New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>We downgrade Restaurant Brands (RBD) to UNDERPERFORM from NEUTRAL.</li><li>This primarily reflects (1) limited ability to pass through price increases from this point without risking competitiveness versus peers, (2) slowing demand in US divisions with conditions likely to persist in the near-term, (3) adverse macro-economic conditions highlighting the risk of slowing demand in Australia and New Zealand, and (4) NZ supply contract re-negotiations suggesting reduced bargaining power in RBD's core NZ market. </li><li>RBD's updated FY23 NPAT guidance range is now between NZ$12m to NZ$16m. </li></ul>

We downgrade Restaurant Brands (RBD) to UNDERPERFORM from NEUTRAL.This primarily reflects (1) limited ability to pass through price increases from this point without risking competitiveness versus peers, (2) slowing demand in US divisions with conditions likely to persist in the near-term, (3) adverse macro-economic conditions highlighting the risk of slowing demand in Australia and New Zealand, and (4) NZ supply contract re-negotiations suggesting reduced bargaining power in RBD's core NZ market. RBD's updated FY23 NPAT guidance range is now between NZ$12m to NZ$16m. 

Restaurant Brands NZ - Double Down(Grade) Hard to Swallow