Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Restaurant Brands Internationa / Equity Bottom-Up

<ul><li>Restaurants Brands International has been facing a difficult and uncertain environment because of ongoing wage and commodity inflation, broader macro uncertainties, and rising interest rates impacting the restaurant industry.</li><li>During the quarter, Restaurant Brands raised menu prices to help offset rising freight and food costs.</li><li>We provide a ‘Hold’ rating on the stock of Restaurants Brands International with a revision in the target price.</li></ul>

Restaurants Brands International has been facing a difficult and uncertain environment because of ongoing wage and commodity inflation, broader macro uncertainties, and rising interest rates impacting the restaurant industry.During the quarter, Restaurant Brands raised menu prices to help offset rising freight and food costs.We provide a ‘Hold’ rating on the stock of Restaurants Brands International with a revision in the target price.

Restaurant Brands International: Increased Digital Push Through New Agencies & Other Drivers

Equity Capital Markets

Restaurant Brands Internationa / Equity Capital Markets

<ul><li>Restaurant Brands International had a strong start to the year, with progress in key focus areas such as Tim Hortons Canada and Burger King USA, as well as continued momentum in its international business.</li><li>The company saw digital traction across all brands, with home market digital sales reaching their highest levels ever as a percentage of system-wide sales.</li><li>They grew comparable year-over-year sales by just over 10% at Tim Hortons in Canada during the first quarter, exceeding their own high single-digit expectations and 20% at Burger King International.</li></ul>

Restaurant Brands International had a strong start to the year, with progress in key focus areas such as Tim Hortons Canada and Burger King USA, as well as continued momentum in its international business.The company saw digital traction across all brands, with home market digital sales reaching their highest levels ever as a percentage of system-wide sales.They grew comparable year-over-year sales by just over 10% at Tim Hortons in Canada during the first quarter, exceeding their own high single-digit expectations and 20% at Burger King International.

Restaurant Brands International Inc.: Robust Brands & Other Key Drivers

Credit

<ul><li>Restaurant Brands International has been on the path to recovery and continues with its store additions with good progress in the Chinese market.</li><li>Restaurant Brands International's focus on China was evident from its store expansion in the geography where it ended the year with 390 stores and opened its 400th restaurant in January.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

Restaurant Brands International has been on the path to recovery and continues with its store additions with good progress in the Chinese market.Restaurant Brands International's focus on China was evident from its store expansion in the geography where it ended the year with 390 stores and opened its 400th restaurant in January.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Restaurant Brands International: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>Restaurant Brands International Inc made significant progress in store expansion during 2021 and opened over 1,200 net new restaurants.</li><li>Restaurant Brands International saw particular strength in China, where it ended the year with 390 stores and opened its 400th restaurant in January.</li><li>Overall, we give Restaurant Brands International Inc a 'Hold' rating with a revised target price.</li></ul>

Restaurant Brands International Inc made significant progress in store expansion during 2021 and opened over 1,200 net new restaurants.Restaurant Brands International saw particular strength in China, where it ended the year with 390 stores and opened its 400th restaurant in January.Overall, we give Restaurant Brands International Inc a 'Hold' rating with a revised target price.

Restaurant Brands International: Financial & Price Forecasts

<ul><li>Restaurant Brands International has experienced a sharp correction in its stock price after delivering a below-par result on the revenue front though it did manage to produce an earnings beat.</li><li>Tim Hortons had the highest growth of 16% as compared to 2020 but the market expectations had been higher given that the company was faced with Covid-19 headwinds in the previous year.</li><li>Given its recent performance, we are adopting a conservative approach on Restaurant Brands International and give it a ‘Hold’ rating with a revised target price.</li></ul>

Restaurant Brands International has experienced a sharp correction in its stock price after delivering a below-par result on the revenue front though it did manage to produce an earnings beat.Tim Hortons had the highest growth of 16% as compared to 2020 but the market expectations had been higher given that the company was faced with Covid-19 headwinds in the previous year.Given its recent performance, we are adopting a conservative approach on Restaurant Brands International and give it a ‘Hold’ rating with a revised target price.

Restaurant Brands International Inc. - Investment Thesis

Canada

Restaurant Brands International Inc. operates as a fast food restaurant. The Company offers delicious food restaurant brands products such as coffee, fried chicken, subs, and burgers, as well as provides delivery services. Restaurant Brands International serves customers in Canada and United States.

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Restaurant Brands Internationa (QSR CN)

Restaurant Brands International: Increased Digital Push Through New Agencies & Other Drivers

Restaurants Brands International has been facing a difficult and uncertain environment because of ongoing wage and commodity inflation, broader...

Baptista Research

Restaurant Brands International Inc.: Robust Brands & Other Key Drivers

Restaurant Brands International had a strong start to the year, with progress in key focus areas such as Tim Hortons Canada and Burger King USA,...

Baptista Research

Restaurant Brands International: Detailed Credit Analysis & Financial Strength Evaluation Report

Restaurant Brands International has been on the path to recovery and continues with its store additions with good progress in the Chinese...

Baptista Research

Restaurant Brands International: Financial & Price Forecasts

Restaurant Brands International Inc made significant progress in store expansion during 2021 and opened over 1,200 net new restaurants. Restaurant...

Baptista Research

Restaurant Brands International Inc. - Investment Thesis

Restaurant Brands International has experienced a sharp correction in its stock price after delivering a below-par result on the revenue front...

Baptista Research

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