2024-03-24 10:00:00 ET
Summary
- QSR has entered a new era of what we believe will be consistently stronger performance.
- Burger King's turnaround in the U.S. is well underway and is now poised for acceleration.
- In our view, international business is the crown jewel of the company as it is a pure franchised royalty business, with a decades-long opportunity for unit growth.
- We expect unit growth will be higher in 2024 than 2023 and will eventually return to the company's historic 5%+ growth rate.
The following segment was excerpted from this fund letter.
Restaurant Brands ( QSR )
QSR's franchised business model is a high-quality, capital-light, growing annuity that generates high-margin brand royalty fees from its four leading brands: Burger King, Tim Hortons, Popeyes, and Firehouse Subs. Since Patrick Doyle joined as Executive Chairman in November 2022, QSR has announced various strategic initiatives and begun providing investors with more details about the business. Coupled with significant investments over the last few years to drive more consistent growth across each of its brands, QSR has entered a new era of what we believe will be consistently stronger performance....
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Pershing Square - Restaurant Brands: A New Era Of Consistently Stronger Performance