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>Restaurant Brands (RBD) has reported a robust 3Q22 update, which showed signs of strong revenue momentum heading into 2H22 across most geographies (quarter on quarter results were muddied by comparison against a low COVID-impacted 3H21)</li><li>Based on our FY22 revenue forecast of NZ$1.23b (which is at the midpoint of consensus), we estimate an undemanding implied 4Q22 revenue of ~NZ$323m</li><li>This looks reasonable in light of (1) 3Q22 revenue of NZ$322m, and (2) favourable NZD currency movements, particularly for the US businesses</li></ul>

Restaurant Brands (RBD) has reported a robust 3Q22 update, which showed signs of strong revenue momentum heading into 2H22 across most geographies (quarter on quarter results were muddied by comparison against a low COVID-impacted 3H21)Based on our FY22 revenue forecast of NZ$1.23b (which is at the midpoint of consensus), we estimate an undemanding implied 4Q22 revenue of ~NZ$323mThis looks reasonable in light of (1) 3Q22 revenue of NZ$322m, and (2) favourable NZD currency movements, particularly for the US businesses

Restaurant Brands (RBD): 3Q22 Update – Initial Impressions

Restaurant Brands NZ

Restaurant Brands (RBD): 3Q22 Update – Initial Impressions