-26 pm EDT 5-day change 1st Jan Change
100.9 CAD +1.08% Intraday chart for Restaurant Brands International Inc. +2.76% -2.53%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,011 18,571 19,119 19,783 24,379 23,355 - -
Enterprise Value (EV) 1 29,626 29,834 31,515 31,993 36,629 34,863 34,669 35,390
P/E ratio 26.9 x 38.2 x 22.6 x 19.9 x 20.8 x 20.1 x 17.4 x 14.6 x
Yield 3.14% 3.4% 3.49% 3.34% 2.82% 3.16% 3.33% 3.72%
Capitalization / Revenue 3.39 x 3.74 x 3.33 x 3.04 x 3.47 x 3.12 x 2.95 x 2.8 x
EV / Revenue 5.29 x 6.01 x 5.49 x 4.92 x 5.22 x 4.65 x 4.38 x 4.25 x
EV / EBITDA 12.9 x 16 x 14 x 13.5 x 14.3 x 12.6 x 11.5 x 11.2 x
EV / FCF 21 x 37.1 x 19.5 x 23 x 26.7 x 23.6 x 20.3 x 19.8 x
FCF Yield 4.77% 2.69% 5.14% 4.34% 3.74% 4.24% 4.92% 5.04%
Price to Book 12 x 13.2 x 12.6 x 11.8 x 12.4 x 9.02 x 8.48 x 8.03 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 73.82 73.82 73.82
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 7,492 7,910 8,334
EBITDA 1 2,304 1,864 2,248 2,378 2,554 2,768 3,018 3,150
EBIT 1 2,007 1,422 1,879 1,898 2,051 2,377 2,602 2,812
Operating Margin 35.82% 28.62% 32.74% 29.18% 29.21% 31.73% 32.89% 33.73%
Earnings before Tax (EBT) 1 1,452 816 1,363 1,365 1,453 1,752 2,024 2,308
Net income 1 1,111 750 1,253 1,482 1,718 1,492 1,693 1,888
Net margin 19.83% 15.1% 21.83% 22.78% 24.47% 19.92% 21.41% 22.65%
EPS 2 2.370 1.600 2.690 3.250 3.760 3.675 4.243 5.070
Free Cash Flow 1 1,414 804 1,620 1,390 1,370 1,478 1,705 1,784
FCF margin 25.24% 16.18% 28.23% 21.37% 19.51% 19.72% 21.56% 21.4%
FCF Conversion (EBITDA) 61.37% 43.13% 72.06% 58.45% 53.64% 53.39% 56.5% 56.63%
FCF Conversion (Net income) 127.27% 107.2% 129.29% 93.79% 79.74% 99.02% 100.69% 94.47%
Dividend per Share 2 2.000 2.080 2.120 2.160 2.200 2.329 2.456 2.746
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 Q3 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
Net sales 1 1,495 1,546 1,451 1,639 1,726 1,689 1,590 1,775 1,837 1,820 1,701 1,889 1,957 1,924 1,767
EBITDA 1 607 584 530 618 642 588 588 665 698 603 619.3 705 737 703.4 689.5
EBIT 1 533 416 450 541 561 346 447 554 582 468 522.9 608.5 638 586.8 573.1
Operating Margin 35.65% 26.91% 31.01% 33.01% 32.5% 20.49% 28.11% 31.21% 31.68% 25.71% 30.74% 32.21% 32.61% 30.49% 32.44%
Earnings before Tax (EBT) 1 394 289 323 412 428 202 305 409 423 316 372.3 466 484 344 -
Net income 1 329 262 270 346 530 336 277 351 364 726 312.2 408 423 301 -
Net margin 22.01% 16.95% 18.61% 21.11% 30.71% 19.89% 17.42% 19.77% 19.81% 39.89% 18.35% 21.6% 21.62% 15.64% -
EPS 2 0.7000 0.5700 0.5900 0.7600 1.170 0.7400 0.6100 0.7700 0.7900 1.600 0.6879 0.8870 0.9415 0.7813 0.8144
Dividend per Share 2 0.5300 0.5300 0.5400 0.5400 0.5400 0.5400 - 0.5500 0.5500 0.5500 0.5788 0.5788 0.5788 0.5788 0.6020
Announcement Date 10/25/21 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 - - - - -
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 11,507 11,314 12,034
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.607 x 6.042 x 5.514 x 5.135 x 4.796 x 4.158 x 3.749 x 3.821 x
Free Cash Flow 1 1,414 804 1,620 1,390 1,370 1,478 1,705 1,784
ROE (net income / shareholders' equity) 62.1% 40.7% 59.4% 62.6% 55.2% 41.5% 47.6% 51.1%
ROA (Net income/ Total Assets) 6% 4.2% 5.68% 6.44% 6.42% 6.6% 7.7% 8.4%
Assets 1 18,531 17,855 22,044 22,996 26,778 22,608 21,993 22,476
Book Value Per Share 2 5.310 4.630 4.820 5.490 6.290 8.180 8.710 9.190
Cash Flow per Share 3.150 1.970 3.720 3.270 3.270 - - -
Capex 1 62 117 106 100 120 139 150 165
Capex / Sales 1.11% 2.36% 1.85% 1.54% 1.71% 1.86% 1.9% 1.98%
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
32
Last Close Price
73.82 USD
Average target price
85.49 USD
Spread / Average Target
+15.81%
Consensus
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