Restaurant Brands International (QSR)
Consumer Discretionary
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