EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Restaurant Brands International (QSR)

Consumer Discretionary

Northcoast Research

Improved performance metrics at Burger King US and Tim Hortons Canada, aided by a sizable war chest to recover lost market share should sustain performance improvements going forward. Jim Sanderson believes the current share price does not reflect the long-term potential ahead for QSR, providing an entry-point to invest in this turnaround opportunity alongside veteran QSR executive and company Chairman Patrick Doyle. Jim raises his 2023E non-GAAP EPS to $3.20 (from $3.01) and 2024E to $3.43 (from $3.23). TP $86 (25% upside).

Edition: 169

- 15 September, 2023