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>Restaurant Brands International, a notable player in the food and beverage sector, reported its results for the second quarter ended June 30, 2024, showcasing modest growth amidst challenging market conditions.</li><li>The company, which now includes a newly introduced sixth segment—Restaurant Holdings—following the acquisition of Carrols Restaurant Group, demonstrated resilience with a 1.9% growth in comparable sales and a 5% increase in system-wide sales.</li><li>This growth translates to a promising 9.3% organic adjusted operating income growth.</li></ul>

Restaurant Brands International, a notable player in the food and beverage sector, reported its results for the second quarter ended June 30, 2024, showcasing modest growth amidst challenging market conditions.The company, which now includes a newly introduced sixth segment—Restaurant Holdings—following the acquisition of Carrols Restaurant Group, demonstrated resilience with a 1.9% growth in comparable sales and a 5% increase in system-wide sales.This growth translates to a promising 9.3% organic adjusted operating income growth.

Restaurant Brands International (QSR): Building An Enhanced Franchise Model & Cost Management! - Major Drivers

<ul><li>The results for Restaurant Brands International first quarter were in line with company expectations.</li><li>They began the year by recording consolidated comparable sales of 4.6% and net restaurant growth of 3.9%, leading to a system-wide sales growth of 8.1% and an organic adjusted operating income growth of 7.7%.</li><li>Interestingly, these results are partly due to leap year that contributed about 1% to same-store sales globally.</li></ul>

The results for Restaurant Brands International first quarter were in line with company expectations.They began the year by recording consolidated comparable sales of 4.6% and net restaurant growth of 3.9%, leading to a system-wide sales growth of 8.1% and an organic adjusted operating income growth of 7.7%.Interestingly, these results are partly due to leap year that contributed about 1% to same-store sales globally.

Restaurant Brands International Inc.: Efforts Towards Brand Development At Popeyes and Firehouse Bearing Fruit! - Major Drivers

<ul><li>Restaurant Brands International owned brands; Tim Hortons, Burger King, Popeyes, and Firehouse Subs performed remarkably well in Q4 and the entire fiscal year of 2023.</li><li>It achieved an 8.1% growth in comparable store sales and a net restaurant growth of 3.9% for 2023, resulting in 12.2% system-wide sales growth and a 7.5% organic adjusted operating income growth.</li><li>The average franchisee profitability growth exceeded 30% in 2023.</li></ul>

Restaurant Brands International owned brands; Tim Hortons, Burger King, Popeyes, and Firehouse Subs performed remarkably well in Q4 and the entire fiscal year of 2023.It achieved an 8.1% growth in comparable store sales and a net restaurant growth of 3.9% for 2023, resulting in 12.2% system-wide sales growth and a 7.5% organic adjusted operating income growth.The average franchisee profitability growth exceeded 30% in 2023.

Restaurant Brands International (QSR): A Story Of Solid Expansion In China & Other Major Drivers

<ul><li>Restaurant Brands International Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>Notable performance highlights include an 8.1% growth at Tim Hortons Canada, 7.6% at Burger King International, and 6.6% at Burger King U.S.</li><li>Looking ahead to 2023, RBI anticipates a net restaurant growth of approximately 4%, with a strategic focus on smaller format express units at Tims China, aimed at enhancing brand awareness and penetration.</li></ul>

Restaurant Brands International Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.Notable performance highlights include an 8.1% growth at Tim Hortons Canada, 7.6% at Burger King International, and 6.6% at Burger King U.S.Looking ahead to 2023, RBI anticipates a net restaurant growth of approximately 4%, with a strategic focus on smaller format express units at Tims China, aimed at enhancing brand awareness and penetration.

Restaurant Brands International Inc.: Global Unit Growth and Development Opportunities Catalyzing Growth? - Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> plans to raise around US$160m in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we talk about the not-so-positive aspects of the deal.


Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

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 US)

Restaurant Brands International (QSR): Building An Enhanced Franchise Model & Cost Management! - Major Drivers

Restaurant Brands International, a notable player in the food and beverage sector, reported its results for the second quarter ended June 30,...

Baptista Research

Restaurant Brands International Inc.: Efforts Towards Brand Development At Popeyes and Firehouse Bearing Fruit! - Major Drivers

The results for Restaurant Brands International first quarter were in line with company expectations. They began the year by recording...

Baptista Research

Restaurant Brands International (QSR): A Story Of Solid Expansion In China & Other Major Drivers

Restaurant Brands International owned brands; Tim Hortons, Burger King, Popeyes, and Firehouse Subs performed remarkably well in Q4 and the entire...

Baptista Research

Restaurant Brands International Inc.: Global Unit Growth and Development Opportunities Catalyzing Growth? - Major Drivers

Restaurant Brands International Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus. Notable...

Baptista Research

Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

Guzman Y Gomez plans to raise around US$160m in its Australian IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

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52-week Range

Market Cap (USDm)

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