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Restaurant Brands International Limited Partnership operates and franchises quick service restaurants in the United States and internationally. The company operates through four segments: Tim Hortons (TH), Burger King (BK), Popeyes (PLK), and Firehouse Subs (FHS). Its restaurants offer fresh baked goods, blend coffee, tea, espresso-based hot and cold specialty drinks, including Timbits, bagels, muffins, cookies and pastries, grilled paninis, classic sandwiches, wraps, and soups under the Tim Hortons brand; flame-grilled hamburgers, chicken and other specialty sandwiches, french fries, soft drinks, and other food items under the Burger King brand; fried chicken, chicken tenders, fried shrimp and other seafood, red beans and rice and other regional items under the Popeyes brand; hot and hearty subs piled high with quality meats and cheese, as well as chopped salads, chili and soups, signature and other sides, soft drinks, and local specialties under the Firehouse Subs brand. Restaurant Brands International Inc. serves as the general partner of the company. The company was formerly known as New Red Canada Limited Partnership and changed its name to Restaurant Brands International Limited Partnership in December 2014. The company was founded in 1954 and is headquartered in Toronto, Canada. Restaurant Brands International Limited Partnership is a subsidiary of Restaurant Brands International Inc.
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Restaurant Brands International Limited Partnership is the limited partnership associated with Restaurant Brands International, the global quick-service restaurant franchisor whose brands include Tim Hortons, Burger King and Popeyes. Long-term growth may be driven by international expansion, franchise development, digital and delivery channels and menu innovation; these factors could support recurring royalty and franchise-fee income and scale-driven cost synergies.
Material risks include intense industry competition and shifting consumer preferences, commodity and labour cost inflation, execution risk in geographic expansion and exposure to currency and regulatory changes.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | 1365.00M | 1363.00M | 816.00M | 1452.00M | 1382.00M |
| Minority interest | -474.00M | -415.00M | 4.00M | 4.00M | 2.00M |
| Net income | 1482.00M | 1253.00M | 750.00M | 1109.00M | 1143.00M |
| Selling general administrative | 536.00M | 454.00M | 1229.00M | 1208.00M | 1139.00M |
| Gross profit | 2598.00M | 2398.00M | 2830.00M | 3250.00M | 3117.00M |
| Reconciled depreciation | 190.00M | 201.00M | 189.00M | 185.00M | 180.00M |
| Ebit | 1898.00M | 1879.00M | 1422.00M | 2007.00M | 1902.00M |
| Ebitda | 2169.00M | 2121.00M | 1740.00M | 2214.00M | 2082.00M |
| Depreciation and amortization | 271.00M | 242.00M | 318.00M | 207.00M | 180.00M |
| Operating income | 1898.00M | 1879.00M | 1422.00M | 2007.00M | 1917.00M |
| Other operating expenses | 4482.00M | 3815.00M | 3378.00M | 3576.00M | 3410.00M |
| Interest expense | 533.00M | 505.00M | 508.00M | 523.00M | 521.00M |
| Tax provision | -117.00M | 110.00M | 66.00M | 341.00M | 238.00M |
| Interest income | 7.00M | 3.00M | - | 20.00M | 15.00M |
| Net interest income | -533.00M | -505.00M | -508.00M | -532.00M | -535.00M |
| Income tax expense | -117.00M | 110.00M | 66.00M | 341.00M | 238.00M |
| Total revenue | 6505.00M | 5739.00M | 4968.00M | 5603.00M | 5357.00M |
| Total operating expenses | 575.00M | 474.00M | 1240.00M | 1223.00M | 1170.00M |
| Cost of revenue | 3907.00M | 3341.00M | 2138.00M | 2353.00M | 2240.00M |
| Total other income expense net | -533.00M | -516.00M | -606.00M | -555.00M | -535.00M |
| Net income from continuing ops | 1482.00M | 1253.00M | 750.00M | 1111.00M | 1144.00M |
| Net income applicable to common shares | 1479.00M | 1249.00M | 748.00M | 1109.00M | 1143.00M |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Total assets | 22746.00M | 23246.00M | 22777.00M | 22360.00M | 20141.00M |
| Intangible assets | 10991.00M | 11417.00M | 10701.00M | 10563.00M | 10463.00M |
| Other current assets | 123.00M | 86.00M | 72.00M | 52.00M | 60.00M |
| Total liab | 18478.00M | 19393.00M | 19056.00M | 18101.00M | 16523.00M |
| Total stockholder equity | 442.00M | -233.00M | -232.00M | -1178.00M | 0.00M |
| Other current liab | 1001.00M | 947.00M | 1670.00M | 1258.00M | 497.00M |
| Common stock | 8735.00M | 8421.00M | 7994.00M | 7786.00M | 4323.00M |
| Retained earnings | 1121.00M | 791.00M | 622.00M | - | 674.00M |
| Other liab | 2185.00M | 2976.00M | 3231.00M | 3087.00M | 2994.00M |
| Good will | 5688.00M | 6006.00M | 5739.00M | 5651.00M | 5486.00M |
| Other assets | 820.00M | 648.00M | 685.00M | 494.00M | 437.00M |
| Cash | 1178.00M | 1087.00M | 1560.00M | 1533.00M | 913.00M |
| Total current liabilities | 2116.00M | 1878.00M | 1601.00M | 1703.00M | 1408.00M |
| Current deferred revenue | 230.00M | 221.00M | 191.00M | 203.00M | 194.00M |
| Net debt | 13126.00M | 13328.00M | 12345.00M | 11830.00M | 11488.00M |
| Short term debt | 127.00M | 96.00M | 111.00M | 227.00M | 91.00M |
| Short long term debt | 127.00M | 96.00M | 111.00M | 74.00M | 70.00M |
| Short long term debt total | 14304.00M | 14415.00M | 13905.00M | 13363.00M | 12401.00M |
| Other stockholder equity | -442.00M | -314.00M | 232.00M | 1178.00M | -707.00M |
| Property plant equipment | 3032.00M | 3165.00M | 3183.00M | 3183.00M | 1996.00M |
| Total current assets | 2048.00M | 1816.00M | 2264.00M | 2196.00M | 1500.00M |
| Long term investments | 82.00M | 80.00M | 66.00M | 48.00M | 54.00M |
| Net tangible assets | -12413.00M | -13573.00M | -12723.00M | -11959.00M | -12333.00M |
| Net receivables | 614.00M | 547.00M | 536.00M | 527.00M | 452.00M |
| Long term debt | 12839.00M | 12916.00M | 12397.00M | 11759.00M | 11823.00M |
| Inventory | 133.00M | 96.00M | 96.00M | 84.00M | 75.00M |
| Accounts payable | 758.00M | 614.00M | 464.00M | 644.00M | 513.00M |
| Accumulated other comprehensive income | -679.00M | -710.00M | -854.00M | -1178.00M | -1437.00M |
| Non currrent assets other | 905.00M | 762.00M | 824.00M | 719.00M | 642.00M |
| Non current assets total | 20698.00M | 21430.00M | 20513.00M | 20164.00M | 18641.00M |
| Capital lease obligations | 1338.00M | 1403.00M | 1397.00M | 1633.00M | 508.00M |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Investments | -64.00M | -1103.00M | -79.00M | -30.00M | -44.00M |
| Change to liabilities | 169.00M | 149.00M | -183.00M | 112.00M | 41.00M |
| Total cashflows from investing activities | -64.00M | -1103.00M | -79.00M | -30.00M | -44.00M |
| Net borrowings | -92.00M | 446.00M | 527.00M | -16.00M | 1.00M |
| Total cash from financing activities | -1307.00M | -1093.00M | -821.00M | -842.00M | -1285.00M |
| Change to operating activities | -334.00M | -31.00M | 7.00M | 27.00M | -228.00M |
| Net income | 1482.00M | 1253.00M | 750.00M | 1111.00M | 1143.00M |
| Change in cash | 91.00M | -473.00M | 27.00M | 620.00M | -184.00M |
| Begin period cash flow | 1087.00M | 1560.00M | 1533.00M | 913.00M | 1097.00M |
| End period cash flow | 1178.00M | 1087.00M | 1560.00M | 1533.00M | 913.00M |
| Total cash from operating activities | 1490.00M | 1726.00M | 921.00M | 1476.00M | 1165.00M |
| Issuance of capital stock | 30.00M | - | 82.00M | 102.00M | 61.00M |
| Depreciation | 190.00M | 201.00M | 189.00M | 185.00M | 180.00M |
| Other cashflows from investing activities | 36.00M | -9.00M | 26.00M | 24.00M | 34.00M |
| Dividends paid | 971.00M | 974.00M | 959.00M | 901.00M | 788.00M |
| Change to inventory | -61.00M | 12.00M | -10.00M | -15.00M | -7.00M |
| Change to account receivables | -110.00M | 8.00M | -30.00M | -53.00M | 19.00M |
| Sale purchase of stock | -326.00M | -551.00M | 5235.00M | 2250.00M | -561.00M |
| Other cashflows from financing activities | 54.00M | 1321.00M | 4764.00M | 2223.00M | 77.00M |
| Change to netincome | 129.00M | 111.00M | 174.00M | 82.00M | -12.00M |
| Capital expenditures | 100.00M | 106.00M | 117.00M | 62.00M | 86.00M |
| Change in working capital | 35.00M | 236.00M | -207.00M | -7.00M | -123.00M |
| Stock based compensation | 136.00M | 102.00M | 74.00M | 68.00M | 48.00M |
| Other non cash items | -293.00M | -61.00M | 323.00M | 61.00M | -112.00M |
| Free cash flow | 1390.00M | 1620.00M | 804.00M | 1414.00M | 1079.00M |
Sector: Consumer Cyclical Industry: Restaurants
|
Stock Name
|
Change
(CAD) |
Price
(CAD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| QSP-UN Restaurant Brands International Limited Partnership |
- -% |
105.67 | 27.23 | - | 5.01 | 5.49 | 7.58 | 24.80 |
| SBUX Starbucks CDR (CAD Hedged) |
-0.91 3.04% |
29.04 | 79.12 | 41.32 | 2.84 | - | 3.54 | 29.13 |
| QSR Restaurant Brands International Inc |
-0.18 0.16% |
109.32 | 29.73 | 13.99 | 5.20 | 7.45 | 4.43 | 16.66 |
| CMGS Chipotle CDR (CAD Hedged) |
0.03 0.22% |
13.58 | 31.70 | 31.95 | 4.06 | 16.60 | 4.28 | 21.47 |
| MTY MTY Food Group Inc |
-0.60 1.60% |
36.96 | 5.96 | 9.26 | 0.78 | 1.07 | 1.66 | 6.14 |
Restaurant Brands International Limited Partnership operates and franchises quick service restaurants in the United States and internationally. The company operates through four segments: Tim Hortons (TH), Burger King (BK), Popeyes (PLK), and Firehouse Subs (FHS). Its restaurants offer fresh baked goods, blend coffee, tea, espresso-based hot and cold specialty drinks, including Timbits, bagels, muffins, cookies and pastries, grilled paninis, classic sandwiches, wraps, and soups under the Tim Hortons brand; flame-grilled hamburgers, chicken and other specialty sandwiches, french fries, soft drinks, and other food items under the Burger King brand; fried chicken, chicken tenders, fried shrimp and other seafood, red beans and rice and other regional items under the Popeyes brand; hot and hearty subs piled high with quality meats and cheese, as well as chopped salads, chili and soups, signature and other sides, soft drinks, and local specialties under the Firehouse Subs brand. Restaurant Brands International Inc. serves as the general partner of the company. The company was formerly known as New Red Canada Limited Partnership and changed its name to Restaurant Brands International Limited Partnership in December 2014. The company was founded in 1954 and is headquartered in Toronto, Canada. Restaurant Brands International Limited Partnership is a subsidiary of Restaurant Brands International Inc.
| Name | Title | Year Born |
|---|---|---|
| Mr. Jose E. Cil | Chief Exec. Officer of Restaurant Brands International Inc. | 1970 |
| Mr. Matthew Dunnigan | Chief Financial Officer of Restaurant Brands International Inc. | 1984 |
| Mr. Joshua Kobza | Chief Operating Officer of Restaurant Brands International Inc | 1987 |
| Mr. Axel Schwan | Pres of Tim Hortons Americas - Restaurant Brands International Inc. | 1974 |
| Mr. Sami A. Siddiqui | Pres of Popeyes (?PLK?) Americas - Restaurant Brands International Inc. | 1985 |
| Ms. Jacqueline Friesner | Chief Accounting Officer & Controller - Restaurant Brands International Inc. | 1973 |
| Ms. Jill M. Granat | Gen. Counsel & Corp. Sec. of Restaurant Brands Intl. Inc. | 1966 |
| Mr. Fernando Machado | Chief Marketing Officer of Restaurant Brands International Inc. | 1975 |
| Mr. Jeff Housman | Chief People & Services Officer of Restaurant Brands International Inc | 1982 |
| Mr. David Chan Shear | Pres of International - Restaurant Brands International Inc. | 1984 |
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