New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Equity Bottom-Up

<ul><li>Restaurant Brands (RBD) provided disappointing full year guidance at its annual shareholder meeting.</li><li>Reported NPAT is now expected to be "in the vicinity" of FY22's ~NZ$32m, versus initial consensus expectations of ~+22% year on year growth.</li><li>Management expects EBITDA margins will improve in FY23, particularly in the second half, but cost pressures (at the overhead and funding cost lines) remain the key driver of subdued net profit growth.</li></ul>

Restaurant Brands (RBD) provided disappointing full year guidance at its annual shareholder meeting.Reported NPAT is now expected to be "in the vicinity" of FY22's ~NZ$32m, versus initial consensus expectations of ~+22% year on year growth.Management expects EBITDA margins will improve in FY23, particularly in the second half, but cost pressures (at the overhead and funding cost lines) remain the key driver of subdued net profit growth.

Restaurant Brands NZ: Coming Under Pressure

<ul><li>Robust 1Q23 store sales supported by favourable currency movements: Total NZD sales growth was positive across all regions, but this included significant contribution from favourable currency movements</li><li>Divisional weakness mostly isolated to California: California continues to be RBD's weakest division, with same store sales ~-4% lower than the prior period</li><li>New Zealand, Australia, and Hawaii still exhibiting positive same store sales: New Zealand (+7% against 1Q22), Australia (+11%), and Hawaii (+1%) same store sales remain in positive territory</li></ul>

Robust 1Q23 store sales supported by favourable currency movements: Total NZD sales growth was positive across all regions, but this included significant contribution from favourable currency movementsDivisional weakness mostly isolated to California: California continues to be RBD's weakest division, with same store sales ~-4% lower than the prior periodNew Zealand, Australia, and Hawaii still exhibiting positive same store sales: New Zealand (+7% against 1Q22), Australia (+11%), and Hawaii (+1%) same store sales remain in positive territory

Restaurant Brands NZ: 1Q23 — Sales Takeaway

<ul><li>Restaurant Brands (RBD) has reported a solid 1Q23 update with group sales of NZ$308.6m (+12% versus prior period).</li><li>This period cycled COVID related headwinds in ANZ (staffing shortages and lower operating hours due to Omicron) in the prior year, and was supported by favourable currency movements.</li><li>RBD highlights that inflation pressures continue, but at a lower rate.</li></ul>

Restaurant Brands (RBD) has reported a solid 1Q23 update with group sales of NZ$308.6m (+12% versus prior period).This period cycled COVID related headwinds in ANZ (staffing shortages and lower operating hours due to Omicron) in the prior year, and was supported by favourable currency movements.RBD highlights that inflation pressures continue, but at a lower rate.

Restaurant Brands (RBD): 1Q23 Update – Initial Impressions

<ul><li>NZ and Hawaii reach new highs, Australia is stable, and California is hardest hit</li><li>Walking a fine line with price increases, but maintaining its balance</li><li>Labour constrains may improve over the near-term</li></ul>

NZ and Hawaii reach new highs, Australia is stable, and California is hardest hitWalking a fine line with price increases, but maintaining its balanceLabour constrains may improve over the near-term

Restaurant Brands NZ: FY22 Result — Sweet and Sour

<ul><li>Restaurant Brands (RBD) has reported a FY22 result showing strong revenue growth, but cost pressures starting to bite</li><li>Group revenue of ~NZ$1.3bn was in line with our expectations (+2% against consensus), and reported EBIT of NZ$87m was broadly in line with both us and consensus</li><li>We expected quick service restaurant sales to be robust despite a challenging consumer demand environment and RBD’s result appears consistent with this view so far.</li></ul>

Restaurant Brands (RBD) has reported a FY22 result showing strong revenue growth, but cost pressures starting to biteGroup revenue of ~NZ$1.3bn was in line with our expectations (+2% against consensus), and reported EBIT of NZ$87m was broadly in line with both us and consensusWe expected quick service restaurant sales to be robust despite a challenging consumer demand environment and RBD’s result appears consistent with this view so far.

Restaurant Brands (RBD): FY22 Result – Initial Impressions

New Zealand

Restaurant Brands New Zealand Limited operates fast food restaurant chains in New Zealand & Australia. The Company operates close to 300 stores which operate under the KFC, Pizza Hut and Starbucks restaurant names.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Restaurant Brands NZ (RBD NZ)

Restaurant Brands NZ: Coming Under Pressure

Restaurant Brands (RBD) provided disappointing full year guidance at its annual shareholder meeting; Reported NPAT is now expected to be "in the...

Forsyth Barr

Restaurant Brands NZ: 1Q23 — Sales Takeaway

Restaurant Brands' (RBD) 1Q23 trading update demonstrates solid performance, with store revenue up +12% versus 1Q22, which is broadly in line with...

Forsyth Barr

Restaurant Brands (RBD): 1Q23 Update – Initial Impressions

Restaurant Brands reports strong 1Q23 update with group sales of NZ$308.6m (+12%) despite COVID-related headwinds in ANZ (staffing shortages and...

Forsyth Barr

Restaurant Brands NZ: FY22 Result — Sweet and Sour

Restaurant Brands' (RBD) FY22 result showed strong revenue growth, but cost pressures show few signs of abatement; RBD has taken a measured...

Forsyth Barr

Restaurant Brands (RBD): FY22 Result – Initial Impressions

Restaurant Brands (RBD) has reported a FY22 result showing strong revenue growth, but cost pressures starting to bite; Group revenue of ~NZ$1.3bn...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)